If your city had a new construction company move to town, this would be good news – more jobs, more economic activity, and more tax revenues to be collected. How about if your city received funding from your state to widen a road? Again, you would probably welcome this news with open arms. Now, think about a new arts organization moving to town. Would you look at this group with the same economic lens that you used to look at the construction or transportation business?
If your answer was no, here’s why you should!
The U.S. Bureau of Economic Analysis (BEA) with the National Endowment for the Arts recently released their second annual report measuring the arts and culture sector’s contributions to U.S. gross domestic product (GDP). This year’s report found that the arts and culture sector represented 4.32 percent of the GDP – a higher percentage than tourism (2.6 percent), transportation (2.7 percent) and construction (3.4 percent) – at $698.7 billion! Read the rest of this entry »