Studies and research continue to uphold the economic impact and social importance of the arts. In a McKinsey & Company report commissioned by Business for the Arts in 2008, some of the key findings included:

  • organizations can achieve one or more of their corporate social responsibility objectives by investing in the arts
  • the arts positively impact┬áthe development of local communities and social networks
  • arts and culture help to engage new immigrants with social institutions
  • culture builds stronger communities
  • the arts contribute to innovation within a community
  • arts and culture can foster economic inclusion
  • cities can leverage the arts as an important part of their revitalization programs

Several major cities have successfully included the arts and culture as part of their revitalization strategies. Such programs lead to many benefits for the cities including:

  • increased tourism and other indirect economic activity
  • improved quality of life and community engagement
  • regeneration of undervalued/underutilized urban real estate
  • relocation of businesses and residents from suburbs to the downtown core

Read the stats and facts on “The 10” HERE