Economic Impact of Historic Preservation in Columbia, Missouri

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From executive summary: "This study, commissioned by the Historic Preservation Commission in the City of Columbia, seeks to identify the economic impact of historic preservation in three separate forms -- historic preservation construction, heritage tourism, and downtown development. Historic preservation is integral to Columbia's economy in terms of job creation, economic stimulus, and positive impact on local businesses. In the last decade alone, private developers utilizing historic preservation tax credits have invested $88.8 million in preserving and restoring historic buildings in Columbia. Including investments from the universities, local government, and institutions in Columbia, historic preservation expenditures expand to well over a quarter billion dollars over this same period. As explained throughout this report, ripple effects occur in the economy when spending takes place. The construction industry, like many industries, creates opportunities in the economy for other businesses and sectors by both direct and indirect spending. The economic impacts of physical construction for preserving historic buildings are strong, partly because other businesses and sectors in Columbia benefit from such investments. Looking specifically at the impacts of expenses attributed to historic preservation tax credit projects, nearly 950 jobs (indirect and direct), $73 million in earnings for households, and $201 million in total economic activity in the city can be attributed to historic preservation efforts since 2002. But this is just the effect of using historic preservation tax credits. Local universities, local government, and institutions have also invested in their historic structures. For the whole Columbia economy, including investments made through universities, local government, and institutions, economic impacts since 2002 include over $1 billion in economic activity, nearly 4,500 jobs created or supported, and estimated household earnings of almost $400 million (all in 2012 dollars). All estimates, assumptions, and methodologies are explained throughout the report." Funding for this project was provided in part through a 2011 Historic Preservation Fund grant to the City of Columbia (project number MO-11-015) administered by the Missouri State Historic Preservation Office (grant number 29-11-31932 ) and the State, Tribal, and Local Plans and Grants Division, National Park Service, U.S. Department of the Interior. Columbia, Missouri is a Certified Local Government.

Economic Impact of Historic Preservation in Columbia, Missouri

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