The Colorado Business Committee for the Arts just released its latest study on the value of cultural spending in the greater Denver metro area. There is even more info in the downloadable press release.
CBCA - Biannual Study Results: Culture created $1.4 Billion in metro area economic activity in 2005. Economic activity includes $785 million in audience spending, $597 million in operating expenditures, and $44 million in capital expenditures.
In 2005, culture generated $387 million in new money from cultural tourism, capital spending, and federal government grants.
Nonprofit scientific and cultural organizations paid almost $95 million in wages to 10,800 employees and over $16 million in seat, sales, and payroll taxes.
The attendance at 2005 cultural events reached 14 million.
Cultural activities attracted 2.4 million visitors from outside the metro area.
Each $1 in cultural spending creates $1.32 for other businesses.
Culture is a great return on investment. Building on $38.3 million in investment through the Scientific & Cultural Facilities District tax, the cultural sector returned $387 million in new money to our local economy, an impressive 10:1 return on investment.
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