The COVID-19 pandemic has had a disproportionate effect on the arts and culture industry, especially due to the importance of in-person events to their revenue streams. As a result, PSRC is managing a consultant-led project to assist in economic recovery and resiliency for the nonprofit arts and culture industry in the central Puget Sound region.
The project will build upon the recent COVID Cultural Impact Study from ArtsFund, which found that net revenue decreased by $95.9 million in the first year of the pandemic a decline of 21 percent. This decrease of revenue has caused many employers to decrease hours, layoff, or implement hiring freezes.
PSRC’s Arts & Culture Economic Recovery Strategy will use data collection and analysis to inform strategy development. The project will be assisted by a steering committee of regional experts working in the arts and culture field, and will be further guided by review and feedback by the Central Puget Sound Economic Development District Board.
The Central Puget Sound Economic Development District Board identified the need to develop strategies to accelerate the recovery of the region’s arts and culture institutions as a focus area for the 2022 Regional Economic Strategy.
The recovery strategy will be completed in Summer 2022.