Rutgers University in partnership with National Park Service (NPS) has released its fourth annual study, entitled “Annual Report on the Economic Impact of the Federal Historic Tax Credit for FY 2012”, which details the economic impact of the federal Historic Rehabilitation Tax Credit (HTC). The analysis focuses on the economic effects of projects supported by the HTC during construction, quantifying the total economic impacts (i.e., direct as well as multiplier, or secondary, economic consequences) for the fiscal year (FY) ending September 30, 2012, and for the period since the program’s inception. The study utilizes the Preservation Economic Impact Model (PEIM), a comprehensive economic model developed by Rutgers University for NPS.
The report finds that between FY 1978 and 2012, $106.1 billion in HTC-related rehabilitation investment has contributed to more than 2.35 million jobs and $121.2 billion in Gross Domestic Product (GDP), nearly 30 percent of which (692,000 jobs and $34.3 billion in GDP) was in the construction sector. In addition, the study finds that in FY 2012 alone, HTC-related investments generated approximately 58,000 jobs, including 20,000 in construction and 13,000 in manufacturing, and were responsible for $3.4 billion in GDP, including $1.1 billion in construction and $0.9 billion in manufacturing.