Economic Impact Study
CHARLESTON, S.C., December 8, 2017 — More than one year after reopening to the public after a two-year, $17 million renovation, the Gibbes Museum of Art announced the results of a study that reveals the museum’s economic impact on the Charleston tri-county area. Produced by The Citadel School of Business Administration, the study found that the Gibbes generated an impact of $120 million on the Charleston economy.
“It was important for the Gibbes to develop an economic study shortly after its first year of operations after reopening. This study helps us understand where visitors are coming from, what they are expecting to experience and, ultimately, the vital role that the Gibbes plays in the overall health of Charleston’s economy,” said Angela Mack, executive director of the Gibbes Museum of Art. “We are deeply grateful to the expert team at The Citadel for this valuable information.”
The study focused on the areas that most significantly contribute to the Gibbes’ overall impact in the community:
Before closing to the public in 2014 for renovations, the Gibbes welcomed more than 60,000 visitors and 15,000 students. Since reopening in 2016, attendance has increased by 113%, with approximately 70% of visitors coming from outside the Charleston tri-county region.
While portions of the study were used to confirm the appropriateness and competitiveness of current admission and facility rental prices, the bulk of the study aimed to discover the economic impact that the Gibbes has on the Charleston economy. The study considers the museum’s direct, indirect, and inducted impact. The study goes on to explain that due to time constraints, the value added to a work of art when it is accepted for display at the Gibbes, due to its prestigious reputation as an American art museum, was not examined and will be addressed in a future study.
Editor’s Note: To download the Economic Impact Study, visit http://bit.ly/2wuNEcs.
About the Gibbes Museum of Art
Home to the Carolina Art Association, established in 1858, the Gibbes Museum of Art is recognized among the oldest arts organizations in the United States. Housing one of the foremost collections of American Art from the 18th century to the present, the museum’s mission is to enhance lives through art by engaging people of every background and experience with art and artists of enduring quality and by providing opportunities to learn, to discover, to enjoy, and to be inspired by the creative process. For more information, visit www.gibbesmuseum.org
Lou Hammond Group
Top Image: Museum patrons enjoying a recent exhibition at the Gibbes.