Ever since 1998, when Overture Center was just an idea, people have said a major arts center would provide a big boost for the economy of downtown, the city and the entire region. Now we know exactly how big that boost is, and we can prove it!
As you may have seen in the Wisconsin State Journal this morning, a new study by AMS Planning & Research details the community and economic impact of Overture Center, its resident companies and our collective audiences.
Here’s what our CEO, Tom Carto, has to say:
Dear Overture Friend:
I have some good news to share with you today.
Last year, we commissioned AMS Planning & Research to look into the economic impact of Overture Center on the downtown, the city and the region. You might see some results of that study in the media over the next couple of days because the news is very good! Here are a few highlights…
In 2008 alone, Overture Center and its resident companies generated significant economic activity:
- Overture Center and its resident companies spent $27.6 million in annual operations, including payroll, supplies and services.
- Audiences and visitors spent another $9.8 million — above and beyond the price of tickets — at restaurants, hotels and so on.
- That spending supports 1,471 full-time equivalent jobs in the local community, which generated $26 million in household income.
- Overture activity put $4.5 million back into state and local government coffers.
- Overture drew audiences from an area three times larger than the typical downtown business, bringing 480,000 people to downtown.
And that’s just the beginning. More people are coming downtown, from farther away, and bringing more money into the city than ever before. Property values, especially near Overture, have substantially outpaced the rest of the City. And quality of life — those hard-to-measure qualities that attract and retain families and jobs — is stronger than ever.
I encourage you to take a minute and visit our website to learn more. You can also download the 3-page executive summary of the study by clicking here.
If you’d like the complete report, or have any other questions, feel free to get in touch.
There’s no longer any doubt — Overture Center is good for the Greater Madison community and its economy, and your support has helped Overture achieve the incredible success that it has. That support is as vital as ever as we evolve, so that we can continue to deliver our mission well into the future.
Warm Regards,
Tom Carto
Obviously, this is very good news. It’s clear that success for Overture means success for Madison. Your support is as important as ever as we evolve, so that we can continue to deliver these benefits to the city.