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AEA Consulting is pleased to announce the release of the 2020 Cultural Infrastructure Index. Now in its fifth edition, the Index seeks to measure investment in capital projects in the global cultural sector, identifying projects with a budget of US$10 million or more that were publicly announced or completed within the last calendar year.
2020 Cultural Infrastructure Index
AEA's analysis finds $5.9 billion-worth of new physical assets were completed globally in 2020 across 104 projects. A further $8.2 billion of investment in 130 projects was announced. As might be expected due to delays caused by the COVID-19 pandemic, this represents a 30% decrease in the volume and a 27% decrease in the value of completed projects with the year prior. What is perhaps more surprising is that the volume and value of announced projects increased during the period, and for the first time since 2016, volume was up by 29% and value by 72%.
For the first time, Asia outnumbered the volume of completed projects in North America (34 and 32, respectively) and China (specifically Shenzhen) exceeded the US in announced spending ($3.3 billion and $1.6 billion, respectively). Furthermore, 30% of the total value of announced projects and seven of the top 13 highest value projects announced in 2020 are located in Shenzhen, which AEA highlights in an article exploring the development of the city while it gears up for the completion of its plan to build ten major cultural infrastructure projects and ten cultural districts by 2023.
Explore AEA's findings in the 2020 Cultural Infrastructure Index.
Houston Built Big in 2020 – But Shenzhen Is the Future
Artnet News
Eileen Kinsella of Artnet News writes about AEA Consulting's 2020 Cultural Infrastructure Index highlighting the slowdown of completed and announced infrastructure projects in Europe and America and the surge of investment in Asia, specifically Shenzhen, China. The article concludes with seven key takeaways found in AEA's new report.
Read the Artnet News article.
Oklahoma Contemporary Arts Center, Oklahoma City, OK © Scott McDonald, Gray City Studios
AEA Consulting is a global firm setting the standard in strategy and planning for the cultural and creative industries.
We are known for our candid and impartial advice that draws on deep knowledge of the cultural sector as well as robust research and analytical insight.
Since 1991, we have successfully delivered more than 1,200 assignments in 40 countries, helping clients around the world plan and realize vital and sustainable cultural projects.
