Benefits of Heritage Restoration
Abstract
With limited budgets, heritage conservation has to compete for funding alongside other essential community services. In order to secure funding Heritage Victoria and SKM Economics prepared a study to identify and quantify the benefits of heritage conservation. The study was based on evaluation of the $16 million Government Heritage Restoration Program undertaken by the Victorian Government between 1994 and 1998. The results led to Victorian Government establishing new $15 million Public Heritage Program to run over three years from 1999 to 2002.
While the study considered the broader benefits of heritage restoration, because of the need to justify funding compared with the provision of other services, it put more emphasis on establishing the quantifiable economic benefits of restoration.
This paper is based on the study and identifies benefits of heritage restoration as the catalyst for economic development, extension of economic use and the attraction of increased visitation and patronage.