The Case for the Creative Economy
When we talk about engines of economic growth, creativity isn’t usually the first word that comes to mind. But it should be.
From New York City to Nairobi, from Phnom Penh to Pittsburgh, the creative economy is quietly—yet powerfully—shaping how people work, innovate, and connect. It spans film, design, music, architecture, performing arts, gaming, advertising, publishing, and more. And the numbers tell a story that policymakers, investors, and community leaders can no longer afford to ignore.
$151.7 Billion: The U.S. Nonprofit Arts Sector’s Economic Footprint
Let’s start close to home. According to Arts & Economic Prosperity 6, the U.S. nonprofit arts and culture sector generated $151.7 billion in economic activity in 2022 alone—split between $73.3 billion in organizational spending and $78.4 billion in audience expenditures. That’s more than the combined GDP contributions of agriculture and mining.
Even more striking is what this means for jobs: 2.6 million full-time jobs supported, $101 billion in household income, and $29.1 billion in tax revenue across federal, state, and local levels. And these aren't jobs that can be offshored or automated—they’re rooted in communities.
Equally important is what the arts do for social cohesion. Nearly 9 in 10 attendees say the arts increase their community pride, and 86% report they’d feel a “great loss” if those events disappeared. In other words, the creative economy doesn't just make money—it create community bonds and connection to purpose, meaning, and joy.
Source: Americans for the Arts. “Arts & Economic Prosperity 6.” https://aep6.americansforthearts.org
$985 Billion: A Global Force with Local Impact
Globally, the creative economy is valued at $985 billion (2021) and is projected to grow to 10% of global GDP by 2030, according to The Policy Circle. That’s not fringe—that’s foundational.
The sector generates more than $2 trillion in annual revenue and employs nearly 50 million people worldwide. Half of these workers are women, and the sector is the largest employer of youth aged 15 to 29. Youth are the largest growing segment of population, especially in developing and emerging economies, making an expansion in the investment in creative fields a promising route for future economic stability.
What’s more, these jobs are uniquely tied to local identity. They reflect languages, stories, aesthetics, and ways of being that can’t be outsourced or commodified. That makes the creative economy a powerful strategy not just for economic growth, but for place-based revitalization.
Source: The Policy Circle. “The Creative Economy.” https://www.thepolicycircle.org/briefs/the-creative-economy
Impact Investing Meets Cultural Capital
What if finance backed creative industries the way it backs climate or tech innovation?
That’s the question behind Creativity, Culture & Capital, a global initiative that explores the intersection of impact investing and the creative economy. The report includes contributions from 123 global leaders across 28 countries—arguing that creative enterprise can yield both financial returns and measurable social impact.
Consider this: impact capital has transformed energy, health, and fintech. Why not storytelling, heritage, and design? Whether it's backing Indigenous media companies in Australia or artisanal supply chains in Africa, these investments unlock not just new markets—but new futures.
The creative economy doesn’t just need more funding—it needs aligned funding. As the report emphasizes, “The creative sector and the financial community must learn each other’s language” to scale sustainable, inclusive outcomes.
Source: Creativity, Culture & Capital: Impact Investing in the Global Creative Economy.https://www.creativityculturecapital.org
Asia’s Post-COVID Recovery Is Being Built with Artisans and Storytellers
In Creative Economy 2030, the Asian Development Bank makes a clear case: creative industries are key to a sustainable, inclusive recovery across Asia and the Pacific.
The report highlights how supporting micro and small creative enterprises can address youth unemployment, gender disparities, and informal labor precarity—especially in countries hit hardest by COVID-19. But it’s not just about economic repair. It’s about reimagining systems where culture is a driver, not an afterthought.
With growing digital infrastructure and a surging middle class, Asia is poised to lead the world in creative entrepreneurship. But that requires policy innovation, cross-sector collaboration, and public-private investments that recognize creativity as infrastructure.
Possible cross-sector collaboration include: between designers and manufacturing to create unique products (food, electronics, cars, etc.); between advertisers and locally-manufactured products to increase domestic consumption and pride; and between designers, policy-makers, researchers, and investors to rethink entire systems – transportation, infrastructure, cold chain, etc.- using well designed e-tools, AI, and systems.
Source: Asian Development Bank Institute. “Creative Economy 2030.”https://www.adb.org/publications/creative-economy-2030
So, What Now?
At B Global x Design, we believe that creative economies are not charity—they’re strategy. They are engines of jobs, cultural cohesion, youth employment, identity preservation, and systems innovation. And yet, far too many development and economic policies treat them as marginal or ornamental.
It’s time to change that.
Investors and Foundations: The creative economy isn’t charity—it’s frontier market infrastructure; back creative entrepreneurs the way you fund climate tech or fintech and unlock returns that are financial, cultural, and systemic.
Policymakers: Don’t just regulate or subsidize—design with culture in mind; embed creative industries into national development strategies to drive equitable growth, identity resilience, and innovation from the ground up.
Corporations: Don’t just sponsor creativity—co-create with it; artists are no longer performers at the margins but co-strategists in innovation, transformation, and social value. And in developing/ emerging economies, use creatives to brand and advertise. This helps build local brand identity, leading to higher consumer demand domestically and internationally.
Communities: Artists aren’t just reflecting your story—they’re co-architects of systems change; engaging local creatives can transform planning, build trust, and spark solutions from the ground up. They can be the very drivers for rural or urban renewal, growth, and connection.
Civic and Nonprofit Leaders: Stop treating artists as outreach and start inviting them into strategy—partnering with creatives can unlock inclusive processes, deepen public trust, and reimagine how systems serve communities.
Universities: Make creative practice central to problem-solving—not a department on the fringe; equip the next generation with the tools to design across disciplines, co-create across sectors, and lead social transformation.
The data is here. The momentum is building. The future is creative—if we choose to invest in it.
References:
Americans for the Arts. Arts & Economic Prosperity 6: The Economic & Social Impact Study of Nonprofit Arts & Culture Organizations & Their Audiences. 2023. https://aep6.americansforthearts.org
Upstart Co-Lab. Creativity, Culture & Capital: Impact Investing in the Global Creative Economy. 2022. https://www.creativityculturecapital.org
The Policy Circle. The Creative Economy. 2021. https://www.thepolicycircle.org/briefs/the-creative-economy
Asian Development Bank Institute. Creative Economy 2030: Imagining and Delivering a Robust, Creative, Inclusive, and Sustainable Recovery. 2022. https://www.adb.org/publications/creative-economy-2030