CULTURAL CONSTRUCTION TOPS US$8 BILLION
PHOTO: ADOBE STOCK
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 Cultural Infrastructure Index report, put together by AEA Consulting, also revealed that 198 cultural construction projects were announced in 2023, 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.”