Remai Modern has significant economic impact – (SREDA)
Saskatoon, Canada — In its first year of operation, Remai Modern’s total economic impact on GDP was 21.3 million. During this same time, the operation of the gallery also led to the creation of 286 full-time equivalent jobs. These are two of the key findings found in an economic impact report completed by the Saskatoon Regional Economic Development Authority (SREDA) based on data provided by the Remai Modern.
The gallery provides a state-of-the-art facility to showcase modern and contemporary art in Saskatoon since opening its doors for the first time on Oct. 21, 2017. The objective of SREDA’s study was to detail how the Saskatoon Region’s economy has been impacted from the construction, operation and tourism relating to the Remai Modern.
“When you look at the numbers, it’s hard to not see how the Remai Modern has impacted the community,” Remai Modern Executive Director and CEO Gregory Burke said. “We’ve estimated that about 30,000 tourists visited the Remai in its first year of operation, which led either directly or indirectly to the creation of almost 200 full-time equivalent jobs relating to tourism alone. We saw a positive response from our visitors and that’s reflective in the numbers.”
The total economic impact on GDP from Remai Modern’s first year of operations was $21.3 million. This is based on operation expenditures as well as estimated impact on the region’s tourism.
On top of the economic impact from continued operations, the report found the construction of the building had a temporary impact on the local economy. Construction increased GDP by $60.24 million, created 519 full-time equivalent jobs and contributed $33.7 million to labour earnings.
“The numbers show Remai Modern has become a significant economic generator for the Saskatoon Region,” SREDA President and CEO Alex Fallon said. “The findings suggests the Remai Modern has had a widespread impact on our region’s economy and we are pleased to see significant job creation and a GDP increase as two of the results from construction and operation.”
Remai Modern estimates that nearly 40 per cent of all visits to the facility in the first year are tourists. The study also found that the first year of operations supported 191 jobs and $11.8 million in GDP in the tourism sector.
About Remai Modern
Remai Modern is a new museum of modern and contemporary art in Saskatoon. It aims to be a vibrant, imaginative and prescient museum committed to affirming the powerful role that art and artists play in questioning, interpreting and defining the modern era. Remai Modern is home to the world’s foremost collection of Picasso linocut prints, and aspires to be a leading centre for contemporary Indigenous art programming.
The Saskatoon Regional Economic Development Authority (SREDA) helps grow the Saskatoon regional economy by providing programs and services in the areas of business attraction, business retention and expansion, entrepreneurship support, regional planning and marketing of the Saskatoon region. For more information, visit SREDA.com.
For additional information contact:
Saskatoon Regional Economic Development Authority (SREDA)
Alex L. Fallon, President & Chief Executive Officer
Rachael Kenny, Director of Marketing