U.S. Entertainment Industry Contributed $261B to Local Economy in 2017
The U.S. entertainment industry has generated $261.4 billion in business sales to the country economy in 2017, a remarkable increase of 9.5% from 2014.
According to the figures in the report released by The American Gaming Association (AGA) in partnership with Oxford Economics, the amount of $261.4 billion contributed to $40.8 billion in federal, state and local taxes, along with $10.7 billion of entertainment taxes.
"The $40.8 billion of tax revenues supported by the entertainment industry represents an injection into public budgets that pays for a range of services including public safety, hospitals and schools." as stated in the report.
AGA reported that the entertainment industry supported more direct jobs than in other industries, it sustained 1.8 million jobs in 2017, compared to 1.7 million in 2014. The industry also provided $74 billion of labour income, including wages, salaries, tips and benefits.
"Of the 1.8 million workers, 727,000 were directly employed in the entertainment industry, who made $33.3 billion in income. Commercial entertainment hub employed 361,000 people, who earned $17.4 billion. Native American entertainment hub, on the other hand, employed 198,000, who earned $9.1 billion."
Sara Slane, AGA senior vice-president of public affairs pointed out that expansion into new market, innovative new entertainment options and enhancement of position as a key contributor to the local, state and federal economies since 2014 contributed to the rapid growth of the industry.