As the name suggests, historical buildings have great significance, and there is a set of history behind the structures. There are certain religious beliefs as well, which are associated with a specific type of structure.
The restoration of historical buildings builds strong and tangible connections between people and the past. Historic buildings are a way that people can become well versed in the past situations and lifestyle of a particular place or area. Heritage buildings help in connecting the older generations with the new generations. Such buildings help learn about the times of different eras. These places are useful for educational purposes and to create a sense of citizenship among the people. The buildings are restored along with their landscapes, which gives an idea of a network of neighbourhood communities. It is also an insightful action to keep the senior population active and happy, as they can relate very well to the structures.
Since historic buildings are of sheer importance, anything developed near such structures ultimately comes to occupy the prime location and becomes famous. Residents who want to set up their businesses near these historic structures are more likely to benefit and earn a lot of profit. There is a lack of job opportunities in various sectors, but if the restoration of a structure occurs, it creates growth in employment in the restoration industry as a construction trader, professional, or even a product manufacturer. The taxation base is enhanced and made more efficient if the restoration of individual buildings and areas is occurring.
Historical buildings add more value to the city. Hence, tourism is increased, and ample amountt of job opportunities are created for the tourism sector. Local people also get jobs like coolies and guides so that they earn a daily wage. It is also proven that restoration is often cheaper than new construction. New construction involves demolition costs as well. In the restoration process, the authenticity of the structure was well-preserved.
Restoration – good for economic sustainability
Restoration is an excellent factor for promoting economic benefits to society and sustaining the economy it generates. Instead of constructing a new structure, the investments are saved and more opportunities for the local people are provided. The energy put into making an entire structure is saved and is used efficiently in the restoration process. The waste, profoundly known as the debris, is reduced in the restoration process. The neighbourhood had gained importance, and the underlying infrastructure was enhanced. Both urban decay and sprawl have been reduced considerably. The infrastructure costs are also not high. Restoration is a wholesome process of rejuvenating the sense of belonging to the heritage the structure shares.
The benefit to the laborers
Due to poverty, a lot of the population do get to live a basic life equipped with all amenities. Since the total project cost is mostly dependent on labor costs, the labor force gets to earn a good amount of money. According to research, laborers receive 60 to 75 per percentage of the project cost in a conservation cost. The project cost for a historic bank in Neepawa, for example, includes 62% labor and 38% material cost. Another building, the Bank of Montreal at Portage and Main, included 70% of the labor costs. It is also stated by the government of Ontario that rehabilitation has been more labor intensive than new construction, by nearly 66 per cent. A testimony that was released by the General Services Admin on Buildings and Grounds indicates that rehabilitation can lead to the growth of job opportunities. The numbers have increased by 2 to 5 times.
Advantages of conserving energy and lowering taxes
Constructing a new structure involves a lot of energy. It is proven that making a new building requires energy that is equal to the energy required for operating the structure for 40 years. This is almost equal to generating 1600 gallons of gasoline. Also, less waste is generated since no demolition is done. According to a study conducted in Toronto, 16 percent of landfill waste was due to demolition. Hence, restoration is preferred. The tips are given to the people involved in landfill increase, which is not suitable for the economy. Over 7 years, the tipping fee increased by 600 per cent. Adding this, the value of the historic structures in terms of money also doesn’t get affected in the case of a general downturn. Hence, the taxes are exempt.
To conclude, it can be said that the restoration of historic buildings is a boon as it is a cost-effective method to revive the old buildings while maintaining the authentic taste of the structure. In this way, society benefits economically and is served by a rich heritage. Technology and energy are also saved, and more job opportunities are created.