The Benefits of Investment in the Arts

I’ve frequently mentioned the importance of the arts to an economically successful city. I’ve also often quoted from and linked to the work of Richard Florida.

This article synthesizes some of these same ideas as it explores how cities are beginning to realize that heavy investment in the arts is an economic winner. Among other places, it highlights Park City’s use of the arts to create economic diversity and year-round business.

Referring to Florida’s The Rise of the Creative Class, it also points out that

“Banking on the arts, the book states, pays off like compound interest.”

Effectively using the arts to bolster the economy is tricky, the article acknowledges, but as a community leader in Cincinnati mentions, it’s time to move the arts from the “nice column” and into the “necessary column.” That’s a lesson that Provo is learning, but perhaps not quickly enough. The article also notes that the arts are often cut in times of belt tightening, even though they enrich communities, culturally and financially.

Provo's 100 Block, the city's arts hub and not coincidentally one of the most vibrant areas in downtown.

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2 Comments

Filed under arts, economics

2 responses to “The Benefits of Investment in the Arts

  1. Pingback: Trailer for The Echo Theatre’s Opening Production | (pro(vo)cation)

  2. Pingback: Art: An Investment that Pays Off Again and Again | (pro(vo)cation)

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