ROANOKE TIMES
Copyright (c) 1996, Roanoke Times
DATE: Sunday, January 14, 1996 TAG: 9601120086
SECTION: EDITORIAL PAGE: F2 EDITION: METRO
HISTORIC preservation is often touted for its aesthetic benefits. But what about the economics?
A recent survey of studies of preservation's impact in Virginia suggests that the economic impact is also valuable. Concludes "Virginia's Economy and Historic Preservation," published by the Preservation Alliance of Virginia: "The question never again should be framed, 'Historic preservation or economic growth.' Historic preservation is economic growth and it is profiting Virginia's economy every day."
"Never again" may be too absolute. Instances could arise where preservation and economic growth are genuinely in conflict. But judging from the survey's findings, such instances are infrequent. At the least, those who frame the issue as preservation vs. growth ignore the economic potential of preservation.
Perhaps the most commonly recognized economic benefit of preservation in Virginia, because of the fame of places like Williamsburg, is its contribution to the commonwealth's $9 billion tourism industry. Preservation is the top draw - by far - for first-time visitors to the state, and by a lesser margin is also the No. 1 attraction for repeat visitors.
Moreover, historic-preservation visitors are the cream of the tourist crop. They stay longer and spend more money in Virginia than do other visitors.
Less frequently recognized are preservation's nontourism economic contributions. In addition to Virginia's nationally known tourist showcases, its Monticellos and the Williamsburgs, dozens of commercial and residential historic-preservation districts dot the state.
In Bedford, one of 20 Virginia communities participating in the decade-old Main Street program, downtown revitalization has produced 234 building rehabilitations, drawn $3.4 million in private investment, and netted 52 new businesses and 116 new jobs.
Analyses have consistently shown that property values in historic districts, both commercial and residential, rise faster than average. A study of Staunton's five residential districts found this to be true even though the values of the historic properties were less than the city's average. Preservation not only provided quality housing for moderate-income people, the survey observes, but rewarded them with faster rates of appreciation.
And while rehabilitation of historic structures is generally cost-competitive with new construction, the survey reports, its local economic impact is greater. Because rehabilitation is more labor-intensive and less material dependent, a $1 million rehab project will generate 3.4 more local jobs than will $1 million in new construction.
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