I think so. When we invest in the arts sector, the money flows quickly. In fact, it's a sector where no savings are made and it is impossible to save money. People lack means, so they spend the money quickly. All economic models show that arts production is always done locally and takes place in the local economy. Material is consumed, jobs are created, and so on.
There is often a commitment to creating those jobs. Artists or young people who are involved the arts community are extremely committed and want to do that work. So I believe that an investment in the arts will create jobs directly for artists and, indirectly, for service providers.
I am also thinking of the cultural, book, film and other industries. Those industries will perform well as long as they have original content to present. I think that has significant economic impacts in terms of employment.