Ungated Post | 13 Feb 2018
Museums as Economic Engines
Museums play an essential role in cultural and social life across the US. They tell our stories, preserve our heritage, interpret the past, and explore the future. In this way, museums enrich our lives daily: feeding a hunger for knowledge and igniting our imaginations. They provide forums for learning, but also a place for enjoyment and escape. Museums preserve and protect more than a billion objects, safeguarding these treasures for future generations. Museums, widely defined, also provide places where communities can come together, interact, understand, and appreciate cultural diversity.
Beyond the culture value and role that museums play, the sector also drives essential value to the national economy by generating GDP, stimulating jobs and contributing taxes. In 2016, museums supported more than $50 billion in US GDP, supported more than 726,000 jobs, generated nearly $16 billion in income and contributed $12 billion in federal and state and local taxes.
The study, commissioned by the American Alliance for Museums with support from the Andrew W. Mellon Foundation, provides a new, detailed look into the economic value museums generate in the US and individual states.
Oxford Economics’ team is expert at applying advanced economic tools that provide valuable insights into today’s most pressing business, financial, and policy issues.
To find out more about our capabilities, contact:
Americas
Diantha Redd
+1 (646) 503 3052
Email
Asia Pacific
Peter Suomi
+65 6850 0110
Email
EMEA
Aoife Pearson
+44 (0)203 910 8054
Email
Related Services
Post
How can the transformative power of data and AI drive greater public value?
Governments understand the potential of data and artificial intelligence (AI), but the cost of inaction grows daily. Learn from government pioneers.
Find Out More
Post
Demonstrating Babcock’s Value to Australia’s Economy and National Resilience
Oxford Economics Australia provided Babcock with a comprehensive, independent analysis quantifying its total GDP, employment, tax, and socio-economic contributions across Defence and Civil sectors, SME engagement, and state-specific impact modelling.
Find Out More
Post
Why invest in AI ethics and governance?
In collaboration with the Notre Dame-IBM Technology Ethics Lab, Oxford Economics conducted 15 interviews with senior executives in 2024 to better understand how organizations are evaluating the ROI of AI ethics investments.
Find Out More