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
From opportunity to impact – Assessing the economic, societal, and cultural benefits of YouTube in Sweden
This study assesses YouTube's contribution to GDP and employment in Sweden, and its broader impact on society and culture.
Find Out More
Post
Från möjlighet till påverkan – Utvärdering av de ekonomiska, sociala och kulturella fördelarna med YouTube i Sverige
Denna studie utvärderar YouTubes påverkan på Sveriges BNP och sysselsättningsgrad samt samhället och kulturen.
Find Out More
Post
The economic importance of motorcycles to Europe – technical report
Motorcycle-related activity supports €21.4 billion of output (GDP) across Europe a year, sustains 389,000 jobs, and generates €16.6 billion of tax revenues, according to research by Oxford Economics.
Find Out More