Santiago Calatrava's City of Arts and Sciences generated 2.2 euros of GDP in the Valencian Community for every euro invested in 2019
Valencia, 8. September 2020. The City of Arts and Sciences generated an impact of 128.4 million euros of income in the Valencian Community, 13% more than in the previous year.
During 2020, the City of Arts and Sciences in Valencia, which is made up of the Hemisfèric, the Science Museum, the Oceanogràfic and the Palau de les Arts Reina Sofía, had 10% more visitors than the previous year. This increase in visitors has also resulted in an increase in the total tourist spending, which added up to 155.4 million euros, of which 150.2 million euros was spent by tourists visiting the complex and 5.2 million euros by visitors attending acts and events organized at the City of Arts and Sciences, according to the report carried out by the Ivie and directed by Joaquín Maudos (Ivie Research Deputy Director).
In sum, this spending generated an impact of 128.4 million euros of income in the Valencian Community, 13% more than in the previous year. The City of Arts and Sciences also had an impact on employment, increasing the number of full-time equivalent jobs from 3,509 in 2018 to 3,985 in 2019.
The wealth multiplier effect of the City of Arts and Sciences is also made evident when comparing operating costs with the tourist spending, income and employment generated for the Valencian economy. For every euro spent per year to maintain the leisure and cultural complex, 2.6 euros of tourist expenditure was generated in the Valencian Community and 2.2 euros of GDP in the Valencian economy. In addition, for every million euros of operating costs, 67 full-time jobs were created a year.
The report also assesses the social impact of the City of Arts and Sciences regarding the intellectual enrichment obtained by visitors that attend performances and exhibitions organized in the different buildings. The value in monetary terms of the human capital generated is estimated between 68.3 and 80.4 million euros per year. These figures are quantified using two alternative measurements: the “willingness-to-pay” of visitors and the “cost of equivalent training”.