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Arts Industries Represented $1 Trillion of the US Economy in 2021 – ARTnews.com


Mar 17, 2023

The arts and culture sectors represented a lot much more than $1 trillion of the US economy in 2021 and accounted for a record portion of country’s basic monetary worth, per new data from the government.

On Wednesday, the National Endowment for the Arts (NEA) and the Bureau of Monetary Evaluation (BEA) published their newest evaluation of the economic general well being of 35 industries inside the arts. Much more emphasis was placed on measuring no matter whether or not each and every sector had returned to pre-pandemic levels of economic performance—or if they had failed to recover. 

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According to the report, amongst 2020 and 2021, the total monetary worth contributed by arts and cultural industries enhanced by 13.7 %, vastly surpassing the gains of the wider US economy, which grew by just 5.9 % much more than the comparable period. By the finish of 2021, the arts industries made up 4.4 % of the nation’s overall gross domestic remedy (GDP).

Of the 35 industries studied, ten—including independent performers and artists and performing arts organizations—recorded considerable improvement inside 2021, obtaining stated that none reached 2019-levels of monetary output. The NEA also reported that just beneath 4.9 million folks have been employed in the arts industries in 2021, representing an boost from 2020, when the pandemic curtailed monetary activity in the arts worldwide. That as effectively was nonetheless beneath the 5.two million employed in 2019.

Performing arts workers and performing art venues, two of the hardest hit regions in 2019, grew in 2021 by 14 % to about 230,000 workers in total. After much more, a get that was nonetheless beneath the 323,000 workers employed by the sector just prior to Covid-19. 

Even so, the report notes that these figures only represent workers on the bankroll of arts organizations. The decline in employment in some regions could be explained by an enhanced reliance on freelancers or contract workers via this period. Self-employed people historically make up a disproportionate quantity of the arts workforce compared to other industries. 

“This annual report from the NEA and BEA underscores that arts and culture are an essential aspect of the American economy. It is similarly apparent, obtaining stated that, that the sector nonetheless faces tremendous hardships due to COVID-19,” NEA chair Maria Rosario Jackson described in a statement. 

She continued, “Because the info reflect the monetary activity of nonprofit and for-profit organizations alike, it is substantial to recognize the distinctive contributions each and every make in guaranteeing a vibrant and expansive arts and cultural sector.”

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