NEWPORT, R.I. (AP) — Historic preservation is paying off in a very big way for the state’s economy.
A study commissioned by two preservation groups found that Rhode Island welcomes 9.8 million “heritage” visitors annually, or tourists who want to take a gander at old, historic buildings.
This adds more than $1.4 billion to the state’s economy, and creates 19,000 jobs.
A report like this has never been done. Economist Donovan Rypkema analyzed the preservation sector by looking at heritage tourism and historic tax credits.
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Historic neighborhoods are an “investment,” Rypkema says. Every dollar the state invests in one of these tax credited projects generates over ten dollars of economic activity.