Friday, December 7 - If Otis College of Art and Design is to be believed, you might want to start readying those cameras and sketch pads. The just-released 2012 Otis Report on the Creative Economy of the Los Angeles Region notes that the creative economy is the 4th largest employment cluster out of 66 in Los Angeles. One out of every eight jobs is in the creative economy.
This is the sixth year that the L.A.-based Otis has released its creative economy report. The 2012 edition was launched from the new Google YouTube Los Angeles space.
So how big is the creative economy? Try enormous. How about 340,000 jobs and a $3.3 billion economic impact in the L.A. and Orange County areas? How about every 10 direct jobs within the industry supporting nine indirect jobs?
Per the report highlights, Nearly half the revenues (42%) come from the entertainment industry with 28.2% coming from the fashion industry, 9.1% from the visual and performing arts and 8.6% from furniture and home furnishings.
Nonprofits like JVS make up 18.3% of the creative economy workforce with 235 in Los Angeles. A caveat: this is data as of 2007, and - at least in the highlights section - the report breaks down industries in the nonprofit sector as performing arts organizations (43%), museums (30%) and arts education (27%).
That adds up to 100%. Where this leaves nonprofits (or charities) which are not performing arts, museums or arts education, I'm not certain.
Although job growth declined in the creative economy 14% from 2007-2010, forecasters predict a 4.2% growth rate from now until 2015 with the largest growth expected in - you guessed it -digital media. Digital media showed the largest growth despite the recession with more than 700 jobs added since 2009.
Read the full report here.