Economic Contributions of the Kokomo Art Plaza and Sculpture Garden

Abstract

This report is an analysis of the potential economic benefits of the Kokomo Art Plaza and Sculpture Garden. The economic benefits associated with project development and ongoing operations were estimated through the use of the IMPLAN input/output model. Input/output modeling is used to determine the indirect and induced (or spin-off) benefits attributable to the initial or direct expenditures related to construction and operations. The estimates on increased spending attributable to visitors as well as the potential impact on property values are based on the results of a literature review of previous studies of the impacts of arts and culture related amenities in other communities. The human capital analysis for Howard County is based on adapting Michael Porter's industry clusters analysis to Richard Florida's creative class notion. The human capital analysis uses ESRI marketing data to identify the clusters of human capital, and the cultural and social amenities that appeal to this human capital, that Howard County is competitvely advantaged in attracting.