Historic Buildings Generate $12.8B and 116,000 Jobs in 2024

Private investors breathing new life into historic buildings generated $12.8 billion in economic activity in 2024 while creating 116,000 jobs across the country, according to a new report from the National Park Service and Rutgers University.

The Federal Historic Tax Credit program gives property owners a 20% tax credit when they rehabilitate historic buildings while preserving their original character. The results go far beyond beautiful architecture.

In Titusville, Florida, investors transformed the 1964 Imperial Towers Apartments into Dream Space Coast Apartments through a $22.5 million project. The rehabilitation preserved the building's midcentury design while upgrading everything to modern standards, creating both housing and construction jobs.

Texas saw similar success when the Campbell Building in Tyler, originally a 1932 bus station with stunning Art Deco features, became the Greyhound Inn. The $2.4 million renovation created a nine-room boutique hotel and community event space that's now anchoring downtown revitalization.

Perhaps most impressive is how the program helps smaller communities bounce back. In Marshalltown, Iowa, a town of just 28,000 residents, the historic Willard and Hopkins Buildings were severely damaged by storms. A $4.5 million rehabilitation didn't just restore the 1860s structures but created 13 new apartments and brought businesses back to the ground floors.

The program is showing up where it matters most. Forty-one percent of projects happened in low and moderate income areas, while 74% targeted economically distressed communities. One in three projects took place in towns with fewer than 50,000 people, proving that historic preservation isn't just for big cities.

The Ripple Effect spreads well beyond construction crews and restored buildings. Every dollar invested in historic rehabilitation generated nearly two dollars in total economic output. The projects contributed $6.6 billion to the nation's GDP and generated $1.8 billion in tax revenue, with $1.1 billion going back to federal coffers.

Housing got a major boost too. A record 21,934 housing units were created or rehabilitated in 2025, a 52% jump from the previous year. These aren't just any homes but units often located in walkable downtown areas with character and history.

Since the program started in 1976, it has leveraged $257.8 billion in private investment to rehabilitate over 50,000 historic properties. That's created more than 3.4 million jobs over nearly five decades, all while preserving the buildings that tell America's story.

The program works because it makes financial sense for investors while delivering what communities need: jobs, housing, and revitalized downtown areas that attract more business and residents.