In 2022, arts and cultural industries continued to have a significant impact on the United States economy, generating a record $1.1 trillion in economic activity, accounting for 4.3% of the nation’s gross domestic product (GDP), according to a new study from the US Arts and Cultural Production Satellite Account (ACPSA).
The ACPSA report, published on 25 March, is the product of a collaborative research effort between the National Endowment for the Arts (NEA) and the Bureau of Economic Analysis (BEA). Tracking the economic value of arts and cultural production across 35 industries, spanning both commercial enterprises and non-profit organisations, the report aims to showcase the profound influence of arts and culture on the nation’s economic landscape.
Despite record-breaking economic activity in the sector (up from $1 trillion in 2021), financial gains were not evenly shared among all industries, with ten industries remaining below pre-pandemic valuation, including performing arts organisations, non-government museums and arts-related construction.
Nonetheless, the arts and culture sector sustained an upward trajectory overall, increasing 4.8% from 2021 to 2022, compared to the broader economy’s modest 1.9% growth over that period. Notably, arts and culture industries witnessed a remarkable economic resurgence following the Covid-19 pandemic, surging 13.6% between 2019 and 2022—a figure far exceeding nationwide economic growth over the same period, which totalled…
