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Arts and culture sectors accounted for extra than a trillion dollars of the US economy in 2021 and accounted for a record portion of the country’s total financial worth, according to new government information.
On Wednesday, the National Endowment for the Arts (NEA) and the Bureau of Financial Evaluation (BEA) released their most current evaluation of the financial wellness of 35 industries inside the arts. Added emphasis is placed on measuring irrespective of whether every single sector has returned to pre-pandemic levels of financial functionality – or failed to recover.
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According to the report, amongst 2020 and 2021, the total financial worth contributed by the arts and culture industries grew by 13.7 %, far outpacing the gains of the broader U.S. economy, which grew by just five.9 % more than the very same period. By the finish of 2021, arts industries accounted for four.four % of the nation’s total gross domestic solution (GDP).
Of the 35 industries studied, ten — like independent contractors and artists and performing arts organizations — saw substantial development in 2021, but none reached the financial output levels of 2019. The NEA also reported that just beneath four.9 million folks have been employed in the arts industries in 2021, an boost from 2020, when the pandemic restricted financial activity in the arts worldwide. And that is nevertheless beneath the five.two million employed in 2019.
Performing arts workers and performing arts venues, two of the hardest hit regions in 2019, grew by 14 % in 2021 to about 230,000 total workers. Once again, a acquire that was nevertheless beneath the 323,000 workers employed in the sector ahead of Covid-19.
Even so, the report notes that these figures only represent personnel who are bankrolled by arts organizations. The decline in employment in some regions could be explained by an enhanced reliance on freelancers or contract workers throughout this period. Self-employed people have historically created up a disproportionate quantity of the arts workforce compared to other industries.
“This annual report from the NEA and BEA emphasizes that arts and culture are an vital portion of the American economy. It is equally evident, even so, that the sector continues to face tremendous troubles due to COVID-19,” NEA President Maria Rosario Jackson mentioned in a statement.
She continued: “As the information reflects the financial activity of not-for-profit and for-profit organizations alike, it is significant to recognize the distinctive contribution to making certain a vibrant and expansive arts and culture sector.