As well as their intrinsic value, derived from factors such as their historical significance and meaning, redundant traditional rural working buildings have the potential for instrumental value through being economic assets that can accommodate alternative uses. The conversion works and subsequent re-use can impact upon the locality in terms of income generation and employment creation, thereby supporting local economic development. However, the extent of this local economic impact rests on the expenditure patterns of the building owner and user. Drawing on a mix of exogenous and endogenous growth theories, the study investigated the local economic impacts of converting and re-using redundant traditional rural working buildings. The focus was on the local economic impacts that were measurable spatially at the sub-regional level. The fieldwork was conducted with the collaborating partner, the National Trust, and primary data was collected from 30 traditional rural building conversion projects across England. The local economic impact of both the conversion works process and the subsequent re-use of the building were analysed. A modelling framework, drawing on the principles of Keynesian multiplier analysis and Local Multiplier 3 (LM3) modelling, was used to generate a range of estimated income and employment multipliers according to distinguishing characteristics of the buildings. In total, 12 building conversion works and 14 building re-use models were produced. The building characteristics with the largest conversion works income multipliers included: animal housing buildings, listed buildings, and buildings converted for manufacturing purposes. For building re-use, the characteristics with the largest income multipliers included: animal housing buildings, Accommodation and Food Services SIC class and let buildings. A guidance document was produced based on the findings to aid the National Trust with the consideration of local economic impact in future traditional rural working building conversion projects.