Show Me the Monet

Art provides inspiration and beauty, both to its creators and its viewers. But according to a recent study conducted by nonprofit organization Americans for the Arts, many people may be surprised at its significant economic impact, notably in the form of jobs and taxes.

The study's results show that this field generates $166 billion in economic activity every year, resulting in almost $30 billion in federal, state and local tax revenue.

Further, the nonprofit art and culture industry has grown steadily since the first analysis (and each subsequent five-year survey) by Americans for the Arts conducted in 1992, expanding at a level greater than inflation.

Want more? Check out TheStreet.com TV video. Alix Steel discusses the state of the arts with Randy Cohen.

"I think the research [Americans for the Arts] provides is critical," says Bruce Thibodeau, president of Arts Consulting Group. "It really shows the economic and cultural impact of the arts and culture. It's time government officials realize the role arts play in local, regional and national communities."

One of Thibodeau's clients, Walton Arts Center, is in northwest Arkansas, also home to Wal-Mart(WMT Quote - Cramer on WMT - Stock Picks) and many other big businesses (Tyson Foods(TSN Quote - Cramer on TSN - Stock Picks), J.B. Hunt(JBHT Quote - Cramer on JBHT - Stock Picks), Kimberly-Clark(KMB Quote - Cramer on KMB - Stock Picks) and Procter & Gamble(PG Quote - Cramer on PG - Stock Picks)). Thibodeau maintains that the arts are essential to this business community.

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