Private Investment in Historic Preservation Generated $12.8 Billion in Economic Output in 2024

News Release Date: March 4, 2026

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WASHINGTON - The National Park Service today announced that private investment in historic rehabilitation projects generated more than $12.8 billion in economic output in fiscal year 2024, supporting approximately 116,000 jobs and contributing $6.6 billion in gross domestic product to the U.S. economy.

The findings are detailed in the Annual Report on the Economic Impact of the Federal Historic Tax Credits for Fiscal Year 2024, which was produced by the Rutgers University's Center for Urban Policy Research through a cooperative agreement with NPS.

"The Historic Tax Credit is a proven tool for economic growth and community revitalization," said Jessica Bowron, Comptroller, Exercising the Delegated Authority of the Director. "By encouraging private investment in underused historic buildings, these projects create jobs, expand housing opportunities, and strengthen local economies across America."

Highlighted success stories from the fiscal year 2024 include:

• Imperial Towers Apartments (now Dream Space Coast Apartments), Titusville, Florida: Built in 1964, the two-tower, 182-unit complex was rehabilitated in 2024 as part of a $22.5 million project. The rehabilitation preserved the building's midcentury design while upgrading structural and mechanical systems to meet current codes and modern standards. The project demonstrates how the Historic Tax Credit supports private investment, preservation and economic development.

• Campbell Building (later Tyler Union Station, now the Greyhound Inn), Tyler, Texas: Originally constructed in 1932 and expanded in 1946, the former bus station was rehabilitated in 2024 as part of a $2.4 million project. The work restored key Art Deco and Streamline Moderne features while converting the building into a community event space and nine-room boutique hotel, supporting downtown revitalization.

• Willard and Hopkins Buildings, Marshalltown, Iowa: Built in the 1860s and remodeled in the early 20th century, these historic Main Street buildings were rehabilitated in 2024 through a $4.5 million investment following severe storm damage. The project restored historic interiors, created 13 upper-floor apartments and returned the ground floors to commercial use, supporting economic recovery in a community of approximately 28,000 residents.

In addition to the FY 2024 Economic Impact Report, the Federal Tax Incentives for Rehabilitating Historic Buildings 2025 Annual Report has also been announced. The report highlights the program's instrumental role in preserving the historic buildings. A record 21,934 total rehabilitated and new housing units were generated through the program in 2025, a 52% increase compared to the prior year, supporting the Department of the Interior's promise to deliver price relief for American families by supporting the creation of housing and jobs.

The Federal Historic Preservation Tax Incentives Program, commonly known as the Historic Tax Credit, provides a 20% federal tax credit to property owners who undertake a substantial rehabilitation of a historic building in a commercial or other income-producing use while maintaining its historic character. Since its inception in 1976 through FY 2024, the tax incentives program has leveraged $257.8 billion in private investment to rehabilitate over 50,000 historic properties and producing more than 3.4 million jobs.

The program is administered by NPS and Internal Revenue Service, in partnership with State Historic Preservation Offices. NPS certifies that a building is historic, and therefore eligible for the program, and that the rehabilitation preserves the building's historic character. The IRS administers the other aspects of the tax credit under the Internal Revenue Code.

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The National Park Service is proud to help lead the nation's 250th anniversary celebration through special events and experiences at parks across America, including many historically significant sites with direct connections to the formation of our country. Learn more at www.nps.gov.