Texas Cultural Trust Report Makes the Case for Investing in the Cultural Arts for a Strong Texas Economy
AUSTIN, Texas, Dec. 17, 2012 /PRNewswire/ — The Texas Cultural Trust, a nonprofit organization that highlights the importance of the arts to the state’s economy, is releasing new economic data that illustrates the impact of the Arts and Culture Industry on a dynamic and diversified state economy.
The Arts and Culture Industry makes a significant contribution to sales tax revenue, tourism and economic growth. Research conducted by TXP, Inc., an economic analysis and public policy consulting firm, shows that the arts are a smart economic investment for Texas that generates a proven return to the state. Specifically, Arts and Culture activities in Texas generate:
- $4.6 billion in taxable sales every year
- $290 million in state sales tax revenue
- $150 million in local and state tourism revenue
Additionally, the study finds that in the last decade alone, the Arts and Culture Industry added more than 12 percent growth to our statewide economy, and accounted for $2.46 billion in tourism spending, which translates to 21,000 jobs earning in excess of $700 million.
“We commissioned the study to show quantitative data on the contribution Arts and Culture Industries make to our state’s economy,” said Karen Oswalt, Chair, of the Board of Directors of the Texas Cultural Trust. “The arts are an underutilized asset that the state can harness and actively use to fuel the economy. The arts have organically stimulated growth in the past, and the opportunity exists to provide communities around the state the ability to utilize the arts as an economic development tool.”
The state of Texas has the opportunity to grow the Arts and Culture Industry by investing in the Texas Commission on the Arts (TCA) and its Cultural District program. Cultural districts are special zones that the TCA designates across the state to use cultural resources and facilities to stimulate economic development and community revitalization.
Cultural districts often become focal points for generating business development, attracting tourists, stimulating cultural development and fostering civic pride. Currently, no formal funding mechanisms exist to support and enhance Cultural Districts once they are designated.
“The Arts and Culture Industry is an investment that performs. There are opportunities to strengthen the Cultural District program so we can get an even greater return for our state economy,” Amy Barbee, Executive Director of the Texas Cultural Trust said. “By calling attention to the data, we hope Texas will choose to make smart investments in this vital industry sector.” Invest in the Arts. The Arts Perform.
Funding for the study was provided in part by the Houston Endowment. More information about the Invest in the Arts campaign and the economic study can be found at: http://www.txculturaltrust.org/invest-in-the-arts/.
About the Texas Cultural Trust
Established in 1995, the Texas Cultural Trust is a 501(c)(3) nonprofit organization that promotes the importance of the arts in educating our children and sustaining our vibrant Texas economy, through awareness, outreach, economic research, and the development of an Art and Digital Literacy curriculum for public school students. The Texas Cultural Trust supports the programs of the Texas Commission on the Arts and other qualifying state agencies. Programs of the Texas Cultural Trust include the biennial Texas Medal of Arts Awards, the Young Masters Program, Create Texas, Adventures in the ARTS-a children’s book, Texas Women for the Arts and Founders for the Arts. For more information please visit www.txculturaltrust.org.
Dave Shaw, 512-499-8009, firstname.lastname@example.org
SOURCE Texas Cultural Trust