New release of economic benefits research also documents $2 billion generated by building rehabilitation projects since 1981— $500 million of that since 1999

Historic preservation activities, with their direct and indirect economic benefits, continue to boost Colorado’s economy by creating new jobs and more demand for goods and services, according to a 2005 update of the Economic Benefits of Historic Preservation in Colorado study.

The growth of heritage tourism is making significant contributions in Colorado according to the study, which states that heritage tourists made 5.1 million trips to Colorado in 2003, half a million more trips than in 1999.  These visits to historic and archaeological sites generated $3.4 billion in direct and indirect expenditures, $300 million more than in 1999.  In addition, 60,964 jobs and $1.1 billion in household earnings have been generated since 1981.

The study was prepared for the Colorado Historical Foundation by Clarion Associates of Colorado and funded by a State Historical Fund grant.  It is an update of a study released in 2002.

The new study outlines the economic benefits generated by historic preservation activities in Colorado over the past twenty-four years, and reveals the significance of historic preservation in Colorado: acting as an engine for economic development, not only for the entire state, but also for each Colorado community and individual citizens.

The update includes a new section on Colorado’s Main Street Program and a property values analysis spotlighting commercial properties in historic downtown Fort Collins.

The study focuses on two main areas: statewide economic benefits triggered by the rehabilitation of historic buildings and heritage tourists, and the effect of local landmarking with regard to property values and affordable housing.  Also among the findings:

• Rehabilitation of Historic Buildings.  Since 1981, rehabilitation projects have resulted in a combined total of $2 billion overall contributed to Colorado’s economy.  Half a billion of this total has been spent since 2001.  Included within these figures are 28,966 new jobs (more than 7,600 since 2001) and $709.9 million in household earnings ($187 million since 2001).
• Property Values.  The study found that official historic designation does not decrease property values.  In the locally designated historic districts examined, properties in the designated areas experienced value increases that were either higher than, or the same as, nearby undesignated areas.  This is true for both commercial and residential areas.
• Affordable Housing.  Though some critics of historic preservation worry that preservation can lead to gentrification and displacement of low and moderate income households, this study found, instead, that the proportion of low and moderate income residents in historic areas remains high, even many years after historic designation occurs.

“Those of us who are deeply involved in historic preservation have long known of its value in creating and maintaining livable communities and in keeping alive those important connections to our past,” said Lane Ittelson, executive director of the Colorado Historical Foundation.  “But it is especially gratifying to see the value of preservation quantified in hard numbers and to see how important it has been for economic development in Colorado.  When people read this report, I think they will truly understand just how important Colorado’s past can be for its future economic success.”

The study is available online at www.cohf.org or in hard copy by calling the Colorado Historical Society’s Office of Archaeology and Historic Preservation at 303.866.3395.