Montana ranks 10th for arts and cultural growth
The latest data charting the economic impact of the arts and culture sector to the nation’s gross domestic product and to individual states’ gross state product reveals that Montana is ranked #10 in the country for the fastest growing arts and cultural sector.
This information is gleaned from the Bureau of Economic Analysis and the Office of Research & Analysis at the National Endowment for the Arts, which has released the Arts and Cultural Production Satellite Account (ACPSA) which examines economic data from 2016.
Looking at the three-year period of 2014 to 2016, the average growth rate of the arts and culture sector is 5.9 percent nationally. Montana comes in at 6.6 percent.
Among the top arts and cultural industries impacting Montana’s gross state product:
• Publishing: This industry includes books, newspapers, art prints, arts-related software;
• Motion pictures: In addition to motion picture production and distribution, this industry includes television show production, cartoon production and distribution, cinemas and film festivals;
• Architectural services, which adds almost $60 million to the state’s gross state product.
Independent Artists, Writers and Performers, Performing Arts Companies, Advertising and Interior Design also added to the mix.
The arts and cultural sector contributed $804.2 billion or 4.3 percent to the nation’s gross domestic product (GDP) in 2016. This represents an increase of .1 percent from 2015 when economists reported that the sector added 4.2 percent or $763.6 billion to the U.S. economy.
The ACPSA tracks the annual economic impact of arts and cultural production from 35 industries, both commercial and nonprofit. The report reveals that five million people are employed in the arts and cultural sector and earned $386 billion in 2016.
“For the past five years, the partnership between the Bureau of Economic Analysis and the National Endowment for the Arts has yielded invaluable information about the economic impact of arts and culture,” said Acting Chairman Mary Anne Carter. “The data has consistently demonstrated the value of the arts to the nation, to individual states, and to the lives of the American people.”
Key national findings from this year’s ACPSA are:
• Arts and culture play a significant role in the economic activity of the country. The value-added to GDP by arts and cultural production is nearly five times greater than that of the agricultural sector. Arts and culture adds nearly $60 billion more than construction and $227 billion more than transportation and warehousing to the U.S. economy.
• Arts and cultural goods create a trade surplus. In 2016, the U.S. exported nearly $25 billion more in arts and cultural goods and services than it imported, a 12-fold increase over 10 years.
• ACPSA exports are driven by movies and TV programs, advertising, and arts-related software such as video games.
• The average annual growth rate for arts and culture outperforms the growth rate of the total U.S. economy. From 2014 to 2016, the average annual growth rate in the contribution of arts and culture was 4.16 percent, nearly double the 2.22 percent growth rate of the total U.S. economy.
• Consumer spending of the performing arts has risen significantly. Between 1998 and 2016, the rate of consumer spending on performing arts admissions more than doubled, rising from 0.12 percent of U.S. GDP in 1998 to 0.26 percent, totaling $32.7 billion, in 2016.
View the report online at www.bea.gov/data/special-topics/arts-and-culture.