In 2012, the Arts and Cultural Production Satellite Account (ACPSA) reported that arts and culture production contributed more than $698 billion to the US economy, or 4.3 percent of the US gross domestic product. To put this in perspective, that’s more than either the construction ($586.7 billion) or the transportation and warehousing sectors ($464.1 billion). There were 4.7 million workers employed in the production of arts and culture activities, generating $334.9 billion in compensation.
In an article about eastern Kentucky’s transition away from a coal-centric economy, Forefront, published by the Federal Reserve Bank of Cleveland, notes that “creative placemaking is broader than just an organization or an artist. It’s about community transformation. And it’s about dollars and cents—and what makes sense.”.