U.S. Government Releases New Report Showing Positive Impact of Arts and Culture on U.S. Economy
FOR IMMEDIATE RELEASE
December 05, 2013
U.S. Government Releases New Report Showing Positive Impact of Arts and Culture on U.S. Economy
Report finds that arts and culture, including movie and TV production, contributed $504 billion to the US GDP in 2011
WASHINGTON – The U.S. Bureau of Economic Analysis (BEA) and the National Endowment for the Arts (NEA) today released prototype estimates from the new Arts and Cultural Production Satellite Account (ACPSA), which show that 3.2 percent, or $504 billion of the GDP in 2011 was attributable to arts and culture, including movie and tv production. By comparison, the BEA’s estimated value of the U.S. travel and tourism industry was 2.8 percent of the GDP. A copy of the announcement can be found here.
“We welcome this major new initiative by the federal government to better document the important impact that movies, television, publishing and other arts have on our economy – especially in terms of job production and economic development,” said Senator Chris Dodd, Chairman and CEO of the Motion Picture Association of America. “At the MPAA, we’ve seen the important role that movies and television play in creating good-paying jobs and spurring the growth of new business opportunities, not just in Hollywood, but throughout our nation. We applaud this latest acknowledgment from the government of the major impact our industry and other arts and cultural industries have on the U.S. economy.”
According to the new report, for 2011, the gross economic output for the arts and culture industries was $916 billion, including $100 billion in output for cable television production and distribution and $83 billion for motion picture and video goods and services.
In July, the BEA announced that it was changing the method used to calculate GDP to better reflect the economic contributions that come from businesses investing in research and development and the creation of copyrighted works like movies and tv series. Put simply, this means the national GDP will more accurately reflect the economic generated by creative works. This new measurement showed that going all the way back to 1929, the GDP had actually been 3% higher than previously reported, and according to these new numbers, research development and entertainment added $471 billion to the revised $16.2 trillion overall economy through the end of 2012. According to the BEA, this new analysis came too late to be included in the new report released today, but it will be included in 2014.
About the MPAA
The Motion Picture Association of America, Inc. (MPAA) serves as the voice and advocate of the American motion picture, home video and television industries from its offices in Los Angeles and Washington, D.C. Its members include: Walt Disney Studios Motion Pictures; Paramount Pictures Corporation; Sony Pictures Entertainment Inc.; Twentieth Century Fox Film Corporation; Universal City Studios LLC; and Warner Bros. Entertainment Inc.
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For more information, contact:
MPAA Washington, D.C.
Kate Bedingfield
(202) 293-1966
Kate_Bedingfield@motionpictures.org