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Dear Friends of the Arts,
Over the years, Indian River County’s rich diversity of arts and culture has often been cited as a prime attraction for new residents and visitors. Commissioned in the fall of 2011, an Economic Impact Study of Cultural Arts in Indian River County revealed that Cultural Arts are a significant economic force with potential for even greater economic and social impact.
Indian River County Arts & Culture – Economic Contribution Estimates, a new study recently commissioned by the Cultural Council of Indian River County, estimates the significance of 20 cultural arts organizations and activities on the county’s economy. Data collected on the economic contribution of these organizations‘ operations, capital-related activity, and expenditures by cultural attendees on associated purchases made as a complement to their event participation, presents these interesting facts:
Arts and cultural-related expenditures amounted to just under $43.6M in sales, supporting approximately 512 full and/or part-time jobs and generating county GDP (i.e., income) of $26.2M.
- Organization and event operations amounted to about $26M in terms of sales, supporting just over 280 full and/or part-time job
- Capital-related activity amounted to about $0.73M in terms of sales, supporting approximately 7 full and/or part-time jobs.
- Audience participation expenditures amounted to about $16.8M in terms of sales, supporting just over 224 full and/or part-time jobs.
As an important economic activity for arts and cultural organizations, promoting cultural tourism was a specific focus of this study
- Cultural tourism expenditures amounted to about $4.6M in terms of sales, supporting just over 59 full and/or part-time jobs
- Impacts derived solely from cultural tourism are about 27% of sales, GDP, and employment impacts derived from audience spending
- With respect to overnight lodging, the total effect of cultural tourism associated with the 20 cultural arts organizations is about $757,000 in aggregate sales, which combined with average daily room rates of $119 implies about 6,360 room nights rented.
Cultural arts funding is a signal of our values as a society. A healthy cultural economy reaps huge rewards for our county: economic impact, education, tourism, cultural understanding, and civic engagement. We thank Dr. Michael H. Slotkin, PhD Economics, co-principle of PRǼCIPIO EFS, for giving us the statistical data from which the cultural arts can continue to grow. We are grateful to the 20 organizations who participated in this study. We hope you will be inspired by the data in this report and join us in supporting this important industry in Indian River County.
Barbara Hoffman, Executive Director CCIRC
Vero Beach, Florida May 2015