A recent study by Impact Economics found CIM to have a total economic impact in Ohio of $90 million per year. In attracting gifted students, master educators and audiences from around the world, CIM was found to have a remarkable impact in the music world and an ongoing sustainable economic impact in the State of Ohio.
CIM contributes to the economic output of the State of Ohio in several ways. CIMs operating revenues are derived from sources throughout the world, and CIM operating spending is conducted in Ohio. Many CIM Alumni begin their careers or spend their entire career in Ohio, adding to the economic output of the state. CIM Conservatory students rent apartments, purchase household goods and services, socialize in restaurants, and work in local orchestras. Preparatory and Continuing Education students, primarily from Ohio, purchase instruments and visit museums and restaurants during and after their lessons each week. CIM attracts over 47,000 visitors to University Circle each year to attend concerts, take special education classes, attend graduation ceremonies, and audition for employment opportunities. These visitors have an economic impact as they travel, stay in hotels, rent cars, visit restaurants, go shopping, and attend other concerts in the region.
The study found that CIM attracts highly talented individuals from all over the world, and many stay in the area after graduation. Only 4% of the incoming Conservatory students are from Cuyahoga County. Among all students graduating from CIM over the last three years, 26% of these students chose to remain in the State of Ohio, and 22% of the total graduates were living and working in Cuyahoga County.
Based on surveys conducted with the alumni of CIM, over 94% of the alumni based in Ohio are working in the music field. (For example, one-third of the members of The Cleveland Orchestra are CIM alumni.) Other alumni work primarily as educators university professors, school-based music teachers, and private lesson instructors. On average, the alumni living in Ohio are earning salaries of $41,250, representing a high quality Ohio job.
The Plain Dealer featured an article on the Economic Impact Study in the May 15th edition.