Author: AEA Consulting

Publication Year: 2022

Media Type: Report

Summary:

AEA Consulting releases the 2022 Cultural Infastructure Index, a measure of major investments in capital projects in the cultural sector worldwide. AEA's analysis of projects that were completed or publicly announced in 2022 shows that the volume of global investments in cultural projects has returned to pre-pandemic levels. In total, the 185 projects completed in 2022 represented $7.8 billion in investment and the estimated cost for the 225 newly announced projects is valued at $7.3 billion. With the Index now in its seventh edition, a long-term view indicates that this growth will likely continue, even following a post-Covid rebound in 2021 which saw a record number of completed and announced projects.

The Index provides information on the number, type, location, and budgets of cultural infrastructure projects announced and completed every year, tracking trends across project types as well as uses, geographical spread and year-on-year changes. This year’s Index also provides a closer look at the rise of immersive and digital cultural experiences, examining the specific needs and opportunities of purpose-built venues. Recent projects include Meow Wolf’s interactive supermarket in Las Vegas, Culturespaces’ Fabrique des Lumières in Amsterdam, teamLab Phenomena Abu Dhabi, and Lightroom and ABBA Arena, both in London.

Abstract:

The Cultural Infrastructure Index seeks to measure investment in capital projects in the cultural sector globally, identifying projects with a budget of US$10 million or more that were announced publicly or completed within a calendar year. “Cultural infrastructure” comprises museums/galleries, performing arts centers, multifunction arts venues, and cultural hubs or districts. Types of projects tracked include new buildings, renovations, expansions, and adaptive reuse.

Arts & Intersections:

Categories: Cultural Facilities, Economic Impact