As discussed on NJIVA's first call, on November 24, 2020, here are two studies showing the economic impact of the arts, in our state, NJ and also in Chicago. It would be valuable to NJIVA to have a similar study to Chicago's for independent venues in New Jersey.
These two studies provide the research necessary for the arts community and its advocates to demonstrate the important connection between local creative industries as a driver for our economy and to support a thriving community.
2017 Arts & Economic Prosperity 5:
The Economic Impact of the Nonprofit Arts and Culture Industry in the State of New Jersey
ArtPride worked with Americans for the Arts and five local partners – Cape May, Cumberland, Mercer and Morris counties and the City of Newark – on the Arts & Economic Prosperity 5 report to examine the financial power of New Jersey's cultural community during fiscal year 2015. The study was funded by the Geraldine R. Dodge Foundation and the New Jersey State Council on the Arts/Department of State.
Published in 2017, Arts & Economic Prosperity 5 shows conclusively that, locally as well as nationally, the arts mean business!
The nonprofit arts and culture sector in New Jersey is a $519.8 million industry, supporting 14,342 full-time equivalent jobs and yielding $41 million in local and state government revenue.
State nonprofit arts and culture organizations spent $296.1 million during fiscal year 2015.
Those dollars, in turn, generate $340 million in household income for local residents and $41 million in state and local government revenues.
In addition to spending by organizations, the nonprofit arts and culture industry leverages nearly $224 million in event-related spending by its audiences. Cultural event attendees often eat dinner in local restaurants, pay for parking, buy gifts and souvenirs and pay a babysitter, and those from out of town often stay overnight in a local hotel.
“New Jersey’s arts create a huge return on investment,” states Adam Perle, President & CEO of the ArtPride New Jersey Foundation. “We already know that the arts bring pride to New Jerseyans and help our students learn, and this study confirms their extraordinary economic value. The arts build livable communities that are also attractive places to visit. The arts truly mean business in N.J.”
Read the full study here.
2019 Arts in the Loop Economic Impact Study
Art institutions in the Loop contribute over $2.25 billion to Chicago’s economy every year, according to a study released by The Chicago Loop Alliance last year. The study demonstrates a "deeper understanding of the impact the large collection of arts and cultural assets in the area have on the Loop economy."
The arts are responsible for $2.25 billion in economic impact in the Loop and the City of Chicago. This includes $1.4 billion from the institutions, $600 million from visitors, and $250 million from visitors to public art who spend their money on meals and shopping in the Loop.
Art in the Loop is responsible for $113.5 million in restaurant revenue, $81.3 million in real estate revenue, $78 million in hotel revenue, $63 million in Loop retail sales, $43 million in parking and transportation, and $6 million in tax revenue to the City of Chicago.
Arts in the Loop are responsible for 15,500 full-time jobs.
Every dollar spent on arts and culture generates $12 in economic impact in the Loop.
Their report found that 72 arts and cultural institutions based in the neighborhood contribute $1.4 billion to the economy through spending and payrolls.
According to Judie Moore Green, Chief Development Officer of the Auditorium Theatre and Chicago Loop Alliance Board Member, “By talking about this broader impact that the arts can have, combined with the tangible numbers provided by this report, I am able to paint a fuller picture of why the arts matter”.
Check out the complete study here.
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