New Report Calculates Pacific Standard Time's Economic Impact: $280 Million

Thu, 11/01/2012 - 4:00pm

Photo: LAEDC's Economic Impact Report CoverThe J. Paul Getty Trust released figures estimating the overall economic impact in Southern California of Pacific Standard Time to include $280.5 million while it supported 2,490 jobs and generated $19.4 million in state and local taxes.

Pacific Standard Time: Art in LA 1945-1980 Economic Impact Analysis was calculated by the Los Angeles County Economic Development Corporation, a nonpartisan 501(c)(3) nonprofit committed to documenting the LA region’s economic activity.  The report’s focus—the huge, region-wide series of exhibitions of art and architecture created in Los Angeles following World War II.

The exhibition was the result of ten years of planning, research, and study initiated by the Getty.  It focused mainly on the birth and development of Los Angeles’s unique arts and culture scenes and communities.

“Pacific Standard Time covered one of the most vibrant and inventive periods in LA history.” Mayor Villaraigosa said during his remarks at a press conference held at the Los Angeles Central Library on Thursday.  “This was an exhibit of grand scope and scale. The flair and diversity and boldness of Pacific Standard Time reflected the flair, diversity, and boldness—and I say that with all modesty—of Los Angeles.”

More than 60 cultural institutions and more than 70 galleries participated in the show, held between October 2011 and March 2012.  The report estimates 1.8 million visitors encountered Pacific Standard Time’s exhibitions, including both Southern California residents and tourists from around the world who traveled here to see the show.  Of the guests, the lion’s hare (78%) came from Southern California, while approximately 25,000 visitors came to Los Angeles from outside the United States.

Visitors from outside Southern California are especially significant, the report suggests, because they require food, lodging, and transportation during their visit, outspending locals by a factor of three—all of which contributes to Pacific Standard Time’s overall economic impact.

When calculating the economic impact of such a massive undertaking, researchers took into account not only dollars spent by visitors and exhibition visitors, but also by the participating galleries and institutions themselves, whose spending on the event employed workers and supported businesses throughout Southern California.

To view the complete economic impact report, visit The Getty’s website.  For more information on Pacific Standard Time, check out the Los Angeles Times’s list of the twenty most popular exhibitions and their art critic’s review.