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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 Defining Economic Impact the economic impact of the nonprofit arts and culture _ sector in 341 study regions-113 cities, 115 counties, This proprietary study methodology uses four economic measures to define economic impact:full-time 81 multicity or multicounty regions,20 states,and 12 equivalent jobs,resident household income,and local arts districts—representing all 50 U.S. states and the and state government revenues. • District of Columbia.The diverse study regions range Full-Time Equivalent(FTE)Jobs describes the total in population(1,500 to four million)and type(rural to > amount of labor employed.An FTE job can be one full- large urban). Economists customized input-output I time employee,two half-time employees,etc. models to calculate specific and reliable findings for Economists measure FTE jobs,not the total number of each study region. This study focuses solely on the employees,because it is a more accurate measure that accounts forpart-time employment. economic impact of nonprofit arts and cultural organizations and event-related spending by their Resident Household Income(often called Personal Income) includes salaries,wages,and entrepreneurial audiences. Spending by individual artists and the for income paid to residents. It is the money residents earn profit arts and culture sector(e.g., Broadway or the and use to pay for food,shelter,utilities,and other motion picture industry)are excluded from this study. living expenses. Revenue to Local and State Government includes The geographic area analyzed in this unique report is revenue from local and state taxes(e.g.,income,sales, defined as Indian River County, Florida. lodging,real estate, personal property,and other local • 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. AMERICANS FOR THE ARTS I Arts&Economic Prosperity 5 3 T. I