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Economic Impact Study on Historic Preservation in Nashville

cover thumbnail of Economic Impact Study report

In 2018, an economic impact study of historic preservation policies and activities in Nashville was funded by a private telecommunications company as part of mitigation efforts. The Metropolitan Historical Commission (MHC) guided the scope of work for the study, including analysis of impacts on downtown revitalization, property values and neighborhood stability, heritage and cultural tourism, sustainable and Smart Growth, employment and jobs and social impacts. This analysis evaluates and draws conclusions on the impact of preservation in Nashville, more specifically within the 1963 city boundaries that existed prior to the Metro consolidation. The MHC selected PlaceEconomics, a Washington D.C.-based consulting firm with extensive experience conducting similar studies, to complete the project. The New Nashville: A Study of the Impacts of Historic Preservation was finalized in May 2019.

The NashvilleNext plan, with strong Metro and stakeholder buy-in, provided the framework for the analysis report. As such, the analysis demonstrates how historic preservation is an equitable development tool that will help achieve the goals set forth in NashvilleNext. “Historic preservation in Nashville is not only making contributions in each of those areas today, but can set a pattern for the implementation of those principles into the future.”

Watch PlaceEconomics' recent presentation of their findings to Metro Council.

A secondary component of the study is currently in progress and will generate specific recommendations for policies, strategies, tools and incentives to further encourage historic preservation in the Metro area.