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Safeguarded Cultural Heritage
Socio-Economic Impact of Cultural Heritage Assets
Economic Development Community Development
Heritage ConservationIs the single form ofEconomic Developmentthat is simultaneouslyCommunity (Social)Development
The Big 5 Major Measusrables of the Economic
Impact of Heritage Conservation
• Job Creation and Household Income
• Center City Revitalization
• Heritage Tourism
• Impact on Property Values of Local Historic Districts
• Small Business Incubation
Jobs and Household Income
Materials
Labor Intensity in Historic Preservation
New Construction
Rehabilitation
Labor
NORWAY
Historic Rehabilitation
16.5% more jobs than New Construction
Center City Revitalization
• $23.3 Billion invested in
Physical Improvements• 67,000 Net New Businesses• 308,370 Net New Jobs• 107,179 Building Rehabilitation & Construction
Projects• Cost per Job Created -- $2,504• Leverage of Public Funds -- $26.67 to $1.00
Preservation Based Economic DevelopmentMain Street
Over the past 25 years in Main Street Communities
Heritage Tourism
In Virginia Heritage Visitors:Stay LongerVisit twice as many placesSpend 2 ½ Times as much money per trip
Than do non-heritage visitors
Impact of Historic Districts on Property Values
Average Property Values -- Memphis 2002
$140,000
$145,000
$150,000
$155,000
$160,000
$165,000
$170,000
Non-DesignatedNeighborhoods
Historic Districts
51.1% 51.9% 54.2% 62.8% 66.0%
0.0%
10.0%
20.0%
30.0%
40.0%
50.0%
60.0%
70.0%
Non-Historic District
Newtown Historic District
Beverley Historic District
Gospel Hill Historic District
Stuart Historic District
Staunton, Virginia 1987 -- 1995
0%5%
10%
15%
20%25%
30%
35%
Premium for Historic Homes in England
Premium forHistoric HomesPre-1919
Premium forHistoric HomesJacobean
Overall Return on Office Buildings
9.2% 9.3% 9.4% 9.5% 9.6% 9.7% 9.8%
Non-Historic Historic
Quito Heritage Area Land Appreciation
0%
10%
20%
30%
40%
50%
Nearby Area Targeted Historic Area
Small Business Incubation
Factors Influencing Business LocationPioneer Square -- Seattle
0.0%
10.0%
20.0%
30.0%
40.0%
50.0%
60.0%
70.0%
Historic District
Cost of Occupancy
Business Mix
Proximity to SimilarBusinesses
Art GalleryPresence
Public TransitAvailability
Other
Stadium Proximity
Globalization
Heritage Conservationas
Public Policy
Import Substitution
Compatibility withModernization
Targeted Areas
GeographicallyDispersed
Range of Project Scales
Counter-Cyclical
Incremental Change
The preservation movement has one great curiosity. There is never retrospective controversy or regret.
Preservationists are the only people in the world who are invariably confirmed in their wisdom after the fact.
John Kenneth Galbraith
Thank youvery much
