Great New Facts & Figures About the Federal Historic Preservation Tax Credit

[Joseph Saldibar]

Rutgers University has released its latest report on the economic benefits of historic preservation tax  credits. Since 2008, the Edward J. Bloustein School of Planning and Public Policy has tracked the benefits of historic preservation and the federal investment tax credit program, measuring success in the form of jobs created, buildings saved, and economic investments made. 

Among other findings, the latest Rutgers study has determined that:

• Since the tax credit program began in 1977, more than $117 billion dollars have been spent on historic preservation and adaptive reuse projects in the United States- including $4.8 billion in 2014 alone.
  

• Federal, state, and local governments have enjoyed the benefit of an additional $39 billion dollars in revenue thanks to the additional investment and business created by the historic tax credit program, including $1.2 billion in 2014. This is particularly noteworthy in an age where most government revenues are flat or shrinking.
  

• More that 78,000 new jobs were created in 2014, and more than 2 million jobs have been created since the start of the tax credit program. 
  

• “A $1 million investment in historic preservation yields markedly better effects on employment, income, Gross State Product (GSP), and state and local taxes than an equal investment in new construction or many other economic activities (e.g., manufacturing or service).”
  

More info is available from the National Park Service at: http://www.nps.gov/aboutus/news/release.htm?id=1740