3 Ways Art Impacts the Economy

3 Ways Art Impacts the Economy

There is a lot of anecdotal evidence indicating that art contributes significantly to the United States economy. According to Artnet News, the United States art industry adds 400% more money to the U.S economy than agriculture. Fortunately, there are hard numbers to back up how art contributes to the growth of the economy. For instance, according to the United States Bureau of Economic Analysis, the art industry contributes $763.6 billion to the United States economy. This is about 4.2 percent of the GDP. Here are some ways art impacts the economy.

Art Exports

The United States exports a lot of art and culture globally. In 2015, the U.S. exported almost $20 billion more in art and cultural goods than what was imported, according to Artnet News. This is known as a trade surplus, and it's vital to the growth of the United States economy. When there is an abundance of exports, it means there is a high level of output from a nation as well as many people that are working to keep production running. In this case, there are lots of artists and people employed in the art industry who facilitate the creation and exportation of art.

Museums and their Contribution

It's no surprise that there is a lot of art in the United States. If you walk into any museum or art gallery, you will definitely encounter a lot of impressive pieces of art. According to Artnet News, museums alone added $5.3 billion to the United States between 2012 and 2015. Since then, museums and art galleries have been growing at an annual rate of 0.8 percent. Each museum and art gallery that generates money contributes significantly to the economy and GDP.

Contribution to Job Creation

Art plays a huge role when it comes to jobs and employment. There are more than 2.5 million artists in the United States labor force, according to Americans for the Arts. Some of these artists are self-employed, while others are wage-and-salary workers. The creation of jobs is key to boosting economic growth. Job creation helps to reduce poverty and increase social cohesion. Art is, therefore, a significant contributor to the economy when it comes to job creation. Jobs that are created by art help the economy through GPD. Employed and self-employed artists receive payment, and this results in them having cash to spend on things like food, clothing, and entertainment. The more these artists spend, the more that demand increases.

These are some of the ways that art contributes to the economy. A lot of people work in art galleries while many other artists supply their art to galleries across the United States, having a significant impact on the economy. Get in touch with us if you are looking for an art gallery to display your art.

Older Post Newer Post