• Tue. Mar 28th, 2023

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


Mar 17, 2023

Picture George Rose/Getty Photographs

The humanities and tradition sectors represented greater than $1 trillion of the US economic system in 2021 and accounted for a report portion of nation’s total financial worth, per new information from the federal government.

On Wednesday, the Nationwide Endowment for the Arts (NEA) and the Bureau of Financial Evaluation (BEA) revealed their newest evaluation of the financial well being of 35 industries throughout the arts. Further emphasis was positioned on measuring whether or not every trade had returned to pre-pandemic ranges of financial efficiency—or if they’d did not recuperate. 

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In response to the report, between 2020 and 2021, the entire financial worth contributed by arts and cultural industries elevated by 13.7 %, vastly surpassing the positive factors of the broader US economic system, which grew by simply 5.9 % over the identical interval. By the top of 2021, the humanities industries made up 4.4 % of the nation’s total gross home product (GDP).

Of the 35 industries studied, ten—together with impartial performers and artists and performing arts organizations—recorded vital development inside 2021, nevertheless none reached 2019-levels of financial output. The NEA additionally reported that just below 4.9 million folks had been employed within the arts industries in 2021, representing a rise from 2020, when the pandemic curtailed financial exercise within the arts worldwide. That too was nonetheless beneath the 5.2 million employed in 2019.

Performing arts employees and performing artwork venues, two of the toughest hit areas in 2019, grew in 2021 by 14 % to about 230,000 workers in whole. Once more, a acquire that was nonetheless beneath the 323,000 employees employed by the trade earlier than Covid-19. 

Nonetheless, the report notes that these figures solely symbolize workers on the bankroll of arts organizations. The decline in employment in some areas might be defined by an elevated reliance on freelancers or contract employees throughout this era. Self-employed people traditionally make up a disproportionate quantity of the humanities workforce in comparison with different industries. 

“This annual report from the NEA and BEA underscores that arts and tradition are a necessary a part of the American economic system. It’s equally obvious, nevertheless, that the sector nonetheless faces great hardships resulting from COVID-19,” NEA chair Maria Rosario Jackson stated in an announcement. 

She continued, “As a result of the information replicate the financial exercise of nonprofit and for-profit organizations alike, it’s vital to acknowledge the distinctive contributions each make in making certain a vibrant and expansive arts and cultural sector.”

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