Arts Investment Breeds Economic Development

Posted by Shayna Pollock on March 23, 2011

According to a recent study by Americans for the Arts, investment in the arts enhances the economic climate of cities and increases quality of life: the nonprofit arts and culture industry generates $166.2 billion in economic activity annually and is responsible for 5.7 million full-time jobs in the United States. Cities, as cultural centers, are working to harness the power of the arts through strategic investment. An article in UrbanLand recognizes Miami, a CEOs for Cities partner city, as a "hotbed of creativity" due in part to the economic opportunity spawned by Art Basel Miami, the world's most presitigious art fair. Today, Miami is a thriving and diverse cosmopolitan hub of art, design, and architecture.