GUIDANCE FOR CLIENTS PROFESSIONAL ARCHAEOLOGY | A GUIDE FOR CLIENTS 2024 11 ARCHAEOLOGY AND ECONOMIC BENEFIT The regeneration of historic places can drive economic growth, often leading to revitalisation of surrounding communities and neighbourhoods. Reinforcing historic character, reusing historic fabric and maintaining locally distinctive patterns of development can all play a significant role in the recovery of declining towns and cities. Archaeology can contribute substantially to placemaking. It can enhance the image of a place, making it somewhere people want to live and so increasing the potential income it can realise. The World Bank positively encourages development that looks to preserve cultural heritage. It sees that understanding and enhancement of cultural significance or ‘cultural capital’ has a positive effect on the value of projects and assets. Historic buildings and places can also provide the opportunity for types of commercial activity that might not otherwise be possible, providing additional economic activity and new employment opportunities for local people. The historic environment plays an important role in tourism, providing focal points and venues for visitors, creating jobs and supporting business on a local and national scale. It helps to stimulate small and medium-sized enterprises, developing new markets and encouraging inward investment. An archaeologist can tell you what it is about your city or community that makes it historically interesting and distinct, its contemporary cultural importance and where the potential lies for development and enhancement of the historic fabric. The regenerative economic value lies at an EGPG site (Photo: Headland)
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