New data released recently by the U.S. Bureau of Economic Analysis (BEA) and the National Endowment for the Arts (NEA) offers an insightful picture of the impact the arts have on the nation’s economy. The arts contribute $763.6 billion to the U.S. economy, more than agriculture, transportation, or warehousing. The arts employ 4.9 million workers across the country with earnings of over $370 billion. Furthermore, the arts exported $20 billion more than imported, providing a positive trade balance.
Produced by the BEA and NEA, the Arts and Cultural Production Satellite Account (ACSPA) tracks the annual economic impact of arts and cultural production from 35 industries, both commercial and non-profit. The ACPSA reports on economic measures—value-added to gross domestic product (GDP) as well as employment and compensation. For the first time, the report also includes the arts impact on state economies as contributions to gross state product (GSP). The numbers in this report are from 2015, the most recent reporting year.
“The robust data present in the Arts and Cultural Production Satellite Account show through hard evidence how and where arts and culture contribute value to the economies of communities throughout the nation,” said NEA chairman Jane Chu. “The data confirm that the arts play a meaningful role in our daily lives, including through the jobs we have, the products we purchase, and the experiences we share.”
Read the full report here.
Published: March 05, 2018