Main Street's Economic Impact
Historic Preservation = Economic Development
The cumulative success of the Main Street Approach® and Main Street programs on the local level has earned Main Street the reputation as one of the most powerful economic revitalization tools in the nation. The National Main Street Center conducts research to document this by annually collecting statistical information on the preservation, revitalization, and economic activities in local Main Street programs throughout the country.
This past year the Pikeville Main Street program made tremendous progress earning Kentucky and National Main Street Accredited status propelling our community into a progressive and bright future with the creation of five new businesses and investment of $77,355,000.
Main Street is not only a community vibrancy tool - it is a leading economic development program.
We work diligently to create a vibrant and propsperous downtown. Main Street is sustained through public and private partnerships and investment along with technical assistance from the Kentucky Heritage Council.
There are many reasons for revitalizing a downtown, but once the process has begun communities note positive changes such as:
Renewed confidence in the downtown through an improved image.
New job opportunities through the attraction of new businesses and strengthened service/retail markets.
Savings in tax dollars. Revitalization stabilizes and improves the area's tax base, while protecting the investments already made in the downtown.
A process that enables property owners to maintain historic commercial buildings and preserve an important part of a community's unique heritage.
The cumulative success of the Main Street Approach® and Main Street programs on the local level has earned Main Street the reputation as one of the most powerful economic revitalization tools in the nation. The National Main Street Center conducts research to document this by annually collecting statistical information on the preservation, revitalization, and economic activities in local Main Street programs throughout the country.
Cumulative Reinvestment Statistics
Dollars Reinvested*:
$70.25 billion
Buildings Rehabilitated:268,053
Net Gain in Jobs:584,422
Net Gain in Businesses:132,092
Reinvestment Ratio**:$32.56: $1
These estimates are based on cumulative statistics gathered from 1980 to December 31, 2016, for all designated Main Street communities nationwide.
In 2016, 39 participating Kentucky Main Street programs reported $109,741,515 of total investment in these communities. This number includes $75,070,029 of private investment matched by $30,920,494 in public improvements, supported by nearly 100,000 volunteer hours committed by KYMS board members and supporters. Statewide, the program also generated:
1,452 new jobs created in Main Street districts
234 new businesses created
81 new housing units in downtowns
198 building rehabilitation projects completed
$47,592,082 invested in historic building rehabilitation
6 historic rehabilitation tax credit projects
