Latest Data Proves the Arts Are a Vital Part of the U.S. Economy

New data has been issued by the Bureau of Economic Analysis and the National Endowment for the Arts, that has revealed that the arts are a vital component of the U.S. economy, according to Arts.gov.

The sixth edition of the Arts and Cultural Production Satellite Account (ACPSA) has revealed that arts and culture contributed $877.8 billion, or 4.5 percent, to the nation's gross domestic product (GDP) in 2017.

Also in 2017, there were over 5 million workers employed in the arts and cultural sector, who earned a total of $405 billion.

The data has found that in 2017, consumers spent $26.5 billion on admissions to performing arts events, including $17 billion on theater/musical theater/opera performances and $3.7 billion on music groups and artists.

The value added by arts and culture to the U.S. economy is five times greater than the value from the agricultural sector.

Another key point of note is that, between 2015 and 2017, the arts and cultural sector grew at more than twice the rate of the total U.S. economy-at nearly 4.45 percent, in terms of annual average growth rate. This shows that the sector has the capacity for rapid growth.

Read the full report on Arts.gov.