Is there a connection between historic preservation and economic development?
Studies have shown that for every million dollars spent on preserving historic buildings 34 more jobs and $53,000 more dollars of household income are generated than the same million dollars on new construction. In fiscal year 2000 Massachusetts ranked 8th in the nation for certified expenses in the federal rehabilitation tax credit program with $49,024,826 of private money used in the rehabilitation of historic buildings. This translated to $9,804,965 going back to the project sponsors in the form of a credit on their federal taxes. In FY 2001 the tax credit projects Massachusetts Historical Commission staff have been working on have a combined total project cost of almost $300,000,000. New Jersey reports: Preservation generated $263 million in income and over 21,000 jobs. Heritage travelers spend 60% more money than other overnight travelers Source: Massachusetts Historical Commission City officials in Chicago launched the Historic Chicago Bungalow Initiative in fall 2000. Their goal
