Culture is a major contributor to our city’s development, whether by reinforcing its social unity and identity or by generating economic activity. Since cultural activity is central to the vitality of Montreal, it is important that the entire community contribute to its success, the business world included. The expertise, time and money that business people invest can make a difference not only to the lives of the artists directly involved, but also to the growth of a sector that enhances Montreal’s brand image.
For Montreal, culture is an important engine of economic development and wealth creation. Supporting cultural organizations reinforces this invaluable pillar of our economy.
- The cultural sector generates close to $8 billion in direct benefits, or 6% of the city’s GDP.
- Employment in the cultural sector has increased at almost three times the rate of the others combined. Between 1998 and 2008, when the number of jobs in Montreal grew 1.7% annually, jobs in the city’s cultural sector grew at a rate of 4.6%.
- Factoring in the increased employment numbers, the economic impact of the cultural sector compares favourably with that of the city’s strongest industrial and financial sectors.
The quality of life that Montreal affords, remarkable for a city its size, increases its appeal and competitiveness. This enviable situation is the result of a number of factors: safety, quality of the environment, cost of living and... cultural vitality.
Supporting culture reinforces one of the city’s most promising sectors, one that all residents and workers benefit from every day, even those who do not visit our cultural institutions.
A vibrant cultural sector is a great calling card for our city. Beyond the artistic creativity, it enhances Montreal’s reputation and visibility both nationally and internationally.
While Montreal’s cultural sector is economically sound, its “creative heart” is fragile. Artists, authors and performers have the lowest-paying positions in the entire sector, with an average annual income of $24,400—only half (50.3%) of that of Montreal’s general work force and 55% of its cultural workers.
Art of Investing in Culture—A Guide for Business People, BTMM, 2011