Culture investment projects are hitting it hard in 2022 and 2023. Of course, this is good news, which shows economic progress in this area after the end of the pandemic. The situation is returning to the state before the pandemic, and the first signs became visible last year. Projects announced last year cost up to $15.1 billion. Cultural Infrastructure Index reported it.
Culture Investment Projects Best in 2021
CII’s report shows the development of the cultural sector around the world. In order to pay attention to the development, it is necessary that the minimum investment amount is 10 million. In 2022, 185 were completed, with a price of $7.8 billion. Also, there are 225 new projects with pa rice of $7.3 billion. Experts also expect further growth and development, and maybe even a return to the growth period from 2021.
When we talk about the year 2021, 211 large projects with a price of $11.2 billion. The organization started monitoring the development of projects since 2016, and 2021 was the best result since it started doing research. This is a significant improvement compared to 2020, when only a little more than a hundred projects with a value of $5.7 billion were completed.
The biggest expenditures go to museums and galleries. However, there are changes. Money is now somewhat more allocated to centers with a greater number of functions, which do not focus only on art. There will be an increase in the number of such centers, by 51%. The most frequently engaged architectural practices in the 2022 Index were Beyer Blinder Belle, Kengo Kuma and Associates, and Snøhetta, with four projects each.
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Which are Highest Value Projects?
The top three highest value projects completed in 2022 were: the Dr. Phillips Center for the Performing Arts in Orlando, Florida ($610 million); the National Museum of Norway in Oslo ($576 million); and the Lincoln Center David Geffen Hall in New York ($550 million). Meanwhile, the top three announced projects by value are: Powerhouse Ultimo in Sydney ($335 million); the National Archaeological Museum in Athens ($329 million); and Wuxi Symphony Hall ($326 million).
The largest number of investments goes to Australia, China, the U.K. and the U.S. with $10 billion or 66%. The increase is certainly visible in India, where investments tripled. his year’s Index also provided a closer look at the rise of immersive and digital cultural experiences, examining the specific needs and opportunities of purpose-built venues.
“Purpose-built venues designed to accommodate immersive and digital experiences are appearing around the world, quickly becoming cultural and entertainment anchors of their respective neighborhoods”,the report says.