The Importance Of The Creative Economy

A new report finds that the "creative economy" is probably the second most important part of the city's economy behind the financial sector.

"Across the country from Philadelphia to Seattle, mayors have invested hundreds of millions of dollars in arts and culture to help grow their economies and bring that elusive sense of “soul” to their cities. But as the rest of the nation implements major cultural development strategies and business investments alike, New York has never developed a coordinated cultural development strategy. It’s not that culture is any less important here; all agree that there are few economic sectors more vital to generating growth in the city... But the creative economy brings benefits that go far beyond direct employment. Among its greatest strengths is the ability to attract other businesses and jump-start neighborhood development. Arts and culture do this by giving local economies their "soul." And this is everything, given that "knowledge workers"—-an influential group that runs from playwrights and museum curators to software designers and financial analysts—-demand vibrant and dynamic settings in which they can work, live and create."

Thanks to EPN News

Full Story: The Creative Engine

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