Business Investments in the Arts Yield Returns for Business
By John D. Ong, Chairman Emeritus,
The BFGoodrich Company
"Indeed, the arts contribute significantly both to a robust economy and to a stimulated, desirable quality of life. Without a doubt, the arts do create jobs and wealth. For every $1 spent on the arts, an average of $4 is generated by arts patrons in hotels and restaurants, retail sales and transportation.
Businesses are citizens of their communities, and like all good citizens, they have a responsibility to help make their communities increasingly better places in which to live and work. Involved, responsible business leaders give their personal time and financial support to community betterment and encourage their employees to do the same.
These contributions of time and money not only help make a business a welcome citizen, but also represent sound investments that provide four substantial returns:
- The arts contribute to the economic vitality of our communities.
- The arts help us to understand other cultures in the worldwide markets we serve.
- The arts inspire the innovation and creativity that we need to stay competitive.
- The arts make our communities desirable places to live, enabling us to attract and retain quality people our businesses need to survive and grow.
Business contributions are far more than charitable contributions. They
are an investment in the economic and cultural well-being of the community."