The nonprofit arts and culture industry generates $31.2 million in annual economic activity in the Greater Concord area — supporting more than 960 full-time equivalent jobs and generating $2.8 million in local and state government revenues, according to the Arts & Economic Prosperity 5 national economic impact study.
The most comprehensive economic impact study of the nonprofit arts and culture industry ever conducted in the United States, Arts & Economic Prosperity 5 was conducted by Americans for the Arts, the nation’s leading nonprofit organization for advancing the arts and arts education, in partnership with local organizations including the Greater Concord Chamber of Commerce.
Results show that local nonprofit arts and culture organizations spent $17.8 million during fiscal year 2015. This spending is far-reaching: organizations pay employees, purchase supplies, contract for services and acquire assets within their community. Those dollars, in turn, generated $22.4 million in household income for local residents.
“This is the second time we have partnered with Americans for the Arts to measure the impact of the nonprofit arts and culture institutions locally. The numbers have been growing and demonstrate that Concord is emerging as an important cultural center in New Hampshire,” said Tim Sink, president of the Greater Concord Chamber of Commerce.
In addition to spending by organizations, the Greater Concord nonprofit arts and culture industry leverages $13.4 million in event-related spending by its audiences. As a result of attending a cultural event, attendees often eat dinner in local restaurants, pay for parking, buy gifts and souvenirs, and pay a babysitter. Out-of-town attendees frequently stay overnight in local hotels, get coffee and breakfast and fill gas tanks before heading home – bringing in valuable tax revenue from meals and rooms and gas taxes.
“The study showcases the growing economic impact of nonprofit cultural organizations in the Greater Concord area. Just over half of audience participants in the study came from outside of Merrimack County, and 93 percent reported that their primary purpose for visiting the area was to attend that particular arts event. This means Concord is attracting cultural tourists that spend on average $49 per person at local shops, restaurants and hotels in addition to what they paid on tickets or admissions,” said Nicki Clarke, executive director of the Capitol Center for the Arts.