The Chicago Loop Alliance has released a study showing the Loop’s creative economy generates $14.3 billion annually and supports 66,173 jobs. This finding comes as the organization applies to establish a business improvement district for the Loop, aiming to expand its marketing efforts and promote Downtown as a destination for arts, culture, and tourism.

Creative Economy’s Reach

The study, conducted by Sound Diplomacy, defines the Loop’s creative economy broadly, including theaters, museums, galleries, performances, festivals, and the businesses and institutions that support them. The creative economy adds $8.9 billion in net value to the Loop’s economy, with festivals, fairs, and conventions leading in revenue generation, creating about $3.5 million in annual economic output and supporting 17,293 jobs.

Visitors to the Loop for creative economy activities generate $1.8 billion in economic output, with the average person spending about $162 per day on food, drink, in-venue purchases, shopping, transportation, lodging, and other entertainment. The study also found that the creative economy raises significant tax revenues, including $1 billion in federal taxes and $550 million for state, county, and city coffers.

Future Plans

The Chicago Loop Alliance is determining how the study will shape its future programs, but the findings support its push to make the area more mixed-use and experience-driven. The organization has launched the Loop Arts District, a coalition of nearly 90 arts organizations, and is planning an ‘Arts Fest’ event for October 17, which will bring arts and cultural attractions onto State Street alongside food, retail, and other programs.

Original reporting: Block Club Chicago — read the source article.