Thursday, June 21st at 10:53 AM
Nonprofit Arts Worth $166.2 Billion To Economy
The nonprofit arts industry generates $166.2 billion in economic activity annually, putting almost $30 billion of tax revenue into government coffers, according to a new economic impact study.
Arts & Economic Prosperity III, released recently by Americans for the Arts, is the most comprehensive economic impact study of the U.S. nonprofit arts and culture industry. Since the first analysis by Americans for the Arts in 1992, the nonprofit arts and culture industry has grown faster than the rate of inflation.
Spending by organizations and their audiences grew 24 percent between the second study in 2000 and 2005. Total economic activity increased from $134 billion to $166.2 billion, with $63.1 billion in spending by organizations and another $103.1 billion by audiences in event-related spending.