Today at our Annual Convention in San Antonio, Americans for the Arts released the findings from Arts & Economic Prosperity IV, the largest and most comprehensive study of its kind ever conducted.  Like the past three iterations, it documents the key role played by the nonprofit arts and culture industry in strengthening our nation's economy. But this time around, the results of this study are a bit more extraordinary.

For the first time in its history, Arts & Economic Prosperity IV documents how the arts industry fared during a recession. And not just any economic slowdown. This study shows how the arts sector fared during The Great Recession, the most shattering economic downfall our nation, and the world, has experienced in generations. And there is encouraging news to share.

Despite the economic headwinds that our country faced in 2010 when the study was conducted, the arts and culture industry continued to serve as an economic engine, generating $135.2 billion dollars of economic activity-$61.1 billion in spending by nonprofit arts and culture organizations, plus an additional $74.1 billion in spending by their audiences. This economic activity had a significant impact on the nation's economy, supporting 4.2 million full-time jobs, and generating $23 billion in revenue to local, state, and federal governments every year-a yield well beyond their collective $4 billion in arts allocations.

Like most industries, the Great Recession left a measurable financial impact on the arts-erasing the gains made during the pre-recession years, and leaving 2010 expenditures three percent behind their 2005 levels at an estimated $61.1 billion, demonstrating the industry's resilience even if in the face of an extremely challenging fiscal environment. In addition, the 94,478 audience intercept surveys collected for the 2005 study showed an average event-related expenditure of $27.79, per person per event, beyond the cost of admission. The 151,802 audience surveys conducted for the 2010 report show an 11 percent decrease in that amount, to $24.60.

These findings are remarkable given the economic climate that was present when the study was conducted. Unemployment was at 9.7 percent in 2010-more than double the rate from when Arts & Economic Prosperity III was conducted in 2005. The Consumer Confidence Index-the degree of optimism that consumers are expressing through their spending and saving as measured by the Conference Board-plummeted to 54 (nearly half its 2005 level), and the number home foreclosures tripled to 2.9 million from the number in 2005.

Throughout the recession, the arts industry continued to produce new and exciting work-performances and exhibitions and festivals that entertain, inspire, and draw audiences. So as the economy rebounds in the coming years, the arts are well poised for growth.

Arts & Economic Prosperity IV demonstrates that America's nonprofit arts industry is not only resilient in times of economic uncertainty, but is also a key component to the nation's economic recovery and future prosperity. This study shows that the nonprofit arts and culture industry is an economic driver in communities-an industry that supports jobs, generates government revenue, and is the cornerstone of tourism. The arts mean business!