LA's Artistic Vision: The Impact of the Creative Economy - April 2021
April 29, 2021
For decades, the Creative Economy has been a dominant growth engine for both the regional and national economy, creating significant demand for commercial real estate across asset types.
The Creative Economy is a unique industry cluster encompassing a range of activities that rely on creative activities or support the production of artistic outputs. Some members of the Creative Economy are self-evident: an actor or a painter, for instance. But the creative ecosystem is much broader than just these core examples: a lawyer at a film studio or a graphic designer at a commercial real estate firm are also contributing to the production of creative outputs. We estimate that nearly 17 million people work in the Creative Economy, 10% of the nation’s workforce, of which 1 million are based in the Los Angeles metro.
This report explores the multifaceted dimensions of the Creative Economy, detailing just how extensive the sector’s reach is, especially in Greater Los Angeles and Orange County. Indeed, the Creative Economy generates $1.3 trillion in aggregate annual income. And the sector is playing an increasingly important role in the national economic ecosystem: over the last decade creative aggregate income grew 50% faster than that of non-creatives.