Preservation Doesn’t Cost ****** It Pays!!. Preservation is about maintaining or preserving our...
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![Page 1: Preservation Doesn’t Cost ****** It Pays!!. Preservation is about maintaining or preserving our built environment. It’s as much about community & positive.](https://reader035.fdocuments.net/reader035/viewer/2022062315/5697bf9e1a28abf838c9439a/html5/thumbnails/1.jpg)
Preservation Doesn’t Cost
******It Pays!!
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Preservation is aboutmaintaining or preserving
our built environment. It’s asmuch about community &positive economics as it is
about saving ourarchitectural heritage.
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Preservation is anOutstanding
economic tool forrehabbing houses
and buildings
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Preservation is thestrategic ingredient in
the revitalization ofhistoric neighborhoods
and downtown’s.
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Preservation almostalways costs less than
new construction &keeps more money inyour community than
new construction.
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Preservation Creates Jobs
The Federal Historic Rehab Tax Credit alone has created 1.8 million jobs since it was enacted in 1976 - including 58,000 in 2008, at an average cost of $9,000 per job - compared to $248,000 cost per job created by the recent stimulus bill.
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Preservation jobs are theUltimate Green Jobs, jobs that help make
our existing buildingsmore energy efficient and
contribute to moresustainable communities
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Preservation takes advantage of existing
infrastructure like streets, sewers etc.
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Preservation increases property values.
Preservation increases a community’s property
tax base.
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Preservation brings new
businesses & people to
communities
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Preservation has been at the forefront
of the “green movement” for 50
years
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REHABILITATION VS
NEW CONSTRUCTION
Rehabilitation keeps more money in the community than new construction.
The U.S. Department of Commerce tracts the impact of production within
a given industry three ways:
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1) The number of jobs that are created.
2) Increase in local household income.
3) Impact on other Industries.
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The growing statistics in state-after-state, show that
rehabilitation of existing structures outperforms new construction in all three of
these measurements.
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If you take a $1,000,000 renovation of a historic building and compare that investment
to a $1,000,000 new construction project
what would the differences in economic impact be?
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$120,000 more dollars will initially stay in the community with rehab
than with new construction
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Five to nine more construction jobs will be created with rehab than with new construction
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4.7 more new jobs will be created elsewhere in the community with rehab
than with new construction
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Household incomes in the community will increase
$107,000 more with rehab than with new
construction
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Retail sales in the community will increase
$142,000 with the $1,000,000 in rehab
$34,000 more than with the $1,000,000 in new
construction
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Realtors, bankers, personal service vendors as well as restaurants and drinking
establishments will receive more direct monetary benefit from $1,000,000 in rehab than
from $1,000,000 in new construction
Some of this information is from, “The Economics of Historic Preservation” by Donovan Ripkema
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Window restoration, $350 each x 42 $14,700
Insulation, weather stripping & plugging air infiltration $3750
Cost of Geothermal system after 30% federal tax credit $29,400Total energy retrofit costs $47,850
Original Gas & Electric annual cost $19,452Current Gas & Electric annual cost $6,960Gas & electric annual savings $12,492
Total years to payback energy retrofit investment 3.83
Energy Retrofit Case Study