Princeton’s arts and culture industry generates more than five times the money in comparison to similar-sized communities, a recent study spearheaded by the Arts Council of Princeton, has found.
According to the study, Princeton’s arts and culture industry last year generated $51.3 million in total economic activity, supported 2,907 full-time equivalent jobs, and delivered $5.6 million in local and state revenue via taxes and fees.
The study also found that the median revenue generated for a region with a population less than 50,000, such as Princeton, is about $9 million, far less than Princeton’s $51.3 million.
The year-long study looked at data from 16 eligible Princeton nonprofit arts and cultural organizations, and surveyed more than 800 attendees of arts and cultural events in Princeton. It was part of a national economic impact study organized by Americans for the Arts. The results were reported on June 8 at AFTA’s annual convention in San Antonio.
“We all understand that the arts are important to the culture of our community,” says Jeff Nathanson, Arts Council of Princeton Executive Director. “This study illustrates that arts and cultural events also provide a significant positive impact on the local economy.”