At the request of the Director of the Virginia Department of Historic Resources (DHR), the Center for Public Policy (CPP) within the Wilder School of Government and Public Affairs at Virginia Commonwealth University conducted an economic impact study of Virginia’s Historic Rehabilitation Tax Credit (HRTC) program. This study measured the total economic impact, in terms of output, job creation, and fiscal impacts attributed to the HRTC program and generated during both the rehabilitation and post-rehabilitation phases. Focus groups were also conducted to capture themes regarding the community impact and benefits of the HRTC program.
This report outlines the continued success of the HRTC program by providing an economic impact analysis of the most recent available data (2015-2020) as well as community feedback from program users, public officials, and community members (2023).