The National Endowment for the Arts recently released a major national study showing the arts contributed 3.2 percent of the gross domestic product, or $504 billion, in 2011.
In early December, U.S. Bureau of Economic Analysis and the National Endowment for the Arts released estimates from its new Arts and Cultural Production Satellite Account (ACPSA).
This is the first federal effort to provide in-depth analysis of the arts and cultural sector’s contributions to current-dollar gross domestic product, a measure of the final dollar value of all goods and services produced in the United States.
In comparison, the Bureau of Economic Analysis estimated the value of the U.S. travel and tourism industry was 2.8 percent of GDP during the same year.
The arts beat travel and tourism? Awesome!
The ACPSA is the latest in a series of the bureau’s satellite accounts that complement its core industry economic accounts with detailed data on industries such as travel and tourism, health care, transportation, and research and development.
The Bureau of Economic Analysis, a unit of the Commerce Department, produces statistics on the U.S. economy’s performance.
The ACPSA provides national estimates for the years 1998-2011 on select arts and cultural commodities and industries (both for profit and nonprofit) that are currently reflected in GDP. These estimates consist of nominal industry output, direct and indirect employment (salaried and self-employed), compensation of employees, and “value added” by industry. The burea will seek industry and public comment on the prototype ACPSA, which could lead to future refinements.
To take a closer look at this new economic tool and bellwether, go to http://arts.gov/news/2013/us-bureau-economic-analysis-and-national-endowment-arts-release-preliminary-report-impact.
Permanent addition — Three of Angelo Merendino’s photographs of his wife, Jennifer, have been added to the permanent collection of the Akron Art Museum. The former Jennifer Anne Wise, also from Akron, died Dec. 22, 2011, after a return of the cancer she had battled two years earlier. She was 40. Akron Beacon Journal writer Jewel Cardwell has chronicled their story in her columns. Arnold Tunstall, collections manager for the museum, was instrumental in the acquisition of the photographs from Merendino’s powerful photo-documentary, The Battle We Didn’t Choose: My Wife’s Fight With Breast Cancer.
Last Night — Join the Downtown Akron Partnership Emerging Leaders for a night of celebration as they ring in 2014 at the second annual “Last Night Akron” New Year’s Eve event. The event takes place at Musica, in Akron’s historic district at 51 E. Market St. Doors open at 8:30 p.m. for the event, which starts at 9 p.m. All activities are indoors. All attendees must be 21 years of age and older. Tickets are $50 pre-sale or $60 at the door. A ticket includes hors d’oeuvres, drinks and a raffle ticket. Pre-party tickets are $35 and designated driver tickets are $25. Only 250 tickets will be sold. Go to www.downtownakron.com/lastnight or www.akronmusica.com to purchase tickets.