Cultural construction projects top US$8 billion in value
02 July 2024
A new report has revealed that in 2023, 192 major cultural infrastructure projects were completed globally for a total investment of US$8.58 billion.
The Louvre Museum in Paris, France, is one of the world’s most famous museums. Photo: Adobe Stock
The Cultural Infrastructure Index report, put together by AEA Consulting, also revealed that 198 cultural construction projects were announced, representing US$5.62 billion of new spending to come.
The number of projects completed increased in both volume and value when compared to 2022. However, the report authors added that while the volume of new projects – both announced and completed – is increasing, “we see the value of investment decreasing, reflecting the current economic uncertainty affecting both the public and private sectors.”
Renovation and adaptive reuse were popular project categories, showing signs of sustained growth. Together they comprised 78 completed projects (41% of total).
Museums and galleries remained the most popular form of infrastructure for the eighth consecutive year, accounting for 213 announced and completed projects (55% of total), valued at $7.1 billion. The next most popular typologies were performing arts centers, multifunction arts venues, and cultural districts.
Development of major cultural infrastructure outside of traditional cultural capitals is rising. In total, projects were recorded in 48 countries and over 275 towns and cities, only 27% of which are among the top 75 global urban centers. Notable examples of major projects outside traditional cultural capitals include Alexandria in Egypt and Sokcho in South Korea.
