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LA's Creative Economy

LA's Creative Economy

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LA's Creative Economy
LA's Creative Economy

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Categories:Topics, Art & Design
Published by: scprweb on Dec 05, 2012
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12/12/2012

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2012OTIS REPORT
on the
CREATIVEECONOMY
of the
LOS ANGELESREGION
Prepared for Otis College of Art and Designby the Los Angeles County EconomicDevelopment Corporation
Over $3.3 billionin state and local taxrevenues generatedTotal economicoutput of $230.7 billion in Los Angelesand Orange Counties664,000 direct andindirect jobs – one inevery eight inthe regionThe 4th largestindustry cluster out of 66 in Los Angeles County
The Fast Facts:
Sponsors
 
2012 Otis Report on the Creative Economy of the Los Angeles Regionwww.otis.edu/econreport
 
1
 
The Creative Economy of the Los Angeles Region
How is the creative economy of the Los Angeles region defined? In this report, the creative economy isdefined as the market impact of businesses and individuals involved in producing cultural, artistic anddesign goods and services. It consists of creative professions and enterprises that take powerful, originalideas and transform them into practical and often beautiful goods or inspire us with their artistry.The creative economy also includes organizations that provide a venue for artists to share their work withthe public such as museums, art galleries and theaters. A third component of the creative economy in
Southern California revolves around activities one does not instinctively associate with “creativity” such as
the apparel, toy and furniture manufacturing industries. Yet, success in these three industries depends ongood design.The final piece of the creative economy consists of the support system that sustains creative activity: artsprograms in K-12 schools, post-secondary arts institutions to develop talent, and philanthropic foundationsalong with other nonprofit funding organizations to provide financial resources, incentives and services tothe creative arts.
The creative economy is undeniably important to the region’s economic growth. Crea
tivity is one of the Los
 Angeles region’s greatest economic assets. Having a creative edge supports economic prosperity. Themarket value of products and services is increasingly determined by a product’s uniqueness, per
formanceand aesthetic appeal. More companies are seeking employees with creativity as well as problem solving andcommunications skills. Business location decisions are also influenced by factors such as the availability of a creative workforce and the quality of life available to employees. The talent that drives the creativeeconomy provides a competitive advantage that reaches across almost every industry in the Los Angeles-Orange County region.Firms develop a competitive advantage when they implement strategies that other firms cannot duplicate.Regions develop a competitive advantage when they attract creative people because creative thinkersencourage innovation which, in turn, fosters economic growth. Furthermore, the creative talent pool in theregion is not as vulnerab
le to going “offshore.”
Historically, the development of advanced technologies thatincrease productivity was seen as a pathway to better jobs, but that is no longer necessarily true. Many advanced technologies can be replicated across the world using cheaper labor. Conversely, original artisticcreation, innovative design and other higher-level creative work cannot be outsourced so easily. Creativity also serves to build both brand awareness and an attractive living environment to entice talented people toa region. When one thinks of Los Angeles, the signature industries that most frequently come to mind are tourismand entertainment. But what draws nearly 27 million visitors to Southern California every year? How did
Los Angeles become the “entertainment capital of the world”? Tourism and entertainment derive theircompetitive advantage from the “L.A.” brand, which in turn owes its distinctiveness to the
creativeeconomy.
  Although tourism and entertainment are the most obvious industries that draw their competitive advantage
from the region’s creative culture, the creative talent base of the region spills over into
a number of other
 
2012 Otis Report on the Creative Economy of the Los Angeles Regionwww.otis.edu/econreport 2
sectors and is a major driver of economic growth. There are linkages between manufacturing, internationaltrade, and even commercial real estate. Moreover, cultural spaces can become hubs for civic engagement.In this role cultural spaces can develop into a powerful community revitalization asset, especially ineconomically distressed neighborhoods. About 664,000 employees work directly or indirectly in the creative economy of Los Angeles and Orangecounties. Los Angeles County based firms in the creative economy earned an estimated $120.9 billion indirect revenues during 2011, while Orange County accounted for an estimated $14.5 billion. California andlocal governments received an estimated $3.3 billion in taxes tied to these activities. When indirect revenues were added, the total economic output of the regional creative economy reached an estimate of $230.7billion. With 304,000 direct employees in Los Angeles County, if creative industries were an industry cluster (ratherthan an amalgamation of industries across industry clusters), they would rank fourth out of 66 industry clusters, behind health services (385,400 jobs in 2011), local commercial services i.e. business to businessservices (358,100 jobs) and local hospitality establishments (311,400 jobs).Because creativity is a dynamic function of humanity, the creative economy is a vibrant and vital force insociety. Our intellect and aesthetic sensibilities lead us to express through the arts, problem solve throughdesign, and seek out what is beautiful and original. Los Angeles is unique because of its combination of place, resources and open attitudes toward new ideas. Here, new ideas are constantly given form andbrought to life by creative people. Otis College of Art and Design, a critical component of the creativeeconomy, commissioned the analyses in this report to put real numbers to the business of creativity. Otisand the LAEDC carried out this research because in the Los Angeles region, creativity is fundamental toeconomic growth and prosperity.

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