Loop Creative Economy Generates $14.3 Billion and Supports 66,173 Jobs
Updated
Updated · Block Club Chicago · Jun 25
Loop Creative Economy Generates $14.3 Billion and Supports 66,173 Jobs
2 articles · Updated · Block Club Chicago · Jun 25
Summary
$14.3 billion in annual output and 66,173 jobs came from the Loop’s creative economy, a new Chicago Loop Alliance-commissioned study found, putting the sector at about 16% of area employment.
The report is meant to bolster the case that downtown Chicago is more than an office district and to support the alliance’s push for a Loop business improvement district.
$8.9 billion in net value, $1 billion in federal taxes and $550 million in state and local tax revenue were tied to the sector, which the study defined broadly to include arts venues and supporting businesses.
Festivals, fairs and conventions led revenue generation and supported 17,293 jobs, while visitors drawn by creative activity produced $1.8 billion in output and spent about $162 a day in the Loop.
The findings feed a wider strategy to market the Loop as a mixed-use cultural destination, following the launch of a nearly 90-member Loop Arts District and ahead of an Oct. 17 Arts Fest.