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Arts and Culture Generate Billions For NY State Economy

Audio Transcript: ArtsMoney_Fabbri

By A.J. Fabbri SYRACUSE, N.Y. (NCC NEWS) — New York State’s arts and culture industries are cashing in on a big pay day. The U.S. Bureau of Economic Analysis reported that the arts generate $114 billion dollars to the empire state’s economy.

New York alone accounts for 15 percent of the total arts revenue in the entire country. New York City is one of the largest hubs in the world for the arts to prosper, but local groups are also a part of the cultural surge.

“I think a lot of time, people think of regional theater as an underdog. But in many cases it can be very successful and it can make just as big of an impact as the big names on Broadway you see,” said John Fisher, a drama student at Syracuse University.

In addition to accounting for $46.7 billion in compensation, the arts sector is also responsible for employing 462,584 in the state. Contrastly, the Syracuse unemployment rate sits at 10.7 percent.

“There’s always something that can be done on the stage and at the theater,” Fisher said, “Anything that anyone wants to come and do, it provides jobs, it provides opportunities, and it provides experiences so it’s really a great way to hit the ground running.”

The New York State Council for the Arts said in a press release that arts and culture accounts for 7.8 percent of added value to New York’s economy. That tops economic mainstays like retail, transportation, and construction.

New York is now second in the country in generating revenue from its arts sectors. Whether it’s theater, music, or visual art, New York has proven that the field now presents opportunities for success at every turn.