A new report by the New Bedford Economic Development Council and Zapalac Advisors has shed light on the impact of “the creative economy” on the city’s economy. Titled “The Composition of the New Bedford Creative Economy and Economic Impacts 2018-2022,” the report highlights the significant role that arts play in the city’s economic growth.
During a presentation at Poyant Signs in the New Bedford Business Park, it was emphasized how diverse New Bedford’s creative economy is. From historic anchor institutions like the New Bedford Whaling Museum and Zeiterion Performing Arts Center to independent creatives such as poets, musicians, and filmmakers, there is no shortage of talent in this sector.
According to the report, New Bedford’s creative economy comprises different categories with varying revenue and job contributions. In 2022, there were at least 599 establishments directly participating in this sector, generating approximately $300 million in revenue and providing 3,370 jobs. While there was a decrease in revenue compared to 2019 due to COVID-19’s impact, future research suggests that revenue will significantly increase.
The report recommended supporting New Bedford’s arts economy by allocating funding appropriately and tracking its development needs. Additionally, it suggested promoting loan and investment programs in creative industries to further support growth. Investing in this sector is crucial for driving economic development in New Bedford.
Overall, this report provides valuable insights into how much potential lies within our city’s creative economy. With continued support and investment from both public and private sectors, we can continue to foster growth and development in this vibrant sector that contributes so much to our local economy and community culture.
