Determining the Economic Value

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Arts in the Loop Economic Impact Study/Determining the Economic Value
Chicago Loop Alliance
Written By Chicago Loop Alliance

Your resource for things to see and do in the Chicago Loop.

Determining the Economic Value

Its high annual visitor count and its depth of arts assets combine to make Chicago’s Loop the country’s most economically powerful arts district in the United States after Broadway/Times Square. No other arts district in the United States comes close to the Loop. And, because of this, no other arts district – and, indeed, no other city in the United States – comes close to having the impact of the Arts in the Loop.

Methodology

The methodology to capture economic value of arts in the loop includes expenditures of the institutions and organizations being studied. It also includes the expenditures of the visitors to these institutions, both onsite (admissions, refreshments) and off-site related to the visit. Off-site impacts include spending by visitors on hotels, restaurants, retail purchases, transportation and more.

Key Findings

Based on institutional spending, visitor spending to institutions and estimated visitor spending related to viewing public art in the Loop, the total economic value of the Arts in the Loop is $2.25 billion per year.

The arts and cultural institutions in the Loop are responsible for generating $1.4 billion in economic impacts from operations, including payroll, facility, programmatic, production and overhead expenses.

Arts in the Loop visitors are responsible for generating $846 million in economic impact from their spending. Of this, $248.9 million is direct expenditure spent on tickets and admissions, and the balance is spent on other items ranging from refreshments, shopping, eating out, parking and hotels. This includes spending off-site by visitors who paid no admission

The Arts in the Loop annually generate a total of $40 million in tax revenue for the city and state. The City of Chicago annually benefits from $6 million in tax revenue generated by Arts in the Loop institution visitors: $2.5 million in retail and food & beverage tax and $3.5 million in hotel tax. The State of Illinois collects a total of $34 million in tax revenue from the Arts in the Loop institution visitors. This includes $20.2 million in retail, food & beverage and hotel tax generated by Arts in the Loop visitors; and $14.15 million in income tax.

Arts in The Loop- Economic Impact Study
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Arts in the Loop Economic Impact Study

Determining the Economic Value

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