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The Children’s Museum of Indianapolis serves as a tremendous economic engine for Central Indiana. The results of a 2014 economic impact study conducted by Mark Rosentraub, University of Michigan Bickner Endowed Professor of Sport Management,* shows that The Children¬¬’s Museum injected $138.7 million into the region’s economy in 2014. That is an increase of $8.2 million dollars since the last study was conducted in 2011.
The Children’s Museum ranks among the most visited museums in the United States and consistently garners national attention as one of the top museums in the nation. The study concludes that special exhibitions are vital to the museum’s popularity and ability to advance economic development in the region.
“Hosting the real Terra Cotta Warriors of X’ian, China and the opening of Take Me There: China played a significant role in attracting visitors from around the state, country and world in 2014,” said Dr. Jeffrey H. Patchen, president and CEO, The Children’s Museum. “Children and families who visit help maintain the vibrancy of Central Indiana’s leisure tourism sector and support hundreds of jobs at the museum and tens of thousands of jobs in Central Indiana.”
The ability to draw visitors from around the country contributes to the financial viability of the city and state and is something in which the museum takes great pride. The contributions to the museum’s six surrounding neighborhoods are equally as important to museum leaders who felt it was important for the museum to stay in its current home and work alongside Mapleton-Fall Creek Development Corporation and the Near North Development Corporation to improve the quality of life in the area. The museum’s work in conjunction with these community development corporations and Ivy Tech Community College of Indiana has contributed to engagement of families in the educational programs at the museum and the enhancement of property values in the surrounding neighborhood. Using mortgage data and information from real estate listings (properties sold), home values in the neighborhood were sustained through the recession and rose more quickly and at higher levels than properties in several similar neighborhoods, underscoring the contribution of The Children’s Museum of Indianapolis and partner community development corporations.
“The Children’s Museum is committed to investing its resources within its community and leading a revitalization of the area,” said Dr. Jeffrey H. Patchen, president and CEO, The Children’s Museum.
“We bring together neighborhood groups including a Neighborhood Development Working Group that meets regularly at the museum. It is our desire to make our surrounding neighborhoods one of the best communities in Indianapolis in which to live, work, learn, play, visit, and grow.”
That decision is proving valuable to the surrounding neighborhoods. The 2014 Economic Impact Study shows the museum is an important amenity with potential to enhance property values in the adjoining neighborhood. In analyzing the property values over the last ten years in each of five neighborhoods, it was concluded that the average price of homes nearest the museum grew by an average of $64,000 (2005 - 2012). At the same time, property values of three other comparison neighborhoods decreased and one of the neighborhoods realized an increase of $10,000 per home sale.
“The Children’s Museum’s iconic architecture and special investments to enhance adjacent streets each made an important contribution to efforts to stabilize and elevate the value of nearby homes,” said Mark Rosentraub.
The two big differences between the comparison neighborhoods and the area in which The Children’s Museum of Indianapolis resides are:
- The presence of the museum
- The work of, and key partnerships with Mapleton-Fall Creek Development Corporation and the Near North Development Corporation as well as Ivy Tech Community College of Indiana
The four comparison neighborhoods (all located within Center Township) had a similar demographic makeup to the Mid-North neighborhood of the museum and shared the same police, fire, school, and other municipal services from Indianapolis.
The Children’s Museum has been a strong advocate for the surrounding neighborhoods - supporting families in education as well as working hard to improve their quality of life and serving as a strong anchor to our community,” said Leigh Riley Evans, Mapleton-Fall Creek Development Corporation executive director. “It is clear by the actions of the museum, that they are very committed to the people who live here as well as neighborhood revitalization.”
In conclusion, these partnerships and the success of the museum, which anchors the Mid-North area of Indianapolis, serve as valuable tools in leading to urban revitalization and solid economic gains for the city and state.
*Mark Rosentraub has done numerous economic impact studies for other organizations – in particular professional sports entities and the roles they can and do play in the redevelopment and restructuring of cities.
About The Children's Museum of Indianapolis
The Children's Museum of Indianapolis is a nonprofit institution committed to creating extraordinary learning experiences across the arts, sciences, and humanities that have the power to transform the lives of children and families. For more information about The Children's Museum, visit www.childrensmuseum.org, follow us on Twitter @TCMIndy, Facebook.com/childrensmuseum and YouTube.com/IndyTCM
