The Economics of Historic Preservation

“In the long run the educational, cultural, aesthetic, social, and historical values of historic preservation are more important than the economic value. But as the great British economist John Maynard Keynes once said, “In the long run we’re all dead.” In the short term, it is therefore necessary that those who make decisions about our historic resources — elected officials, property owners, developers, investors — understand the economic contributions of historic preservation. As the research cited here demonstrates, those contributions are measureable, positive, and significant to a local economy.”

This quote is from a recently released report from the Advisory Council on Historic Preservation, prepared with funding assistance from the U.S.  Department of Commerce, Economic Development Administration: Measuring the Economics of Preservation: Recent Findings Prepared for the Advisory Council on Historic Preservation by PlaceEconomics, June, 2011.  The full summary is presented below. It turns out that historic preservation encourages economic development.

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