National Reinvestment Statistics:
The cumulative success of the Main Street Approach™
and Main Street programs on the local level has earned a reputation as one of
the most powerful economic development tools in the nation. The National Trust
Main Street Center annually collects statistical information on economic
activity in local Main Street programs nationwide. These statistics are tracked
from 1980 to December 2007 and reflect activity in more than 2,150 communities.
Total amount
of reinvestment in physical improvements from public and private sources: $44.9
Billion
Average reinvestment per community (i): $11,083,273
Net gain in businesses: 82,909
Net gain in jobs: 370,514
Number of building rehabilitations: 199,519
Notes:
(i) The Average Reinvestment per Community reflects investment in communities
that have recently begun commercial district revitalization programs as well as
those that have been actively involved in Main Street for more than a decade.
In addition, it includes investment of communities of a wide variety of sizes
and in all parts of the country. For these reasons, communities should be
cautious about using this figure as a benchmark for local performance.
Maine Reinvestment Statistics:
(As reported by Main Street
Maine communities between September 2002 and March 2008)
Total amount of reinvestment in physical improvements from
public and private sources: $47.5 Million
Net gain in businesses: 125
Net gain in jobs (i): 636
Number of building rehabilitations: 58
Volunteer Hours: 123,635
Reinvestment Ratio (ii): $12.65 reinvested for every
$1 spent
(i) This figure does not
reflect 110 jobs moved out of downtown Gardiner due to state office
consolidation.
(ii) The Reinvestment Ratio
measures the amount of new investment that occurs, on average, for every dollar
a participating community spends to support the operation of its Main Street
program, based on medial annual program costs reported to the Maine Downtown
Center by its Main Street Maine communities.
Benefits of a local Main Street Program:
- Enhances community pride and quality of life
- Preserves and creates jobs
- Enhances industrial, commercial and professional
development
- Increases collaboration between public and private sectors
in order to attain common goals
- Bolsters property values throughout the community
- Grows existing businesses, attracts new businesses, and
reinforces other economic development activities
- Protects and utilizes the historic assets in downtown
- Increases the tax base by developing vacant and
underutilized buildings to higher and better uses
Benefits For Each Donor Market Segment
Local Residents (can benefit by):
- Better shopping
- Closer shopping
- Less driving
- More social and cultural activities
- Better sense of hometown pride, community and identity
- Historical awareness
- Stable or improved home values
- A healthy local economy means property tax will not be
raised
- More attractive community
- More activities for kids
Retail Business Owners (can benefit by):
- Increased sales
- An improved image
- Increased value of business
- Educational opportunities for the merchant
- Increased traffic; more people coming into the business
district
- District marketing
- Better business mix / business recruitment
- Community pride
- A way to have needs and issues addressed
- Improvement in the quality of business life
Professionals (can benefit by):
- Increased traffic; opportunity for combining business and
shopping
- District marketing; the Center is marketed as a unit
- Better business mix/business recruitment
- Increased community pride
- A way or forum for having town center needs and issues
addressed
- Improvement in the quality of business life
- Reductions in vandalism or other crime
- Assistance with tax credits for professionals who own
their buildings
- Assistance with design issues
- Better communication with other property owners
- Improved town center image
- New and/or better uses for existing buildings for
professionals who own their buildings
City Government (can benefit by):
- Increased income to City through additional tax revenues
- Increased number of local jobs
- Improved local economy
- Positive perception outside the community of the town
center
- Improved relations between City and community at large
- Business recruitment
- Impetus for public improvements
Property Owners (can benefit by):
- Increased rates of occupancy
- Rents can be stabilized or increased (helps property
values)
- Reductions in vandalism or other crime
- Assistance with tax credits
- Assistance with design issues
- Better communication with other property owners
- Improved town center image
- New and/or better uses for existing buildings
- Upper floors filled
- New retail uses
Large Corporations (can benefit by):
- Increased economic and residential growth helps to spread
tax burden over larger base
- Strong home values help property tax rates stay stable
- Positive perception of community is a draw for industry
- Good community image helps corporations’ local image
- An attractive community helps attract/keep employees
- Employees who live nearby miss fewer work days due to
weather
Financial Institutions (can benefit by):
- Increased business deposits
- Increased potential for business loans and other bank
services
- An improved image and good will
- Success of the community is crucial to banks’ success
