Tuesday, November 20, 2018

Five Hundred Cultural Supporters Celebrate the Economic Impact of SCFD funding

SCFD Economic Impact Nears Two billion

Every two years since 1992, the Colorado Business Committee for the Arts (CBCA), in partnership with the Scientific and Cultural Facilities District (SCFD), conducts a study on the economic impact of the arts and cultural organizations funded by the SCFD in the seven-county metro area.

The latest study released in early November showed a substantial increase in economic impact in just the last two years, now reaching $1.9 billion, up 8 percent with 11,820 cultural jobs. The SCFD supported organizations attract 15 million people and 4.3 million school children, who mostly attend events free due to the cultural subsidy. (The study uses 2017 and 2015 data for its comparisons.)

The Denver metro area is now one of the outstanding cultural regions in the country, drawing thousands of new residents, especially Millennials, to the community’s diverse cultural offerings. The SCFD has helped fund a rich and deep cultural experience in the region with lively, quality exhibits and performances.

Ciruli Associates produced the first economic impact study in 1992 in partnership with the CBCA and accounting firm, Deloitte & Touche. The growth in metro residents participating in cultural programs and the accompanying economic benefits have been extraordinary. Attendance of adults has doubled in the 25 years and children increased four times. Economic impact, with its employment component, is the major boost for the region’s hospitality and tourism industry.

While the population of the Denver metro area increased by 53 percent in the 25 years, the main features in the cultural district’s impact more than doubled. The increased impact on the economy and children greatly exceeds the region’s investment from the SCFD sales tax.

Colorado Public Radio produced a feature on the 30-year anniversary of the SCFD with host Ryan Warner and reporter Stephanie Wolf. Listen here

Popsicle the SCFD mascot | Stephanie Wolf/CPR News

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