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New Arts and Culture Stats Zoom in on States

 

People in the theater, close up of clapping hands

In the big picture, arts and culture account for 4.2 percent of the U.S. economy in the Bureau of Economic Analysis’ latest statistics. Want to zoom in for a close-up? Now you can, using detailed data that are available for each state for the first time.

You can see, for example, that Washington state, New York, California, Nevada, Colorado, Massachusetts and the District of Columbia all have larger arts and culture shares of GDP than does the nation as a whole.

Look even closer at these annual statistics, now updated for 2015, to see which arts and culture industries played starring roles in a state and how many people they employed.

Interested in publishing in Massachusetts? Broadcasting in Colorado? Jewelry and silverware making in Rhode Island? The details are in BEA’s state-by-state tables for the Arts and Cultural Production Satellite Account.

A few highlights:

  1. With federal museums, monuments and more, arts and culture represented a larger share of the economy of Washington, D.C., than of any state – 8.4 percent of the District of Columbia’s GDP, or $10.2 billion. To a lesser degree, arts and culture spending by governments of all levels is a factor in every state economy. This type of government spending ranged from 1.4 percent of Wyoming’s total GDP to about a quarter of a percent of Delaware’s GDP (compared with the 3.7 percent of the District of Columbia’s economy that came from government’s role in arts and culture).
  2. Across the country, the other Washington is first among states when it come to the economic presence of arts and culture. They accounted for 7.9 percent of Washington state’s economy, or $35.6 billion, powered by arts-supporting activities in the publishing and retail industries.
  3. Did you know movies play a starring role in Louisiana? Motion pictures contributed $2.7 billion to Louisiana’s economy in 2015, or 1.1 percent of the state’s total GDP. That’s not Hollywood-level spending, of course – at $49.1 billion, movie making represented 2 percent of California’s GDP. In the well-rounded arts and cultural powerhouse of New York, movies were 1.9 percent of state GDP.
  4. The performing arts take center stage in Nevada, famous for its Las Vegas showplaces. Arts and culture accounted for 4.4 percent of the state’s economy, or $6.2 billion, and performing arts companies contributed $811 million of that.
  5. Sound recording is a hit in Tennessee, the state known for Nashville’s country music, Memphis blues, and the rock ‘n’ roll legacy of Elvis Presley. The performing arts and broadcasting are also big players in Tennessee’s $13.3 billion arts and culture economy, which accounts for 4.2 percent of state GDP.

That’s just a preview. You can find all the state and national data and the accompanying news release on BEA’s Arts and Culture Satellite Account web page.

For more information, read the full report.

 

Disposable Personal Income Rises in January

pi-jan-2018Personal income increased 0.4 percent in January, the same increase as in December. Wages and salaries, the largest component of personal income, increased 0.5 percent in January after increasing 0.4 percent in December.

Current-dollar disposable personal income (DPI), after-tax income, increased 0.9 percent in January after increasing 0.4 percent in December.

Real DPI, income adjusted for taxes and inflation, increased 0.6 percent in January after increasing 0.2 percent in December.

Real consumer spending (PCE), spending adjusted for price changes, decreased 0.1 percent in January after increasing 0.2 percent in December. Spending on durable goods decreased 1.6 percent in January after increasing 0.6 percent in December.

PCE prices increased 0.4 percent in January after increasing 0.1 percent in December. Excluding food and energy, PCE prices increased 0.3 percent in January after increasing 0.2 percent in December.

Personal saving rate
Personal saving as a percent of DPI was 3.2 percent in January after 2.5 percent in December.

For more information, read the full report.

pi-jan-2018-chart

GDP Increases in Fourth Quarter

Real gross domestic product (GDP) increased 2.5 percent in the fourth quarter of 2017, according to the “second” estimate released by the Bureau of Economic Analysis. In the third quarter, real GDP increased 3.2 percent.

Fourth-quarter GDP highlightsGrowth Real GDP
The increase in real GDP reflected an increase in consumer spending, exports, business investment, housing investment, as well as state and local and federal government spending. These contributions were partly offset by a decline in inventory investment. Imports, which are a subtraction in the calculation of GDP, increased.

RevisionsPercent Change GDP
The downward revision to real GDP growth reflected a downward revision to consumer spending on goods, and a small downward revision to inventory investment. These downward revisions were partly offset by upward revisions to
consumer spending on services and to housing investment.

Prices
Prices of goods and services purchased by U.S.
residents increased 2.5 percent in the fourth
quarter after increasing 1.7 percent in the third
quarter. Excluding energy and food, prices rose 1.9
percent after increasing 1.6 percent.

Annual GDP growthAnnual Growth Feb 28
For the year 2017, real GDP increased 2.3 percent, compared with 1.5 percent in 2016.  The increase in real GDP in 2017 reflected increases in consumer spending, business investment, exports, housing investment, and government spending.

 

These contributions were partly offset by a decline in inventory investment. Imports increased.

For more information, read the full report.


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