Thursday, October 11, 2012

Economic Impact of Arts & Culture In Brevard County

MELBOURNE, Florida -- The Brevard Cultural Alliance and the Economic Development Commission of Florida's Space Coast revealed the results of a study on the economic impact of arts and culture in Brevard County, Florida, at the King Center for the Performing Arts on Wednesday, October 10, 2012. 

The new impact study provides a portrait of a geographic area enriched by many artists, volunteers, arts sector employees and multiple arts and cultural organizations, festivals, concerts, museums and programs.

The report, The Economic Contributions of Arts and Culture in Brevard County, FL, provides an overview of the economic impact accruing from this sector during FY 2011. Forty-nine arts organizations participated in the study.  Five separate economic activities or events were considered for analysis of the overall economic impact of arts and culture in Brevard County, resulting in four major sectors of findings: Operational Expenditures and Direct Employment, Payment to Artists (non-employees), Arts and Cultural Visitor Spending and Arts and Culture Volunteerism

Highlights from the report include*:

The total economic contribution to Brevard by arts and culture organizations and event attendees, as it relates to the factors within this study, amounts to approximately $72.59 million in sales, $42.81 million added to local GDP and 855.1 FTE (full time equivalent) jobs.

The operational expenditures and direct employment by 49 organizations providing data to this study added approximately $20 million to Brevard’s GDP, generated $14 million in income for residents and supported 343.7 FTE jobs.

$811,000 was paid to local artists in 2011, creating an additional 24.1 jobs.

Audience and cultural tourist spending (not including ticket prices), based on 2007 data from a PRAECIPIO EFS** study and scaled to 2011 dollars, is estimated at $22.7 million supporting approximately 511 jobs.

The value of volunteer hours dedicated to arts and culture was approximately $3.3 million.

Of particular interest is the potential this study shows for additional high economic return from efforts to grow cultural tourism in Brevard Country. 

*Measured in 2011 value.
PRAECIPIO EFS (Economic, Financial & Statistical) Inc.

The entire study is available online at the Brevard Cultural Alliance's website at