The Arts Mean Business

Just a little FYI to share from Americans for the Arts…

Randy Cohen, VP of Research & Policy at Americans for the Arts, presents the study's major findings and explains what factors make up the total economic impact of the nonprofit arts and culture industry.

Nationally, the nonprofit arts industry generated $166.3 billion of economic activity in 2015—$63.8 billion in spending by arts and cultural organizations and an additional $102.5 billion in event-related expenditures by their audiences. This activity supported 4.6 million jobs and generated $27.5 billion in revenue to local, state, and federal governments (a yield well beyond their collective $5 billion in arts allocations).

Connecticut’s nonprofit arts and culture industry generates $797.3 million in annual economic activity in the state, supporting over 23,000 full-time equivalent jobs and generating $72.3 million in local and state government revenues.

Arts organizations are businesses. They employ people locally, purchase goods and services from local businesses, make communities more vibrant, and attract tourists. Event-related spending by arts audiences pumps vital revenue into restaurants, hotels, retail stores, parking garages, and other local merchants. This study puts to rest a misconception that communities support arts and culture at the expense of local economic development. In fact, communities are investing in an industry that supports jobs, generates government revenue, and is the cornerstone of tourism. Arts & Economic Prosperity 5 shows conclusively that, locally as well as nationally, the arts mean business.