The Bilbao effect received wide attention among policymakers and the media. The urban revitalization initiative consists of attracting a world-class cultural institutionin Bilbao's case, a branch of New York's Guggenheim Art Museumwhich will put your city on the map and, consequently, attract more investment, brands, tourism, and cultural energy. According to The Guardian, the museum cost 89m, and five years after construction, the Bilbao Economic Development Office (BEDO) estimated that its economic impact on the local economy was worth 168m and poured an additional 27m into Basque government tax coffersthe equivalent of adding 4,415 jobs. More than one million people annually now visit the museum, which has become the centerpiece of the Bilbao Art District