Does Heritage Building Revitalization Help or Hinder Economic Development?

The short answer: It helps!

How?

Job creation

The labour component of a building rehabilitation is larger than that of a brand new construction project. This means that, dollar for dollar, rehabilitating historical buildings creates more jobs than new construction does.

Local Business

Heritage buildings are often underused, or run down. Revitalizing these buildings creates opportunities for new and existing businesses to have unique office or retail spaces for their clientele to enjoy.

Attractiveness

Preserving the historical craftsmanship while creating newness gives the community a unique, and appealing identity that draws in businesses, customers, new residents, and talented workers.  Instead of being a district of old buildings to pass through, the revitalized heritage area becomes a destination.

Property Value

Designated heritage properties fetch a higher price and tend to appreciate faster than non-designated properties. Thanks to a halo effect, designated heritage properties aren’t the only ones benefiting from that status; the near neighbours also experience a rise in property value.