The Economics of Historic Preservation. Labor Day brings to mind a snarly comment once made on a Before & After post here, “How many people could have been fed with the money spent on that?”
The ignorance demonstrated by the question is a bit astounding. People are being fed and feeding their families every day with the money spent on restoring and rehabilitating historic buildings.
In fact, compared to new construction, rehabilitating historic buildings is more labor intensive and consequently puts more money in the pockets of workers.
Statistics on the investment in restoring/rehabbing private homes are not easy to find, but they are available for rehab projects using historic tax credits and provide a clear view into the actual value of saving historic buildings.
A study of the Maine state historic tax credit program documents that from 2009 to 2019, 106 approved projects generated 200-700 full-time-equivalent jobs through construction spending in each of those years. Additionally, these 106 approved projects:
- Generated $525 million in construction investment;
- Rehabilitated 3.6 million square feet of commercial and residential space;
- Created or preserved 1,911 housing units, of which nearly 1,300 were affordable housing.
Source: https://shorturl.at/5QFI0
Place Economics studies the economics of historic preservation and has dozens of reports on the subject on their website: www.placeeconomics.com
“Restoring Your Historic House, The Comprehensive Guide for Homeowners” was written to help people understand the many values of preservation.
Signed and personalized copies of the award-winning and bestselling 720-page hardcover book are available from the author at YourHistoricHouse.com/shop/.
© Scott T. Hanson 2026.
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