A new report has been released by the New Bedford Economic Development Council and Zapalac Advisors highlighting 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 emphasizes the significant role of the arts economy in the city.
During a presentation at Poyant Signs in the New Bedford Business Park, it was emphasized that New Bedford’s creative economy is diverse, with historic anchor institutions like the New Bedford Whaling Museum and Zeiterion Performing Arts Center alongside independent creatives such as poets, musicians, and filmmakers.
The report classified different categories within New Bedford’s creative economy based on their revenue and job contributions to the city. As of 2022, there were 33 nonprofit organizations, two public institutions, 383 private companies with employees, and 181 independent creatives/sole proprietors directly participating in New Bedford’s creative economy. In total, there were at least 599 establishments generating approximately $300 million in revenue and providing 3,370 jobs.
Despite a decrease in revenue compared to 2019 due to COVID-19’s impact, future research suggests that revenue will increase significantly. The report recommends continuing to support the arts economy by ensuring funding is allocated appropriately. It also recommends tracking development needs and promoting loan and investment programs in creative industry sectors to further support growth. The report highlights that investing in the creative industry is vital for continued economic development in New Bedford.
In conclusion, this report provides valuable insights into how different categories within New Bedford’s creative economy contribute to economic growth and job creation. It underscores the importance of supporting these industries through appropriate funding allocation and investment promotion programs to drive continued economic development in our city.
