Heritage buildings and precincts not only have a wide range of social and cultural benefits to communities they also have a large economic benefit to the areas they exist within.

The economic value of heritage tourism and recreation for any area is one of the main, and most visible, justifications for heritage conservation. International studies have shown that between 35-40% of global tourism has a cultural motivation, with heritage tourists/visitors staying longer, visiting twice as many places, and spending 2.5 times more than other visitors. With large numbers of tourists visiting heritage rich areas, urban regeneration and restoration of buildings brings a viable economic benefit to cities and towns that have a rich heritage fabric.

The adaptive re-use of heritage buildings in urban areas can also help higher-density growth and development in the cities without losing the historic character they’re known for. A dense cityscape will reduce council infrastructure costs in the long run and foster a vibrant and diverse urban economy.