Museums, Zoos, and Botanic Gardens Revenue Growth Recovering

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Dec 30, 2019, 13:10 ET

SAHUARITA, Ariz., Dec. 30, 2019 /PRNewswire/ -- Revenue growth at Museums, Zoos, and Botanic Gardens is recovering after the 2008 economic downturn, according to Preston Argus, LLC's analysis of recently released US Census Bureau data. Historic Sites and Nature Parks are experiencing slower revenue growth and institutional closures.

Examining the initial release of 2017 Economic Census data, Preston Argus has uncovered concerning trends for Museums, Historic Sites, Zoos and Botanic Gardens, and Nature Parks. Museums, Zoos, and Botanic Gardens revenue growth levels have almost returned to their pre-2008 levels. Historic Sites and Nature Parks continue to experience significant slowdowns in revenue growth, as well as institutional closures.

Revenue Growth for Museums, Historic Sites, Zoos and Botanic Gardens, and Nature Parks

Institution Category	% Growth 2002-2007	% Growth 2007-2012	% Growth 2012-2017
Museums	55%	0%	45%
Historic Sites	32%	-4%	18%
Zoos and Botanic Gardens	56%	11%	40%
Nature Parks	65%	25%	22%

No category has returned to its pre-2008 growth trends. 2007-2012 rates were essentially stagnant. The 2012-2017 returns failed to recoup those stagnant years.

Number of Institutions for Museums, Historic Sites, Zoos and Botanic Gardens, and Nature Parks

Institution Category	% Growth 2002-2007	% Growth 2007-2012	% Growth 2012-2017
Museums	3%	6%	3%
Historic Sites	19%	-6%	-21%
Zoos and Botanic Gardens	2%	5%	4%
Nature Parks	22%	-10%	-11%

The number of new Museums, Zoos, and Botanic Gardens were founded at basically the same rate from 2002 to 2017. The number of new Historic Sites and Nature Parks founded from 2002-2007 were erased between 2007 and 2017. As additional data is released over the next two years, a clearer understanding of the new normal and trends in the post-2008 Museum and Similar Institutions industry will emerge. This initial data serves as a portent.

The data sources are the 2002, 2007, 2012, 2017 Economic Censuses, published by the US Census Bureau.

About Preston Argus
Preston Argus is a research and consulting company that serves museums, libraries, and other historical & cultural institutions. MuseOps, a Preston Argus service available at www.museops.com, helps museums and historic sites analyze information and make decisions that are easily explainable to staff, board members, donors, the community, and other stakeholders. See www.prestonargusllc.com for information about all our products and services.

SOURCE Preston Argus