CONNECTICUT COMMISSION ON CULTURE & TOURISM RELEASES NEW STUDY ON THE ECONOMIC BENEFITS OF HISTORIC PRESERVATION
Study outlines job creation, sustainable growth and enhancing community quality
(HARTFORD, CT) - On June 17, 2011, The Connecticut Commission on Culture and Tourism released a new economic impact study that demonstrates the economic value in reinvesting in Connecticut’s historic buildings. Prepared by PlaceEconomics, Inc., the leading national expert in the economic benefits of historic preservation, the study shows over $450 million in private sector investment in the rehabilitation of historic buildings; $242 million in direct salary and wages from rehabilitating historic structures; and over 400 units of housing created just in the last decade.
"By rehabilitating our existing building stock, we create jobs, increase local tax revenue, and use our irreplaceable architectural heritage to benefit our state in the twenty-first century," said Governor Dannel P. Malloy. "Connecticut has always been in the forefront of the preservation movement and one of the leaders in using historic preservation to leverage federal tax credits. This type of initiative makes a substantial contribution to the state’s economy by encouraging investment in long-term capital assets that have both immediate and on-going benefit to the state’s economy," stated Governor Malloy.
"Harnessing our state historic preservation tax credits and construction grants to leverage private investment helps Connecticut’s communities to advance sustainable growth and enhance tourism opportunities. Reinvesting in Connecticut’s historic buildings not only serves as an economic driver but contributes to community’s ability to tell its unique story," said Christopher "Kip" Bergstrom, Executive Director of the Connecticut Commission on Culture & Tourism.
The full report, Investment in Connecticut: The Economic Benefits of Historic Preservation, Creating Jobs, Leveraging Resources, Advancing Sustainable Growth, Enhancing Community Quality, by PlaceEconomics, Washington, DC, 2011, is available at