What Is Your Museum's Economic Footprint?

Abstract

Across the United States, museums are considered an integral part of the community fabric and an important factor in the quality of life, “Arts and culture helps foster creativity, bridges class divides, retains college graduates, recruits companies, and raises the quality of life.“¹ But across the nation, museums contribute far more than just culture—they drive local and state economies. Nationally, the arts and culture sector generates $166.2 billion in economic activity, including $104 billion in household income and $29.6 billion in tax revenue annually; it also supports 5.7 million jobs.² Knowing one's economic footprint permits institutions to concretely demonstrate their positive economic impact on a community, which is increasingly important for museums and cultural attractions as they endeavor to demonstrate the many benefits they offer communities.³ And, in a time of economic recession and increased demand and requirements for funding, this information provides power. Further, a positive economic footprint imparts authority to museums when talking with local and national politicians, funders, and community members. Arts and cultural organizations not only contribute to the educational health of communities; they generate funds that add to the economic health of local, state, and national communities as well.

This paper examines the Denver Metro Community as a case study for understanding the value and importance of identifying one's economic footprint. However, the formulas included in the paper can be applied to any area of the country and to any museum, allowing each institution to determine their individual economic footprint.