The Centre for Economics and Business Research has just published research into the economic value of arts activity, entitled
Arts & culture’s economic contribution – An analysis of the macroeconomic contribution of the arts and culture and of their contribution through spillover effects (May 7, 2013).. The report was commissioned in November by Arts Council England, and the National Museum Directors’ Council.
According to The Guardian:
“The report calculates that:
• The turnover of businesses in the arts and culture industry was £12.4bn in 2011. This in turn led to an estimated £5.9bn of gross value added (GVA) to the UK economy in the same year. (GVA is the value of the industry’s output minus the value of inputs used to produce it, including state subsidies.)
• The sector provides more than 110,000 jobs directly, about 0.45% of total employment in the UK. The figure becomes 260,300 jobs once the indirect impacts of arts and culture are added in.
• Living in an area with twice the average level of cultural density adds an average £26,817 to the value of a property.”