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

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

On Wednesday, the National Endowment for the Arts (NEA) and the Bureau of Financial Evaluation (BEA) published their most up-to-date evaluation of the economic wellness of 35 industries inside the arts. Added emphasis was placed on measuring whether or not every single 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, in between 2020 and 2021, the total financial worth contributed by arts and cultural industries enhanced by 13.7 %, vastly surpassing the gains of the wider US economy, which grew by just five.9 % more than the identical period. By the finish of 2021, the arts industries created up four.four % of the nation’s overall gross domestic item (GDP).

Of the 35 industries studied, ten—including independent performers and artists and performing arts organizations—recorded considerable development inside 2021, having said that none reached 2019-levels of financial output. The NEA also reported that just beneath four.9 million individuals had been employed in the arts industries in 2021, representing an improve from 2020, when the pandemic curtailed financial activity in the arts worldwide. That also was nonetheless under the 5.two million employed in 2019.

Performing arts workers and performing art venues, two of the hardest hit locations in 2019, grew in 2021 by 14 % to about 230,000 workers in total. Once more, a acquire that was nonetheless under the 323,000 workers employed by the sector just before Covid-19. 

Nevertheless, the report notes that these figures only represent workers on the bankroll of arts organizations. The decline in employment in some locations could be explained by an enhanced reliance on freelancers or contract workers through 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 vital portion of the American economy. It is similarly apparent, having said that, that the sector nonetheless faces tremendous hardships due to COVID-19,” NEA chair Maria Rosario Jackson stated in a statement. 

She continued, “Because the information reflect the financial activity of nonprofit and for-profit organizations alike, it is vital to recognize the distinctive contributions each make in making sure a vibrant and expansive arts and cultural sector.”