Tampa Commercial Real Estate

2015 St. Petersburg Arts & Culture Economic Impact Report

Study demonstrates that arts and cultural community is an economic driver for St. Petersburg

The arts in St. Petersburg not only improve the city’s quality of life, they are an economic driver for the city. The city’s non-profit arts and cultural organizations fuel a direct and indirect economic impact of over $200 million and engaged 5.2 million participants.

The new economic study, produced by the St. Petersburg Arts Alliance and underwritten by Bank of America, surveyed 32 arts and cultural organizations. A companion survey of St. Petersburg artists was also conducted.

“The total economic impact figure calculated is conservative, and does not represent the vast and diverse collection of arts businesses in the city,” said John Collins, executive director of the St. Petersburg Arts Alliance. “While an economic impact of over $212 million is astonishing, it does not even include the income and the resulting ripple effect that our artists and creative for-profit businesses generate for our economy.”

Non-profit highlights:

·      Direct and indirect spending based on non-profit admissions produced a total economic impact of over $212M.             

·      Local government revenue estimate is over  $6M.

·      State government revenue was over $9M.

·      These 32 organizations were responsible for 822 full-time and part-time jobs.

For-profit creative business highlights:

·      Since 2012, the Second Saturday ArtWalk, produced by the St. Petersburg Arts Alliance has generated annually an additional impact of over $200,000, not including artwork purchases.

  • ·       The number of artists, writers and performers in St. Petersburg, Clearwater and Tampa has increased 44 percent over ten years from 2002 to 2012.  
  • ·      5,902 artists, performers and writers reported $103,278,000 in receipts in 2012.  Average income was $17,498.81; increasing only 2.8 percent, from 2002.
  •     40 percent of artists work in professional studios and galleries. Sixty percent work in a home studio.

Dr. Maling Ebrahimpour from USF St. Petersburg states, “The fact that arts and culture enhance the quality of life is known to all. Now, in this report we show once again that not only does this beautiful industry enhance the quality of life, but literally helps to enhance the economy of the city and makes it a better place to live.”

“Bank of America believes that the arts are a powerful tool that helps economies thrive while educating and enriching societies,” said Bill Goede, Tampa Bay president, Bank of America. “Our support of this study helps the region quantify the value added of a thriving arts community such as St. Petersburg, and will be useful in ensuring that the local creative industries are sustained.”

“This survey reiterates what we’ve known in that visual and performing arts organizations significantly contribute to tourism, economic development and education.  Residents and businesses all benefit from the arts and it is important to understand just how critical they are to the health of such a creative city as St. Petersburg,” states Wayne Atherholt, director of the St. Petersburg Office of Cultural Affairs.

Chris Steinocher, president and CEO of the Greater St. Petersburg Chamber of Commerce noted, “This study demonstrates that there is a strong return on the investment for all aspects of the arts. The arts are a critical component of a thriving city in terms of basic economics as well as contributing to a creative and energetic quality of life. Corporate leaders are citing our vibrant arts scene as a factor in their decision to relocate to St. Petersburg.”

The complete report may be read and downloaded from the Arts Alliance’s website or visit the Arts Alliance office in the St. Petersburg Area Chamber of Commerce to pick up  the brochure version.

– See more at: http://www.tampabaynewswire.com/2015/06/10/2015-st-petersburg-arts-culture-economic-impact-report-35688#sthash.r8iK70Vi.dpuf

About the Author