Creative Industries Add $504 Billion to U.S. Economy
Creative industries add more than $500 billion to the U.S. economy according to a study released yesterday from the U.S. Bureau of Economic Analyisis and the National Endowment for the Arts. That amounts to just over 3.2 percent of the overall gross domestic product (GDP) of the economy, and includes everything from advertising to arts education, such as the UX classes offered at AGI. Comparing it to other sectors of the economy, the arts adds even more than tourism, which generates 2.8 percent of the economy.
Of course the direct impact of jobs in advertising, design, and creative is important, and the $504 billion number is the value added to the economy. The total value of all arts and creative output was measured at $916 billion. Yet the arts and creative industries may play an even bigger role than what is measured here - as the impact of the creative output doesn't stop when a product ships out the door. For example, the value of a good user experience may lead to greater sales and adoption of a product or app. This impacts everything from the dashboard of a car you might consider buying, to whether you'll upgrade an app or even an entire operating system. Would a company like Tesla be considered such a big hit in the automotive industry, commanding top dollar for their cars and a high stock price if it weren't for the U.X. and design of the vehicle? Apple products fall into the same category, with great design allowing them to command a premium.
As you go to work in your creative role today, know that you're playing a big role in the U.S. economy. Whether you work in advertising, marketing, design, or creative fields, know that your impact is significant.