Historic Preservation Generates $1.4 Billion for RI Economy, Says New Study
Thursday, March 22, 2018
Historic preservation generates $1.4 billion for the Rhode Island economy, according to a new study commissioned by The Preservation Society of Newport County ad Preserve Rhode Island.
The report was put together by nationally-recognized economist Donovan Rypkema of PlaceEconomics.
Read the Full Study HERE
"What we found is Rhode Island's historic cities, towns, and neighborhoods attract visitors, residents, businesses, and investment. The assets of past centuries are the base of a 21st-century economy and are often locations of choice for today's Rhode Islanders,” said Rypkema.
GET THE LATEST BREAKING NEWS HERE -- SIGN UP FOR GOLOCAL FREE DAILY EBLASTThe study is the first to analyze Rhode Island’s preservation sector on four main themes: Heritage Tourism, Historic Tax Credits, Quality of Life, and Sustainability.
”The study is the first of its kind here in Rhode Island, taking a comprehensive look at the diverse ways in which our lives are positively impacted by historic preservation. It is exciting that quantifiable results reinforce what members of the preservation community have seen anecdotally for many years,” said Preserve Rhode Island’s Executive Director Valerie Talmage.
Key Findings of the Study:
- RI welcomes 9.8 million heritage visitors annually, who add nearly $1.4 billion to the state's economy.
- Spending by heritage visitors creates 19,000 direct jobs, and another 7,000 indirect jobs
- Since 2001, 326 historic buildings have been rehabilitated in 26 of the state's 39 communities using state historic tax credits.
- Every dollar the state invests in a tax credit project generates $10.53 in economic activity.
- 56% of Rhode Island's population growth since 2000 has occurred within local historic districts, which comprise only 1% of the state's land area.
- Preservation is green: the reuse of one 40,000 square foot historic building is equivalent to taking 24-28 cars off the road and preserving 4.2 acres of greenfield land.
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