Quote:Hollywood, Creative Industries Add $504 Billion to U.S. GDP
9:02 AM PST 12/5/2013 by the Associated Press
![]()
Getty Images
The government released its first official measure of how arts and culture affect the economy.
WASHINGTON – Creative industries led by Hollywood account for about $504 billion, or at least 3.2 percent of U.S. goods and services, the government said in its first official measure of how arts and culture affect the economy.
On Thursday, the U.S. Bureau of Economic Analysis and the National Endowment for the Arts released the first-ever estimates of the creative sector's contributions to U.S. gross domestic product based on 2011 data, the most recent figures available. GDP measures the nation's production of goods and services.
Sunil Iyengar, the endowment's research director, said the yardstick devised in partnership with the Bureau of Economic Analysis drew on figures from Hollywood, the advertising industry, cable TV production, broadcasting, publishing, performing arts and other areas. Now the nation's creative sector will be measured annually, much as statisticians calculate the contribution of tourism, health care and other sectors to the nation's economy.
"One of the challenges that's always been there for economists and even lay people and certainly policy makers is to understand what is the arts' value," Iyengar said. "Here's a measurable, legitimate, rigorous way of tracking the contributions of the creative economy in the country."
Analysts said they used preliminary numbers from 2011 and dating back to 1998, including both for-profit and nonprofit industries in the arts and culture sector.
By comparison, the arts and culture sector outpaced the U.S. travel and tourism industry, which was 2.8 percent of GDP in 2011, based on the federal estimate. That finding surprised even the researchers.
"Art and culture is a significant part of the U.S. economy -- not just its contributions of ideas and creativity to the innovation economy but also as an important part of the labor force and our country's GDP," NEA Senior Deputy Chairman Joan Shigekawa said in a statement.
Hollywood movies and video services, the advertising industry and cable TV production were leading contributors to GDP in the creative sector, the researchers found, followed by broadcasting, publishing and the performing arts. On their own, the movie and video industries contributed $47 billion in value-added to the economy in 2011.
The total output from arts and cultural production, another measure of economic activity, was $916 billion in 2011, analysts found. That includes $200 billion from creative development in advertising, $104 billion from arts education including college art departments, $100 billion from cable TV and $83 billion from movies and video services.
In the workforce, Hollywood and the video industry employed the most people, totaling 310,000 workers and $25 billion in compensation, according to the data. Museums and performing arts industries each employed about 100,000 people. In total, 2 million people worked in creative industries.
STUDY: Film, TV, Other Copyright Industries Add $1 Trillion to U.S. Economy in 2012
Researchers also analyzed the creative sector's exports and the effect of the recession. Since 2007, the sector's economic impact slumped and had not rebounded by 2011. Between 1998 and 2006, its share of GDP ranged from 3.5 to 3.7 percent, but researchers found the arts suffered more than the overall economy during the Great Recession.
Exports of arts and culture have rebounded, though. A 10-year trend of deficits was reversed beginning in 2008, and by 2011, the U.S. exported $10.4 billion more arts and cultural commodities than it imported. Jewelry, silverware, movies and video services were the biggest exports. The country as a whole, though, has been running a trade deficit.
Analysts defined arts and cultural output based on creative artistic activity and the goods and services produced by it or used to support it.
They also included the construction of buildings to house creative industries. Beyond entertainment and advertising, the analysis included independent artists, broadcasting, publishing of books, magazines and newspapers and design and architectural services.
The analysis will be updated each year, next in fall 2014 to include 2012 data.
Typical righty misinformation. Undervaluing what people
Top 10 Most Recent News Articles
Envision and ju:niz Boost Germany's Energy Storage
Germany Charges Ahead with Renewable Energy Storage Germany's on a mission, folks, and it's all about beefing up their renewable energy infrastructure. Out in Bavaria, Envision Energy and ju:niz Energy are prepping a significant leap forward. They're rolling out a big undertaking—a 442 MWh battery energy storage system (BESS) with their Smareg 13 project in Vöhringen....
Continue Reading
Fort Riley and Fort Wainwright Get Wi-Fi Boost
Reliable Connectivity for Soldiers: A Strategic Move Wi-Fi probably wouldn't be on top of the list in a battlefield strategy session, but give it a thought—it’s the digital lifeline for our troops off-duty. That’s what’s cooking with the U.S. Army’s big move to amp up reliable Wi-Fi at Fort Riley and Fort Wainwright, thanks to Boldyn Networks and their BaseNet...
Continue Reading
Biond's BND-67 Trial: New Hope Against Tumors
Turning Heads with a New Approach in Immunotherapy Right off the bat, let's say something's brewing in the world of cancer treatment, and it's got a promising name: BND-67. We're talking about Biond Biologics, an ambitious Israeli outfit aiming to rewrite the rules with their new kid on the block in immunotherapies. This isn't about business as usual. It's about a fresh...
Continue Reading
CHARMANT Eyewear Fuses Fashion and Functionality
Eyewear ain’t just about seeing clearly anymore—it’s fashion with a capital ‘F’. The CHARMANT Japanese Made brand decided to foist this idea upon the world, putting their money where your eyeballs are, by injecting a dose of trendy glam into what they already do so well: comfort. Fusion of Style and Comfort Catch this: CHARMANT hit the global stage back in June...
Continue Reading
Wendy C. Wilson Earns Inner Circle Pinnacle Honor
Leadership Recognized: Wendy C. Wilson's Impact Some folks know their way around the trenches of corporate battle, and Wendy C. Wilson is one of them. Known for her grit and savvy, she now takes a coveted spot in The Inner Circle of Excellence as a Pinnacle Professional Member. This title isn't just for show—it's a hat tip to her powerhouse contributions as a speaker on...
Continue Reading
Skyways Unleashes Skyreach: A Bold Step in Autonomous Cargo
Dropping Cargo the New Way No more messing around with runways and cumbersome logistics—Skyways just took a sledgehammer to traditional cargo transport with the launch of its Skyreach platform. This bad boy is a long-range autonomous Vertical Takeoff and Landing (VTOL) aircraft that promises to shake up the defense and commercial sectors. We've got flights kicking off...
Continue Reading
Expo 2027 Belgrade Volunteer Rush: A Global Draw
Massive Volunteer Interest for Expo 2027 Belgrade Maybe I’m getting soft, but there’s something about the human spirit rallying around big events that gets me, even after seeing my share of market rollercoasters. Expo 2027 in Belgrade is attracting an army of volunteers—over 19,000 folks hankering to lend a hand from 154 different countries. Yeah, you read that...
Continue Reading
Lululemon Faces Lawsuit Over Securities Violations Concerns
Lululemon in Legal Crosshairs So, here's the scoop that's rocking the activewear world. Lululemon athletica inc. (NASDAQ: LULU) is finding itself in hot legal water. The DJS Law Group is sounding the alarm for investors following a securities violation lawsuit slapped on the company. We're talking about some heavy allegations of misleading maneuvers, with accusations...
Continue Reading
Segway Powersports Ventures into Baja 1000: Ambitions Run High
They're gunning for glory in the sands of Baja, folks—Segway Powersports is about to rev up the excitement with its Baja 1000 debut. Never heard before in this legendary race's chronicles, Segway aims to shake up the game with their two brawny Super Villain UTVs. These aren't your run-of-the-pavement ride-ons; they're built for the rough stuff—and if there's a stage...
Continue Reading
Fibocom LTE Modules Test Drive Satellite Connectivity
Boosting IoT with Satellite Connectivity Here's a good one for folks watching the edge of wireless innovation. Fibocom's LTE Cat.1 bis modules, the LE270-EU and LE271-GL, just stretched their legs in New Zealand, connecting seamlessly with SpaceX's Direct to Cell (DTC) satellite system. No fancy hardware swaps, just standard firmware strutting its stuff across satellite...
Continue ReadingTop 5 Most Recently Viewed Articles
Vedanta Biosciences Unveils New Insights from VE303 Study
Vedanta Biosciences Shares Recent Findings on VE303 PureTech Health plc, a clinical-stage biotherapeutics company committed to transforming patient care, announces that its Founded Entity, Vedanta Biosciences, has published vital results from its Phase 2 CONSORTIUM study. This study revolves around VE303, a therapeutic candidate under investigation for preventing...
Continue Reading
MedMinder Partners with NECC to Enhance Autism Care
Enhancing Autism Care through Medication Management The New England Center for Children (NECC), a leader in autism education and research, has taken a significant step by partnering with MedMinder to improve its medication management systems. This collaboration aims to enhance safety, consistency, and reliability across NECC's various programs. Meeting Complex Challenges...
Continue Reading
AKWEL Reports Significant Growth with €24.2 Million Income
AKWEL Achieves Noteworthy Net Income in 2024 AKWEL, a leading manufacturer in the automotive and heavy-vehicle industry, has recently shared its impressive financial results for the year. The company, renowned for its innovations in fluid management and mechanisms, reported a net income of €24.2 million. This result is a testament to AKWEL's resilience and adaptability...
Continue Reading
Aerospace Parts Manufacturing Market Set for Major Growth Ahead
Aerospace Parts Manufacturing Market Set for Major Growth Ahead The aerospace parts manufacturing sector is experiencing vigorous expansion driven by the increasing demand for commercial aircraft. This growth is propelled by a surge in international air travel, which leads to a greater need for parts and systems required for manufacturing new aircraft. Furthermore, the...
Continue Reading
First Bank Achieves $35 Million Debt Offering for Growth
First Bank's Successful Debt Offering First Bank, a well-established institution, has recently announced the completion of a significant $35 million private placement of subordinated notes. This strategic move aims to bolster the Bank’s capital and provide a strong foundation for its operational growth. Details of the Subordinated Notes The subordinated notes have an...
Continue Reading