Archive for the 'Arts and Cultural Production' Category

Arts and Culture Grow at Faster Pace as BEA Takes its First Inflation-Adjusted Look

Arts and cultural economic activity, adjusted for inflation, grew 2.5 percent in 2013, according to estimates of the industries’ real value added by the Bureau of Economic Analysis. That compares with a 1.1 percent increase in 2012.

Information services and design services were the leading contributors to the growth in 2013. Overall, 26 of 36 arts and culture-related industries contributed to the increase. As a group, the core arts and cultural industries, such as performing arts, museums and design services, grew 3.3 percent.

This is the first time that BEA has released inflation-adjusted statistics that track the changing economic impact of arts and culture.

arts and culture chart 2-16-2016

In addition to the real value added statistics, BEA’s Arts and Cultural Production Satellite Account also includes a measure of real gross output. Under that measure, total inflation-adjusted spending on all arts and cultural commodities reached $1.1 trillion in 2013. That figure was up 2.7 percent from the year before. Still, real gross output growth slowed slightly from 2012, when it had increased 2.8 percent.

In contrast to the value added statistics, gross output is not adjusted to exclude expenses incurred in the production process. For example, gross output for the opera reflects all ticket receipts without subtracting the expenses incurred in the production of the opera, such as advertising, rent and costume rentals.

Lovers of the performing arts take note: Their gross output grew at a faster pace in 2013, increasing 3.7 percent, up from 1.2 percent the year before. This faster growth was widespread, including gains in music, opera and theater.

real output added

Employment for all arts and cultural industries totaled 4.74 million in 2013. Art support services, including rental and leasing, totaled 1.19 million jobs, the most in all arts and cultural industries. Information services, including publishing, motion pictures and broadcasting, accounted for 1.17 million jobs. Retailers related to arts and culture totaled 731,200 jobs.

employment in selected arts

Culture can be defined in a variety of ways. For this account, arts and cultural production is defined narrowly to include creative artistic activity; the goods and services produced by it; the goods and services produced in the support of it; and the construction of buildings in which it is taking place.

For more information, read the full report.

BEA Constantly Innovates to Produce New Statistics Measuring the U.S. Economy

bea_logo_0The Bureau of Economic Analysis is producing new economic statistics over the course of this year that offer businesses and households additional tools to make informed decisions and illustrate BEA’s innovative approach to better measure the dynamic U.S. economy.

Arts and Culture Statistics: These new annual statistics, released on Jan. 12, show the impact of arts and culture on the U.S. economy. The new data provides detailed information on spending on arts and culture as well as employment in those industries.

Health Care Statistics: BEA released data on Jan. 22 that — for the first time — provides information about the changes in prices to treat different diseases — illustrating trends in prices from 2000 through 2010. BEA also released new statistics on spending to treat different medical conditions for those same years. Data for 2011 and 2012 will be released in the spring.

• State Economic Activity: BEA on Sept. 2 will start releasing on a regular basis new quarterly statistics detailing economic activity in each state. The data offers a more up-to-date picture of how the states economies are faring and provides a more detailed view of economic activity across the entire United States.

• Consumer Spending by State:  BEA will begin producing these new annual statistics on a regular basis starting Dec. 1.  The data shows how much consumers spend in each state and provides details on the kinds of goods and services they buy.

New International Investment Statistics: These statistics, which BEA plans to release later this year, provides information on “greenfield” investment – investment that occurs when a foreign firm establishes a new U.S. business or expands an existing one by building a new plant or facility.

While each of these new statistics target different pieces of the U.S. economy, they all demonstrate BEA’s innovative approach to economic measurement. The first four examples leverage existing sets of source data in new ways to provide additional insight into the workings of the U.S. economy. The last item represents a new data collection effort that will pave the way for a new set of statistics on foreign investment.

Other innovations at BEA will allow more regional economic statistics to be released.

The new data provides businesses with more tools to make decisions about hiring and investment and can aid individuals looking to relocate for a job or to find a new job.

These new estimates are just a few of the ways that BEA is innovating to better measure the 21st Century economy. Providing businesses and individuals with new data tools like these is a priority of the Commerce Department’s “Open for Business Agenda.”

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