Tweet
RICHMOND — A study concludes that historic preservation has generated billions of dollars and thousands of jobs in Virginia.
The study conducted by Virginia Commonwealth University looked at statewide historic preservation since 1997, when a state tax credit took effect. It found that the preservation of the state’s historic residential and commercial buildings contributed nearly $4 billion to the Virginia economy during that period.
Most of the study focused on the state’s urbanized regions covered by metropolitan statistical areas, but more than 50 of the 300 projects located in the rest of the state were in Staunton, Waynesboro and Augusta County, according to the study. That was the largest concentration of historic tax credit projects outside those areas. However, the study didn’t analyze the impact of those projects on jobs and revenue.
The economic study also concluded that the domino effects of historic preservation created more than 31,000 full- and part-time jobs and generated an estimated $133 million in state and local tax revenues.
The economic impact study was commissioned by Preservation Virginia, with support from the Virginia Department of Historic Resources and a grant from MeadWestvaco.
Preservation Virginia says the study confirms the “profound” economic benefits of historic preservation.
The study conducted by Virginia Commonwealth University looked at statewide historic preservation since 1997, when a state tax credit took effect. It found that the preservation of the state’s historic residential and commercial buildings contributed nearly $4 billion to the Virginia economy during that period.
Most of the study focused on the state’s urbanized regions covered by metropolitan statistical areas, but more than 50 of the 300 projects located in the rest of the state were in Staunton, Waynesboro and Augusta County, according to the study. That was the largest concentration of historic tax credit projects outside those areas. However, the study didn’t analyze the impact of those projects on jobs and revenue.
The economic study also concluded that the domino effects of historic preservation created more than 31,000 full- and part-time jobs and generated an estimated $133 million in state and local tax revenues.
The economic impact study was commissioned by Preservation Virginia, with support from the Virginia Department of Historic Resources and a grant from MeadWestvaco.
Preservation Virginia says the study confirms the “profound” economic benefits of historic preservation.