Author/Source:City of Austin, 2001.
As the self-proclaimed “Live Music Capital of the World,” there is no question that music is a defining element of Austin’s culture. Music is available every day in Austin with dozens of live shows covering the full spectrum of musical genres. Music and the arts have become a major element in tourism. Quality of life considerations are also assuming an increasing role in corporate expansion/relocation decisions. Since many firms can be located virtually anywhere, the company’s ability to attract and maintain the best possible labor force is vital. As a result, the arts have become a critical element in economic development planning, and are touted by those seeking to recruit and retain firms in Austin.
The measurable economic and fiscal impact of music in Austin is significant: more than $616 million in economic activity, almost 11,200 jobs, and over $11 million in City tax revenues can be attributed to influence of music on the local economy. Perhaps even more important are impacts that are not as easily measured, especially the connection between technology and the arts. Quality of life factors that make a community attractive to a company’s labor force assume importance since the main asset of any technology firm is the people who work there.
Several studies suggest there is a significant relationship between the breadth and scope of cultural offerings (music, the arts, etc) and the growth of a technology-based economy. In recognizing this relationship, it follows that if we lose one we may damage the others. What appears to set Austin apart from most other communities is this concentration of creativity. As such, it may well be the community’s most important strategic asset, and should be kept in mind in the development of public policy.
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