The so-called New Urbanism reflects good urban design principles, but those principles have already been at work for a century or more in our historic neighborhoods. The sensitive renewal of such neighborhoods is Smart Growth. Smart Growth implies not just physical growth but economic growth. And economic growth means new jobs. Older and historic buildings often provide the affordable rent that allows small businesses to get started.
Smart growth is about jobs.
As a general rule, new construction is 50 percent labor and 50 percent materials. Rehabilitation, on the other hand, is 60 to 70 percent labor. Rehabilitation of existing structures has significantly greater local economic impact, dollar for dollar, than new construction, because it generally utilizes the services of the local carpenter, plumber, painter and electrician from across the street. They subsequently spend their paycheck locally for groceries, a haircut, membership in the local Y or a new car. The rehabilitation of older and historic neighborhoods is putting jobs where the workers already are.