LOS ANGELES, CA.-
The Los Angeles County Museum of Art (LACMA) commissioned a Los Angeles County Economic Development Corporation (LAEDC) report to study the economic impact of LACMAs Transformation project, 20072013. The report, which describes the economic impact of the construction of the project's new galleries, public art installations, and other museum facilities, estimates that the Transformation generated economic output in Los Angeles County of more than $477 million, and supported 3,650 jobs with a labor income of $230.2 million. The economic activity is estimated to have generated almost $22 million in state and local taxes and $41.7 million in federal taxes. Further, the annual economic impact from increased attendance and visibility since completion of the project has added $44.1 million, yielding $88.3 million in economic output in Los Angeles County, and 700 additional jobs with an annual labor income of more than $35 million.
The report covers two phases of LACMAs Transformation. Phase I, completed in 2008, included the Broad Contemporary Art Museum (BCAM), the BP Grand Entrance, and outdoor artworks including Chris Burdens Urban Light and a palm garden by Robert Irwin. Phase II was completed between 2010 and 2012, and included the Lynda and Stewart Resnick Exhibition Pavilion, a new restaurant and bar, and the installation of Michael Heizers Levitated Mass. All together, the Transformation resulted in the doubling of LACMAs campus, exhibition program, and attendance. A third phase, which will address the east side of the campus, is still in the planning stages.
Over the past seven years, LACMA has evolved into a thriving center of cultural activity, said Los Angeles County Supervisor Zev Yaroslavsky. LACMAs success is an example of a private/public partnership that will offer economic and educational benefits for years to come.
The report states, LACMAs Transformation demonstrates how public investment and private philanthropy can together create a larger overall benefit to Los Angeles County. County funding represented approximately ten percent of the overall investment, leveraging itself nine-fold with the generous contributions of Museum supporters.
Los Angeles is globally recognized as a creative capital, and its art museum deserves to be one of the best in the nation, said Michael Govan, CEO and Wallis Annenberg Director of LACMA. The success of our Transformation initiative to date is a reflection of the commitment from our supporters, members and Trustees.
To access the report, please visit the following link: http://laedc.org/?p=11466