Can the Arts replace Construction as an Economic Engine in Sarasota?

From the HT:

Among the participants is University of Michigan economist Don Grimes, who warned local officials early last year that the construction industry would never again become Sarasota County's dominant economic force. Grimes suggested local governments and the business community concentrate on developing other promising sectors, such as the arts.   

Questions abound: How do the Arts generate wide employment? What sort of jobs would become possible? Does the success of an arts-driven economy depend upon the quality of the art? If so, how does a locality ensure quality in its arts? How much of a role does marketing play in the image of a community as a "happening" place in the Arts? How does the Sarasota EDC (Economic Development Corporation) fit in?

For reference, here's a community profile of Sarasota County, with an employment breakdown by industry, provided by the EDC.