Economic Impact
Developing and enhancing the Lubbock cultural arts community for the betterment of the community is one of the pillars in LEPAA’s mission, and the reason behind the projects you’ll read about below.
THe Buddy Holly Hall Impact
(Sources: Duncan Webb, Impact Data Source)
The Buddy Holly Hall is privately funded, owned and operated, with 100% of all contributions directly funding construction of the project. A capital endowment alongside innovative partnerships with local arts organizations, public schools and universities, and private corporations will allow The Buddy Holly Hall to be financially self-sustaining upon opening in 2021.
- $154 million capital investment
- 1,194 new jobs during construction
- 17 new permanent jobs created with an average wage of $50,222 annually
- $4 million in additional annual sales for local businesses
- $2.3 million in annual increase in gross area product
- $3.7 million annual impact to Lubbock’s tax revenue
Economic Impact of the Lubbock Cultural Arts District
(Source: Americans for the Arts, ARTS Lubbock)
- 3,447 full-time jobs supported by the arts in Lubbock within 51 arts organizations
- $4 million revenue generated to local government by the Lubbock arts industry
- $4.3 million revenue generated to state government by the Lubbock arts industry
- 1.4 million annual attendees to local arts and culture events
- $34 million annual event-related spending by arts and cultural audiences, excluding cost of event admission
Impact of Arts in Texas
(Source: Texas Cultural Trust)
- The Arts generate $5.5 billion for Texas economy
- The Arts and Culture Industry contributes nearly $343.7 million in state sales tax revenue annually
- Texas’ creative sector (defined by occupations) currently employs nearly 800,000 innovation workers in good, high paying jobs
- Almost 1 in 15 Texas workers are employed in creative occupation jobs
- According to occupation employment forecasts produced by the Texas Workforce Commission, Texas’ creative sector employment is projected to increase by 20% or 160,000 net new jobs by 2024
