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Cultural, Behavioral, Financial and Economic Impact Jim Richardson Alumni Professor of Economics Louisiana State University. Compound Benefits, Comprehensive and Continuing Impact
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Cultural, Behavioral, Financial and Economic Impact Jim Richardson Alumni Professor of Economics Louisiana State University
Compound Benefits, Comprehensive and Continuing Impact • ‘Arts and entertainment’ offering serves as catalyst for new building, new culture, new behaviors, new jobs, new populace and a new economy • Rehabilitation of/creation of infrastructure leads to construction and capital expenditures • Rejuvenation of tourism and hospitality industry, e.g., • Incentive to vacation in New Orleans (or another LA locale) • Incentive to hold a major convention in the city • Incentive for cruise ships to berth at Port of New Orleans • Development of new hotels, restaurants, retail, gallery and other commercial space has power to transform area(s) into tangible ‘arts centers’ • Broadway South leads to new professions and industries relocating to state – ‘the creative class,’ entrepreneurs and big business
Louisiana Investment in Cultural/Economic Development Platform: Senate Bill 218 • Infrastructure Tax Credit – facilitates the creation of theatrical and performing arts facility/infrastructure projects • Production Tax Credit – promotes production of theatrical, musical, dance and other entertainment events in Louisiana • Labor Tax Credit – supports development of Louisiana work force for production and infrastructure projects, and ongoing operations • Transportation Tax Credit – transitional tax credit facilitates immediate start of theatrical and performing arts events, with ‘sunsets’ in year four Tax credits work individually or collectively – depending on interest and needs
The arts is big business – with Broadway South, this has • far greater significance • New spending – $650 million attributable to tourism • New jobs – ~6,000 due to arts and entertainment, ~8,500 due to bolstered tourism • Almost 14,500 new jobs in total by 2013 • New revenues – net new state revenues (est. $15.4 million) offsets state tax credits (est. $12.1 million) in 2009 and all future years – without accounting for – • New investment – infrastructure, industry. and intellectual and professional capital • New ‘brand’ impact…
…Renewed optimism and opportunity for the state and citizens of Louisiana