Investing in Michigan's Future: The Economic Benefits of Historic Preservation executive summary

Clarion Associates, LLC

From introduction: "Historic preservation adds value to the lives of all Michigan residents and visitors. Michigan’s historic properties are invaluable cultural, aesthetic, and educational resources. Historic places provide opportunities each day to appreciate the legacy of Michigan’s rich past. Historic preservation also has a significant economic component. Historic preservation activities are cost-effective tools that may be used to leverage private capital, create jobs, revitalize neighborhoods and business districts, and stimulate a wide range of other economic activities. For example: Preservation protects and revitalizes historic resources. Michigan property owners can take advantage of federal and state tax credit programs to help rehabilitate historic buildings. Since 1978, the federal rehabilitation tax credit has been utilized by 611 Michigan projects, for a total of $807.6 million in qualified rehabilitation costs. Since 1999, the state rehabilitation tax credit has been utilized by 205 projects, for a total of $8.0 million in qualified rehabilitation costs. This sizeable investment ensures that historic resources continue to serve Michigan’s neighborhoods and business districts. Preservation creates jobs and income. Since 1971, rehabilitation activities in Michigan have created 20,252 jobs and generated a total of $1.7 billion in direct and indirect economic impacts. Preservation benefits neighborhoods. Examples throughout the state show that historic district designation programs enhance local property values. Preservation attracts Michigan visitors. The link between preservation and tourism is well established. Preserving historic character helps support tourism by providing interesting and unique opportunities for visitors, and tourism supports preservation by providing resources for ongoing preservation efforts. In summary, historic preservation not only promotes an increased appreciation of the past; it is often a key feature of successful community planning and economic development." Funding for this project was provided in part through a 2001 Historic Preservation Fund grant to the Michigan Historic Preservation Network (project number MI-01-047) administered by the Michigan State Historic Preservation Office (grant number 26-01-16422) and the State, Tribal, and Local Plans and Grants Division, National Park Service, U.S. Department of the Interior.

Investing in Michigan's Future: The Economic Benefits of Historic Preservation executive summary

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