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The Economic Impact of the Nonprofit Arts and Culture Industry in Indian River County Arts & Economic Prosperity 5 provides evidence that the nonprofit arts and culture sector is a significant industry in Indian River County—one that generates $24.9 million in total economic activity. This spending—$16 million by nonprofit arts and cultural organizations and an additional $8.9 million in event -related spending by their audiences—supports 651 full-time equivalent jobs, generates $12.7 million in household income to local residents, and, delivers $3 million in local and state government revenue. This economic impact study sends a strong signal that when we support the arts, we not only enhance our quality of life, but we also invest in Indian River County's economic well-being. This Arts & Economic Prosperity 5 study documents the economic impact of the nonprofit arts and culture sector in 341 study regions -1 13 cities, 115 counties, 81 multicity or multicounty regions, 20 states, and 12 arts districts—representing all 50 U.S. states and the District of Columbia. The diverse study regions range in population (1,500 to four million) and type (rural to large urban). Economists customized input-output models to calculate specific and reliable findings for each study region. This study focuses solely on the economic impact of nonprofit arts and cultural organizations and event -related spending by their audiences. Spending by individual artists and the for- profit arts and culture sector (e.g., Broadway or the motion picture industry) are excluded from this study. The geographic area analyzed in this unique report is defined as Indian River County, Florida. AMERICANS FOR THE ARTS I Arts & Economic Prosperity 5 Defining Economic Impact . j This proprietary study methodology uses four economic 'r measures to define economic impact: full-time equivalent jobs, resident household income, and local j and state government revenues. Full -Time Equivalent (FTE) Jobs describes the total amount of labor employed. An FTE job can be one full-- time employee, two half-time employees, etc. . Economists measure FTE jobs, not the total number of employees, because it is a more accurate measure that accounts for. part-time employment. Resident Household Income (often called Personal Income) includes salaries, wages; and entrepreneurial income paid to residents. It is the money residents earn and.use to pay for food, shelter, utilities; and other living expenses. Revenue to Local and State Government includes revenue from local and state taxes (e.g., income, sales, lodging, real estate, personal property, and other local j option taxes) as well as funds from license fees, utility fees, filing fees, and other similar sources. Local government revenue includes funds to governmental units such as city, county, township, and school districts, and other special districts. 3