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1. A little tweet storm on my @BrookingsMetro report with @michaelseman: Lost Art: Measuring COVID-19’s devastating impact on America’s creative economy: https://www.brookings.edu/research/lost-art-measuring-covid-19s-devastating-impact-on-americas-creative-economy/
2. What we did is we estimated the effects of the COVID-19 crisis on the creative economy, which is comprised of industries such as film, advertising, and fashion as well as creative occupations such as musicians, artists, performers, and designers.
3. More specifically, wee estimated losses in sales of goods and services, employment, and earnings for creative industries and creative occupations at the national, state, and metropolitan levels over the period of April 1 through July 31, 2020. Here's our main takeaways.
4. For creative. industries, we estimated losses of 2.7 million jobs and more than $150 billion in sales of goods and services for creative industries nationwide, representing nearly a third of all jobs in those industries and 9% of annual sales.
5. The fine and performing arts industries will be hit hardest, suffering estimated losses of almost 1.4 million jobs and $42.5 billion in sales. These estimated losses represent 50% of all jobs in those industries and more than a quarter of all lost sales nationwide.
6. Turning to creative occupations, we estimated losses of more than 2.3 million jobs and $74 billion in average monthly earnings for the creative occupations. These losses represent 30% of all creative occupations and 15% of total average monthly wages.
7. Turning to our state level analysis. California will be hit hardest in terms of absolute losses, followed by New York & Texas. When we look at the share of losses, the biggest losses occur in smaller states, like Alaska, Nevada, New Mexico, Louisiana, and Hawaii.
8. At the metro level, the 53 metros with populations over 1 million are estimated to account for more than three-quarters (80%) of total estimated losses in sales and two-thirds (68%) of all estimated job losses in creative industries across the United States.
9. NY & LA will suffer the worst absolute losses, but smaller metro areas such as Las Vegas, Nashville, New Orleans, Orlando, Memphis, Baltimore, Jacksonville, Tucson, & Austin will suffer larger losses in percentage terms.
