New Jersey's study, The Economic Impact of Historic Preservation, serves as a model for scores of other studies at state, county and local levels across the country. Results of the study are quoted regularly by historic preservation advocates who know the findings are persuasive facts that encourage lawmakers, business owners, and private citizens to note the practical, positive impact that historic preservation has on our State and regional economies.
Partners in Prosperity remains as relevant today as it was in 1997 when the results of an in-depth economic impact study were first released to the public.
What are some of the key impacts of historic preservation on New Jersey's economy?
The substantial economic impacts from the Rutgers-estimated $123 million in annual statewide historic rehabilitation (1994 base year) are translated by the study's input-output model into multiplier effects on the New Jersey economy. In New Jersey, on an annual basis:
- 2,316 new jobs were created
- $81 million in income was generated
more than $15 million in state and local taxes were collected
- $116 million in Gross Domestic Product (GDP) resulted from this investment for a total of $93.5 million in Gross State Product
According to the Rutgers study, the $5 million committed from the Revolving Loan and Bond Programs of the New Jersey Historic Trust will leverage benefits of about $247 million in wealth to the state. Over $222 million of this wealth is in income, while 6,200 person-years of work are created.