More jobs created in historic restoration than in new construction

As housing markets in cities across the country continue to struggle toward recovery, the unique concentration of historic homes in New Orleans is proving to be an economic boon.
For every $1 million spent on restoring a historic building in Louisiana, 28 jobs are created — 10 more jobs than when the same amount is spent on new construction, said Donovan Rypkema, principal consultant for Washington, D.C.-based preservation firm Place Economics.
While preservation efforts have traditionally been a function of aesthetic improvement, Rypkema said economic opportunities loom in every restoration project.
“I think the movement today is not an end in itself, but it is a vehicle for other means,” he said. “There are 500 or 600 different industries listed in the econometric models, almost none of which have more local economic impact than does the restoration of historic buildings.”