«New National and State GDP Data for Arts & Culture Sector
Released
On March 25, 2024, the U.S.
Bureau of Economic Analysis (BEA) released the latest Gross Domestic Product (GDP) and
jobs data for the Arts and Cultural Production Satellite Account (ACPSA). Please
note that the data measures 2022 economic
activity, which shows how industries were recovering
post COVID-19 pandemic. Nationally, GDP for the arts and culture nonprofit
and commercial sector now tops $1.102
trillion with over
5.2 million jobs! Additionally, America's arts and culture
exports increased the trade surplus from $15.5 billion to $21 billion. The
arts and culture sector represents a full 4.31% of the nation's GDP. Customized GDP
information for each state’s
arts and culture sector is also now available.
According
to the National Endowment for the Arts, "The overall
arts economy grew by 4.8% in
inflation-adjusted dollars between 2021 and 2022, a rate increase far
surpassing that for the entire U.S. economy during the same time period. Since
the pre-pandemic year of 2019, arts and cultural industries have surged by 13.6%. By contrast, the
U.S. economy grew by 5.5% over
the same period... In 2022, total arts and cultural employment recovered
to pre-pandemic levels, with nearly 5.2
million workers employed to produce arts and cultural goods and
services, for $540.9
billion in total compensation. (Note: ACPSA does not
count self-employed artists and other cultural workers in its employment
figures.)"
Feel free
to share this graphic below on your website and social media platforms. Coming
soon: the Arts Action Fund will release its updated 2024 Why the Arts Matter State Arts
Factsheets, featuring this new BEA data».
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