Historic preservation’s impact on job creation, property values, and environmental sustainability

Abstract

This study examines the impacts of historic preservation on jobs, property values, and environmentalism in Kentucky and its largest city, Louisville. Kentucky is a national leader in preservation, ranking first in the White House’s Preserve America initiative with 73 recognized communities. Kentucky is an ideal place to study historic preservation and environmentalism. Tax incentive programs have been an effective tool for creating positive changes in historic areas. Historic preservation results in more job creation than most other public investments. In the presence of escalating gas prices and assorted environmental practices, it is shown how neighborhoods containing historic districts have higher increases in median neighborhood housing values than undesignated neighborhoods. This paper also demonstrates the link between environmentalism and historic preservation. Residents of historic urban neighborhoods exhibit more environmentally friendly behavior.