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What is Cultural Economic Development?
Cultural economic development means leveraging our creative talent and cultural assets to spur economic growth and community prosperity. The cultural sector is a critical contributor to Michigan's economy because it creates jobs, strengthens a community's tax base, attracts and retains people to live and work in Michigan. It influences business development and expansion decisions, inspires downtown revitalization and historic preservation, builds community identity and pride of place, promotes diversity, and stimulates the growth of creative enterprise.
There is strong reason to believe that the cultural sector will, in fact, have an even more important role in the "new economy" characterized by technology, innovation and creativity.
Cultural economic development is not a "silver bullet" for all of our economic challenges. It should be viewed as a valuable, creative, energetic, flexible, under-utilized, cost-effective and available resource for job creation and retention, entrepreneurship and community revitalization. It is but one of the arrows in the quiver of economic development that may be effectively applied in urban, suburban and rural communities.
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