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ST. LOUIS:
THERE'S A PREMIUM ON QUALITY OF LIFE
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By Bryan Bezold
Many people wouldn’t think of the entertainment industry as one
that has a large affect on the region’s economy. It’s not the same
as a manufacturing facility or large financial institution. But
the diverse array of entertainment options available to people in
St. Louis has a very beneficial affect on the region’s economy.
The entertainment industry provides jobs and income to St. Louisans.
It also helps to make the region a more desirable place to locate
a business and to live. In the longer term, the entertainment options
of the region make it a desirable destination for knowledge workers.
The most obvious way that the entertainment industry, broadly defined,
affects the economy is by providing employment and income to approximately
23,000 St. Louisans. Those jobs, at performing arts companies, museums,
sports venues, movie theaters and other establishments, in turn
support other jobs in the St. Louis region. The number of those
indirect jobs supported by entertainment related businesses in St.
Louis is approximately 15,200. So the total employment impact of
the entertainment industry in St. Louis is approximately 38,200
jobs.
The entertainment industry affects the St. Louis economy in other,
subtler ways. One of those channels is reflected in the recent branding
and marketing campaign that the RCGA initiated last year. That program,
which resulted in, among other things the “Perfectly Centered. Remarkably
Connected.” branding, was based on extensive local and national
market research. Over the course of that research, the RCGA learned
that business leaders outside the St. Louis region put a high premium
on the quality of life in a region when considering it for a business
location. Those same business decision makers also thought that
quality of life was an area in which St. Louis had a credible advantage.
In other words, one of the conclusions of the research the RCGA
commissioned in order to develop its new branding program was that
executives think that quality of life is an important factor in
the business site location process, and that St. Louis has the quality
of life attributes that they are looking for.
Quality of life means many things—short commute times, affordable
home prices among them—but there’s no doubt that entertainment is
part of the mix. The wide variety of entertainment options available
in Greater St. Louis means that a wide variety of people will find
the entertainment that they are looking for. That’s important because
a person who loves to listen to the Saint Louis Symphony at Powell
Hall may not be the same person who enjoys a walk through the Missouri
Botanical Garden, a Broadway show at the Fox Theatre, an Indie rock
band at the Pageant, playing poker at Harrah’s, or watching the
Cardinals pound the Cubs at Busch Stadium. The plethora of entertainment
opportunities are a big reason quality of life is a credible and
believable characteristic of the St. Louis region—and one that survey
data tells us is an important characteristic in the business site
selection process.
The contribution that the region’s entertainment options make to
overall quality of life also have longer term impacts on the region’s
economy. Over the long term, the economic vitality of a region is
based on the migration of skilled workers. A survey commissioned
by the non-profit group CEOs for Cities found that 2/3 of “highly
mobile” 25 to 34 year olds with college degrees pick a place to
live before they find a job, rather than the other way around. If
we accept the assumption that regions that are successful at attracting
knowledge workers will experience more rapid growth, then attracting
knowledge workers is important to the region’s long-term vitality.
Here again, the wide variety of entertainment options available
to St. Louisans is an important part of the St. Louis region’s quality
of life.
The quality and quantity of entertainment options available to St.
Louisans thus has direct and indirect economic benefits over the
short and long term. The entertainment industry provides jobs and
income to workers in the region, helps to make the region a more
attractive place to locate a business, and contributes to the attractiveness
of the region as a destination for knowledge workers.
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GARDEN
GAINS
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By Bryan
Bezold
This year the Missouri Botanical Garden is featuring the distinctive
artwork of renowned glass sculptor Dale Chihuly. The Garden’s
“Glass in the Garden” exhibit, which is sponsored by Emerson,
will feature Chihuly’s unique glass sculptures amongst the
flora from around the world in the Garden.
Like other entertainment and arts events in St. Louis, the
Chihuly exhibit will have an economic impact as well. The
exhibit helped boost May attendance at the Garden by an astounding
242 percent relative to last May. The increased spending associated
with event could have total economic impact on the St. Louis
region of as much as $11.6 million by the time the exhibit
closes at the end of October.
The Chihuly exhibit is also emblematic of the arts in St.
Louis. It serves as an example of the artistic & cultural
entertainment opportunities available to St. Louisans, and
the corporate & private support that the arts enjoy in the
St. Louis region. The strong arts presence in St. Louis contributes
to the region’s desirability as a location for both businesses
and people.
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