Arts and Cultural Production Satellite Account (2023)
The Arts and Cultural Production Satellite Account released March 15, 2023, by the Bureau of Economic Analysis (BEA) shows that arts and cultural economic activity, adjusted for inflation, increased 13.7 percent in 2021 after decreasing 4.8 percent in 2020.
By comparison, the broader economy, as measured by real gross domestic product (GDP), increased 5.9 percent in 2021 after decreasing 2.8 percent in 2020. Arts and cultural economic activity accounted for 4.4 percent of gross domestic product (GDP), or $1.02 trillion, in 2021.
For this account, arts and cultural production is defined narrowly to include creative artistic activity — the goods and services produced by it, the goods and services produced in support of it, and the construction of buildings in which it takes place. The input/output table is a valuable tool to identify and estimate the value of the ‘creative chain.’ This chain captures the economic value of the creation of a cultural product (composing a symphony) from its production (the performance being recorded in a studio), distribution (by various modes), and final consumption (by the listener).Bureau of Economic Analysis
Funding from the National Endowment for the Arts supports BEA’s Arts and Cultural Production Satellite Account.
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