The creative arts make up the cultural fabric of our world. They have the power to amuse, entertain, challenge, inspire, and create change.

Creative industries also represent an essential part of the U.S. economy – generating jobs, paying competitive wages, and contributing to international trade.

A new report from the National Endowment for the Arts and the U.S. Bureau of Economic Analysis found that arts and culture contributed more than $698 billion to the economy in 2012 – exceeding preliminary estimates of $504 billion.

The report showed that six industries – broadcasting, movies and videos, publishing, retail sales, performing arts, and advertising – make up the bulk of arts and culture production. Creative industries also contribute to a trade surplus of $25 billion, a figure significantly higher than most major industries and sectors in the U.S. economy.

Other key findings:

• The $698 billion that the arts industry contributed to the U.S. economy represents 4% of Gross Domestic Product.
• The arts and culture sector employed 4.7 million people in 2012.
• Workers in the arts and culture industry earned $334.9 billion.
• For every 100 jobs, 62 new positions were created from demand for the arts.
• Of the $105 billion in total capital investments in arts and culture in 2012, 70% was for entertainment originals, including movies, TV shows, and books.

The study was based on 2012 data, the most recent figures available.

Click here to read the full report.

See also:

Creativity Adds More Than $1.1 Trillion to U.S. Economy, Employs 5.5 Million

Arts, Entertainment, and Culture Add Tremendous Value to National Economy