The value of cultural construction projects exceeds 8 billion US dollars

According to a new report, 192 major cultural infrastructure projects with a total investment of $8.58 billion were completed worldwide in 2023.

The Louvre Museum in Paris, France, is one of the most famous museums in the world. Photo: Adobe Stock

The Index report on cultural infrastructurecompiled by AEA Consulting, also found that 198 cultural construction projects were announced, representing $5.62 billion in new spending.

The number of completed projects has increased in both volume and value compared to 2022. However, the report’s authors added that the volume of new projects – both announced and completed – is increasing. “However, we are seeing the value of investments declining, reflecting the current economic uncertainty affecting both the public and private sectors.”

Renovation and conversion were popular project categories and showed signs of continued growth. Together they comprised 78 completed projects (41% of the total).

Museums and galleries remained the most popular type of infrastructure for the eighth year in a row, accounting for 213 announced and completed projects (55% of the total) valued at $7.1 billion. The next most popular typologies were performing arts centers (72.2% of the total), multifunctional arts venues (66.1% of the total) and cultural districts (22.6% of the total).

The development of large-scale cultural infrastructure outside the traditional capitals of culture is increasing. In total, projects have been registered in 48 countries and over 275 cities, of which only 27% are among the world’s 75 largest metropolitan areas. Notable examples of large-scale projects outside the traditional capitals of culture are Alexandria in Egypt, Paisley in the UK and Sokcho in South Korea.