North America leads in major cultural investments
When it comes to investment in major cultural projects, North America leads the way for largest budgets on announced projects, though Asia dominates in recently completed projects. Future planned investment in projects like museums and performing arts venues grew from 2023 to 2024.
Museums and galleries are the most common type of new buildings, but huge museum projects top the charts in total spending: The Grand Egyptian Museum in Giza completed last year, cost a total of around $1 billion. That is according to this year’s edition of the Cultural Infrastructure Index from AEA Consulting, which tracked over 300 projects worldwide with budgets of at least $10 million.
Performing arts centers were the second most common type of cultural building. These are often huge, monumental buildings (like the Sydney Opera House), so it is no wonder that they are prioritized. All of these large-scale developments help to attract tourism and boost the cultural standing of the countries that spend big on them.
While the total value of completed projects decreased by 29% from 2023 to 2024, investment in newly announced projects surged by 48%, indicating strong aspirations for more cultural development. The average budget for announced projects also increased, suggesting a move towards larger-scale ventures – or maybe just inflation.
North America made up 48% of projects, followed by Europe at 27%. Asia made up 16% of projects, most notably in China, where infrastructure and development spending is off the charts. Major urban centers, particularly in the United States, China, and the United Kingdom, saw the highest number of new cultural facilities.
The report also highlighted emerging trends, like a growing focus on children’s museums that prioritize interactive and inclusive learning environments. Another trend observed in the report is cultural institutions increasingly expanding their scope to create public outdoor spaces that foster civic engagement and environmental connection.
But it is not just China that leads the way in Asia: South Korea’s capital city Seoul, for example, stands out for its innovative new cultural facilities, such as the sensory-focused Audeum and the technology-driven Seoul Robot & AI Museum, which showcases how cultural infrastructure is evolving to embrace new experiences and integrate advanced technologies.
The United States is home to some of the world’s most prestigious museums, especially in cities like Washington, D.C. and New York City. In fact, just last year NYC’s Mayor Eric Adams announced $53 million in investments to support the city’s cultural institutions. These investments aim to improve public programming and better engage both tourists and local New Yorkers.
