New Bedford’s creative economy is a vital aspect of the city’s economy, as revealed in a new report released by the New Bedford Economic Development Council and Zapalac Advisors. The report, titled “The Impact of the Creative Economy on New Bedford’s Economy 2018-2022,” highlights the importance of arts and culture in driving economic growth.
Laurie Zapalac from Zapalac Advisors presented the report’s findings, recommendations, and methodology at Poyant Signs in the New Bedford Business Park. The report emphasizes the diversity of New Bedford’s creative economy, which includes both large institutions such as the New Bedford Whaling Museum and Zeiterion Performing Arts Center and independent creatives like poets, musicians, and filmmakers.
As of 2022, New Bedford’s creative economy consisted of 33 non-profit organizations, two public institutions, 383 private companies with employees, and 181 independent creatives/sole proprietors. These establishments generated around $300 million in revenue and provided 3,370 jobs, accounting for 7.2% of the city’s civilian workforce.
The report recommends continuing to support funding for the arts, tracking the development of the creative economy, and expanding loan and investment programs for creative industries to encourage growth in this sector. Despite a decrease in revenue due to COVID-19’s impact, future research projects higher revenue growth in the creative economy.