Several weeks into the COVID-19 pandemic, it has already become cliché to say that we are living in unprecedented times, but it is still too early to understand exactly how severe the economic damage will be, and how it will effect Montgomery County and its residents. While hundreds of thousands are already suffering the direct health effects of the COVID-19, the indirect economic fallout from the near closure of the economy is also becoming apparent. From the weeks ending March 21 through April 11, over 22 million people filed for Federal unemployment insurance in the U.S., including over 38,600 people in Montgomery County. This volume has far surpassed all previous records. The $350 billion Paycheck Protection Program created by … Continue reading
The Great Recession had a profound impact on industry and labor conditions throughout the United States. The ensuing recovery has been uneven – both geographically and across time – and today, many places have not recovered or have economies that differ from the pre-recessionary period.
Montgomery County’s economy was also affected by the Great Recession, however, its employment shrank less than those of other jurisdictions during the height of the recession. Our research shows that employment in the county declined 1.8 percent between 2008 and 2011, compared to 3.9 percent nationwide.
The reason for this tempered loss is the role played by the federal government in the county’s economy. Industries such as finance, construction, retail and others were supported … Continue reading
I like to revisit posts I have done. Not long ago I wrote about putting a value on historic preservation. Three recent developments bring me back to the subject. First, the Historic Preservation Commission recently approved 39 applications for the county’s historic preservation tax credits. The 39 projects represent nearly $1.5 million in private investment in historic properties in communities across the county. This is a good thing. As discussed in the previous post, money spent on historic preservation projects demonstrates a strong multiplier effect, making investments in historic rehabilitation particularly beneficial for local economics, jobs and businesses. The number of tax credit projects also bears note. The 39 projects represent perhaps a quarter, or less, of the projects … Continue reading
The value of historic preservation is often expressed in terms that are difficult to quantify. We are preserving cultural patrimony, maintaining a sense of place, safeguarding our architectural heritage.
But what if we could hang a number on the value of historic preservation? Actually, we can.
Look at tax credits issued for rehabbing historic properties. Montgomery County provides a 10-percent tax credit for qualified work on properties listed in the County’s Master Plan for Historic Preservation or located in County-designated historic districts. The State of Maryland and federal government also offer rehabilitation tax credits that some property owners may be able to receive on top of the county’s program.
In 2012, the historic preservation commission reviewed applications for the … Continue reading