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  1. The Arts Mean Business Monday, August 04, 2008

    ...communities that invest in the arts reap the additional benefits of jobs, economic growth, and a quality of life that positions those communities to compete in our 21st century creative economy. 

    Nationally, the nonprofit arts and culture industry generates $166.2B in economic activity annually- a 24 percent increase in the past five years.  That amount is greater than the Gross Domestic Product of most countries.  This spending supports 5.7 million full-time jobs right here in the United States - an increase of 850,000 jobs since a 2002 study.  What’s more, because arts and culture organization are strongly rooted in their communities, these are jobs that necessarily remain local and cannot be shipped overseas.

    Our industry also generates nearly $30B in revenue to local, state, and federal governments every year.  By comparison, the three levels of government collectively spend less that $4B annually to support the arts and culture - a spectacular 7:1 return on investment that would even thrill Wall Street veterans.

    Arts and culture organizations - businesses in their own right - leverage additional event-related spending by their audiences that pump vital revenue into restaurants, hotels, retail stores, and other local businesses.  When patrons attend a performing arts event, for example, they may park their car in a toll garage, purchase dinner at a restaurant, and eat dessert after the show.  Valuable commerce is generated for local merchants.  This study shows that the typical attendee spends $27.79 per person, per event, in additional to the cost of admission.  When a community attracts cultural tourists, it harnesses even greater economic rewards.  Nonlocal audiences spend twice as much as their local counterparts ($40.19 vs. $19.53).  Arts and culture are magnets for tourists, and tourism research repeatedly shows that cultural travelers stay longer and spend more.  Whether serving the local community or out-of-town visitors, a vibrant arts and culture industry helps local businesses thrive. 

    Right now, cities around the world are competing to attract new businesses as well as our brightest young professionals.  International studies show that the winners will be communities that offer an abundance of arts and culture opportunities.  As the arts flourish, so will creativity and innovation-the fuel that drives our global economy. 

    (Source: Americans for the Arts, 2007)

    Posted by Administrator in Collective Rethink