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"Art is Good" says U.S. Government

Location: Oklahoma, USA
Washington, DC – The U.S. Bureau of Economic Analysis (BEA) and the National Endowment for the Arts (NEA) released prototype estimates today from the new Arts and Cultural Production Satellite Account (ACPSA). This is the first federal effort to provide in-depth analysis of the arts and cultural sector's contributions to current-dollar gross domestic product (GDP), a measure of the final dollar value of all goods and services produced in the United States. According to these new estimates, 3.2 percent -- or $504 billion -- of current-dollar GDP in 2011 was attributable to arts and culture. In comparison, BEA's estimated value of the U.S. travel and tourism industry was 2.8 percent of GDP.
 
“The positive value of arts and culture on society has been understood on a human level for millennia. With this new effort, we are now able to quantify the impact of arts and culture on GDP for the very first time. Better utilizing this type of knowledge and information is part of the Department of Commerce's 'Open for Business Agenda,' through which we are seeking to provide more transparency and data to enhance decision-making, create more value, and better understand and grow our economy," said U.S. Secretary of Commerce Penny Pritzker.
 
"Art and culture is a significant part of the U.S. economy. Not just its contributions of ideas and creativity to the innovation economy, but also as an important part of the labor force and our country's GDP," said NEA Senior Deputy Chairman Joan Shigekawa. "The Arts and Cultural Production Satellite Account is an unprecedented resource for detailed, reliable data on the economic value associated with arts and cultural activity."
 

Washington, DC – The U.S. Bureau of Economic Analysis (BEA) and the National Endowment for the Arts (NEA) released prototype estimates today from the new Arts and Cultural Production Satellite Account (ACPSA). This is the first federal effort to provide in-depth analysis of the arts and cultural sector's contributions to current-dollar gross domestic product (GDP), a measure of the final dollar value of all goods and services produced in the United States. According to these new estimates, 3.2 percent -- or $504 billion -- of current-dollar GDP in 2011 was attributable to arts and culture. In comparison, BEA's estimated value of the U.S. travel and tourism industry was 2.8 percent of GDP.

“The positive value of arts and culture on society has been understood on a human level for millennia. With this new effort, we are now able to quantify the impact of arts and culture on GDP for the very first time. Better utilizing this type of knowledge and information is part of the Department of Commerce's 'Open for Business Agenda,' through which we are seeking to provide more transparency and data to enhance decision-making, create more value, and better understand and grow our economy," said U.S. Secretary of Commerce Penny Pritzker.

"Art and culture is a significant part of the U.S. economy. Not just its contributions of ideas and creativity to the innovation economy, but also as an important part of the labor force and our country's GDP," said NEA Senior Deputy Chairman Joan Shigekawa. "The Arts and Cultural Production Satellite Account is an unprecedented resource for detailed, reliable data on the economic value associated with arts and cultural activity."

- See more at: http://arts.gov/news/2013/us-bureau-economic-analysis-and-national-endowment-arts-release-preliminary-report-impact#sthash.Snl8f8R9.dpuf
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