September 24, 2018
Activities: Arts / Culture / Humanities, Economic Development
Geography:
Demographics:
Annual ROI: 0.0%
Image source: PIxabay
The arts impact our economy more now than they ever have before.
Washington DC organization Americans for Arts published a national report looking at the effect of arts on economic development. The conclusion: government spending on small arts organizations, especially nonprofits, drives huge ROI.
Think about the following example.
A couple from New York decides to see the Danbury Music Centre’s “Nutcracker Ballet.”
To prepare for the date, she buys a new top at the Danbury Fair mall. On the drive to the show, he stops to get gas. Since they have time before the show, they go to the drive-thru at Starbucks. After the show, they stop for a drink downtown. They don’t want the night to end, so they finish their evening with a late dinner on Mill Plain Road.
Even if the music center’s production is subsidized and nonprofit, the surrounding economic impacts generate based merely on its presence.
In Connecticut, it is estimated that economic activity generated by nonprofit arts groups is $800 million per year, with 23,000 full-time workers and $72 million contributed to state and local taxes.
“You are throwing your money away if you are not investing in the arts,” says Kristina Newman-Scott, the director of culture at the state Department of Economic and Community Development. “We know that in Connecticut, for every dollar you spend on the arts and culture, you get $7 back.”
Source: Arts.gov
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