United States arts and culture contributed about $876.7 billion, or 4.2%, to the GDP in 2020, according to new data released recently by the National Endowment for the Arts and the Bureau of Economic Analysis. In spite of that, the report showed that the entire arts economy shrank at nearly twice the rate of the overall economy from 2019 to 2020.
Called the Arts and Cultural Production Satellite Account, or ACPSA, the report comes out annually, measuring the economic impact of the nonprofit and commercial arts and culture industries. This ACPSA gave a look at just how hard the first year of the COVID-19 pandemic hit the arts sector.
