I’m always thankful when someone crunches the numbers and writes a study about the economic impact of historic preservation and the rehabilitation of old buildings. It helps me remember that our projects have consequences and importance beyond what I can see in my day to day activities.
Preservation North Carolina recently printed an article by Becky Holton titled, The Economic Impact of North Carolina’s Historic Rehabilitation Tax Credit, in which she summarizes her study on how projects, just like Glencoe Mill, helped create revenue for the cities, counties, and state and helped create jobs.
Indeed, since its implementation in 1998, North Carolina’s Historic Rehabilitation Tax Credit program “has had a catalytic effect on historic rehabilitation throughout the state, with multiplied returns to the state economy of over $1.4 billion in revenues, 14,100 jobs, and $438 million in additional employee compensation.”
PNC has published the complete study on their website, and I encourage you to take a look when you have the time.