safeguarded cultural heritage socio-economic impact of cultural heritage assets

Safeguarded Cultural Heritage

Socio-Economic Impact of Cultural Heritage Assets

Economic Development Community Development

Heritage ConservationIs the single form ofEconomic Developmentthat is simultaneouslyCommunity (Social)Development

The Big 5 Major Measusrables of the Economic

Impact of Heritage Conservation

• Job Creation and Household Income

• Center City Revitalization

• Heritage Tourism

• Impact on Property Values of Local Historic Districts

• Small Business Incubation

Jobs and Household Income

Materials

Labor Intensity in Historic Preservation

New Construction

Rehabilitation

Labor

NORWAY

Historic Rehabilitation

16.5% more jobs than New Construction

Center City Revitalization

• $23.3 Billion invested in

Physical Improvements• 67,000 Net New Businesses• 308,370 Net New Jobs• 107,179 Building Rehabilitation & Construction

Projects• Cost per Job Created -- $2,504• Leverage of Public Funds -- $26.67 to $1.00

Preservation Based Economic DevelopmentMain Street

Over the past 25 years in Main Street Communities

Heritage Tourism

In Virginia Heritage Visitors:Stay LongerVisit twice as many placesSpend 2 ½ Times as much money per trip

Than do non-heritage visitors

Impact of Historic Districts on Property Values

Average Property Values -- Memphis 2002

$140,000

$145,000

$150,000

$155,000

$160,000

$165,000

$170,000

Non-DesignatedNeighborhoods

Historic Districts

51.1% 51.9% 54.2% 62.8% 66.0%

0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

60.0%

70.0%

Non-Historic District

Newtown Historic District

Beverley Historic District

Gospel Hill Historic District

Stuart Historic District

Staunton, Virginia 1987 -- 1995

0%5%

10%

15%

20%25%

30%

35%

Premium for Historic Homes in England

Premium forHistoric HomesPre-1919

Premium forHistoric HomesJacobean

Overall Return on Office Buildings

9.2% 9.3% 9.4% 9.5% 9.6% 9.7% 9.8%

Non-Historic Historic

Quito Heritage Area Land Appreciation

0%

10%

20%

30%

40%

50%

Nearby Area Targeted Historic Area

Small Business Incubation

Factors Influencing Business LocationPioneer Square -- Seattle

0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

60.0%

70.0%

Historic District

Cost of Occupancy

Business Mix

Proximity to SimilarBusinesses

Art GalleryPresence

Public TransitAvailability

Other

Stadium Proximity

Globalization

Heritage Conservationas

Public Policy

Import Substitution

Compatibility withModernization

Targeted Areas

GeographicallyDispersed

Range of Project Scales

Counter-Cyclical

Incremental Change

The preservation movement has one great curiosity. There is never retrospective controversy or regret.

Preservationists are the only people in the world who are invariably confirmed in their wisdom after the fact.

John Kenneth Galbraith

Thank youvery much