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Historic preservation has a significant impact on Virginia’s economy. Preservation Virginia, in collaboration with various partners, set out to quantify this impact by commissioning studies that analyze heritage tourism, the Historic Rehabilitation Tax Credit program and the Virginia Department of House and Community Development’s Main Street program.
Baker Tilly HRTC study
Preservation Virginia, in partnership with the Home Builders Association, undertook a study into the economic benefits of the historic rehabilitation tax credit program in Virginia. Baker Tilly Virchow Krause, LLP (Baker Tilly), a nationally recognized, full-service accounting and advisory firm, studied the economic impact of 21 projects completed in 2014. Their findings demonstrate the Historic Rehabilitation Tax Credit Program doesn’t just preserve the places that make Virginia unique. In 2014 alone it:
Resulted in $467 million in economic output
Supported 9,960 jobs
Generated $3.50 for every $1 invested through the first three years
This study was made possible with the help of our generous sponsors: Monument Construction, Foss and Company, HTC Advisors, Linden Capital, Marathon Development, AOSS Ventures, Lawrence N. Brandt, Inc., Historic Richmond Foundation, Urban Core Construction, Associated General Contractors, AIA Virginia, Virginia Chapter of the American Planning Association, Waukeshaw Development, Barry Kelley Asset Management, Sadler & Whitehead, Williams Mullen and Commonwealth Preservation Group.
To mark Preservation Virginia’s 125th anniversary in 2014, we engaged the Center for Urban and Regional Analysis (CURA) at Virginia Commonwealth University to conduct a trilogy of studies of the impact of preservation-related policies on Virginia’s economy.
PHASE I: Economic Impact of Historic Rehabilitation Tax Credit Programs in Virginia
Phase one of our three part economic impact study highlights compelling statistics and first-hand accounts of the benefits of the Historic Rehabilitation Tax Credit (HRTC) program on Virginia’s economy. It also examines the estimated $3.9 billion contributed to the Commonwealth’s economic health as a result of the HRTC program.
This study was made possible with the help of our generous sponsor, WestRock, and the support of the Virginia Department of Historic Resources.
PHASE II: 30 Years of Impact: How the Main Street Program Has Revitalized Virginia Communities
Phase two documents how the Virginia Department of Housing and Community Development’s Main Street program influences the local, state and national economy. The program is a downtown revitalization approach that leverages historic preservation to promote economic and community development.
This study was made possible thanks to a generous grant and support from the Virginia Department of Housing and Community Development.
PHASE III: The Economic Impact of Heritage Tourism in Virginia
Heritage tourism is an important driver of Virginia’s economy. The $7.7 billion spent by heritage tourists, plus more than $430 million spent by heritage tourism sites for operational expenditures, ripple throughout the economy. In phase three, we examine this ripple effect and document the economic impact of historic preservation-related activities in Virginia.