June 2, 2023

Taylor Daily Press

Complete News World

By 2021 the arts industry in the US will be well over a trillion dollars

The U.S. arts and culture sector will contribute $1 trillion (over 937 billion euros) to the U.S. economy for the first time in 2021—a 1 with 12 zeros. It has Revealed by US Govt.

The arts and culture sector will grow faster than the overall U.S. economy by 2021, according to statistics from the National Endowment for the Arts (NEA) and the Bureau of Economic Analysis (BEA). At the end of the year, the arts and culture sector accounted for 4.4 percent of the country’s GDP. The economic value of the arts grew 13.7 percent that year, compared to 5.9 percent of the total economy.

According to the report, by 2021, the U.S. arts sector will employ nearly 4.9 million workers. While this number represents a recovery from decline in 2020, the number is still lower than the 5.2 million workers in 2019 before the coronavirus pandemic.

“One of the things that surprises me is how many arts industries are recovering,” said Sunil Iyengar, director of research and analysis at the National Endowment for the Arts. Art newspaper. It is a cultural funding agency run by the government at the federal level in the United States.

According to Iyengar, few Americans were aware of the large economic footprint of the American arts. “We’re certainly seeing some backsliding to major industries in the arts, but we’re mostly seeing backsliding.”

Statistics Netherlands (CBS) reported two years ago that the added value of culture and media in the Netherlands in 2018 was 26.5 billion euros. It was 3.4 percent of the Gross Domestic Product (GDP) then.