Measuring what the arts contribute to the national economy
For the first time, the American creative sector will be measured on a macroeconomic level by the Bureau of Economic Analysis (BEA), the federal agency of record on the U.S. economy and a part of the U.S. Department of Commerce. In a groundbreaking partnership, the BEA and the National Endowment for the Arts will develop an “Arts and Cultural Production Satellite Account” (ACPSA). This new account will identify and calculate the arts and culture sector’s contributions to the Gross Domestic Product (GDP), a measure representing the final dollar value of all goods and services produced in the United States. The ACPSA will collect detailed information on a select group of arts and cultural goods, services, and industries — both commercial and not-for-profit — that are currently reflected in the GDP.
“Before this, you could look at pieces of the puzzle, now you can see the whole puzzle,” said NEA Chairman Rocco Landesman. “Our partnership with BEA gives the arts the same level of precise, national data on GDP as other sectors like manufacturing, construction, and services. I think economists and policymakers will take notice.”
Via: National Endowment for the Arts