Rapid Growth reports that according to the Michigan Historical Preservation Network:
In the last five years, $1.93 billion was privately invested in building restoration projects that leveraged Michigan’s Rehabilitation Tax Credits (RTCs), generating more than 22,000 jobs across the state. That compares to a mere $819 million invested in RTCs over the previous 30 years, which generated 22,250 jobs.
The projects ranged from small business development to multi-phase corporate investments, and spanned the state from downtown Detroit to downtown Calumet.
A special report published by the Michigan Historic Preservation Network in November states, â€œEvery $250,000 of private RTC investment leverages an additional $282,500 in indirect investment, $179,575 in household income, and six new jobs.â€
Read Historic preservation generates 22,000 jobs, pumps $1.93B into economy from Rapid Growth and/or download the full report (pdf) from the Michigan Historical Preservation Network.