Construction Of Arts Buildings Continue Despite Recession
In spite of the recession, several large construction projects will continue in NYC. This includes the redevelopment of Lincoln Center along with the expansion of the Queens Museum of Art and the expansion of the Museum of The City Of New York.
The Culture Builds New York: The Economic Impact of Capital Construction at New York City's Cultural Institutions report states determined that these construction projects will generate about $28.5 million in local taxes for the city. These projects will also create 2,5000 full-time jobs.
The study behind the Culture Builds New York report found that 94 cultural buildings were completed in NYC between 2003 and 2005 which generated over 3,000 jobs and over 40 million in city taxes. This report only serves to stress the importance of capital funding from the city. The department of cultural affairs has a billion dollars planned for capital construction at over 200 organizations through 2013.
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