Arts, culture events add to local revenue
Bloomington’s investment in the nonprofit arts and culture industry is paying off, according to a study revealing that the industry generates $72,276,722 in annual economic activity within the city.
According to the Arts and Economic Prosperity IV national economic study, 3,430 full-time equivalent jobs and $6,288,000 in local and state government revenues are generated through the nonprofit arts and culture industry.
“The results of this study bear out the strong linkages between arts and economic vitality here in Bloomington,” Mayor Mark Kruzan said in a press release. “Arts activity enriches us socially and culturally, but the study shows that it also enhances our economy in measurable and meaningful ways.”
The study, which was conducted by Americans for the Arts, is the nation’s most comprehensive economic impact study of nonprofit arts and culture industry, according to the Americans for the Arts’ website.
The study used findings from 182 regions representing all 50 states and D.C.
Americans for the Arts is the nation’s leading nonprofit advocacy organization for the arts and art education.
Nonprofit arts and culture organizations spent $52,300,406 in Bloomington during fiscal year 2010, according to the release. This spending accounts for employee pay, supply purchases, contracts for services and acquired assets within the community.
Nationally, the Arts & Economic Prosperity IV study revealed that the nonprofit arts industry produced $135.2 billion in economic activity in 2010.
This spending — $61.1 billion by nonprofit arts and culture organizations and $74.1 billion by their audiences — created 4.1 million full-time equivalent jobs and generated $22.3 billion in federal, state and local tax revenues, according to the release.
“This study shines a much-needed light on the vital role the arts play in stimulating and sustaining economic development,” said Robert L. Lynch, president and CEO of Americans for the Arts, in the release. “Contrary to popular belief, the arts are a bustling industry that supports a plethora of diverse jobs, generates significant revenues for local businesses and to federal, state and local governments and provides quality of life that positions communities to compete in our 21st century creative economy.”
Despite economic turbulence, nonprofit arts and culture organizations pumped an estimated $61.1 billion into the national economy in 2010, according to the survey.
The revenue generated through arts events also generates funds for local
Miah Michaelsen, assistant economic development director for the Arts for the City of Bloomington, said the arts contribute to the community’s high quality of life and its economic progress.
An average arts attendee spends $24.60 per event, not including the cost of the event’s admission price.
On the national level, these audiences provided $74.1 billion of valuable revenue for local merchants and their communities, according to the study.
Cultural event attendees often eat dinner in local restaurants, pay for parking and buy gifts and souvenirs, according to the release.
Attendees from out of town often stay overnight in local hotels. In Bloomington, these dollars support 651 full-time equivalent jobs and generate $2,239,000 in local and state government revenues.
“The arts strengthen our local economy by helping to diversify it,” Michaelsen said.
“More than 40 local arts organizations and more than 1,300 audience members assisted in quantifying the arts and cultural sector’s impact and contribution to our community during this study.”
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