Greetings, America. It looks like the country owes AdLand a nice, hearty thank you for keeping the economy moving.
Yes, only a few days ago, we covered how our friends across the pond were showing their government the impact advertising and marketing has had on the UK economy.
It seems that our government beat our AdLand to the punch. The U.S. Bureau of Economic Analysis, in partnership with the National Endowment of the Arts, released preliminary estimates of the overall impact of arts and culture production (ACP) on the economy. ACP, which is in large part made up of the advertising community (20% of total output), helped lead the industries to a favorable position in the struggling U.S. economy.
According to the report, AdLand and friends contributed to 3.2% of overall GDP. Compare that to the Hospitality and Tourism industry — Brand America — at a whopping 2.8%.
Looks like your son or daughter should scratch the hotel manager idea and become a copywriter.
What is even more interesting is that the number for advertising services didn't include media buyers, public relations, or direct mail. If those numbers were included, we could see AdLand as an impressive and crucial player in the U.S. economy.
But we all knew that.
As much as the public and their politicians hate on advertising and its advocates, it is times and reports like this that make the public scrutiny a little less burdensome.
Even during the Great Recession, though ACP lost a lot of jobs, it bounced back faster than we realized.
Several advertisers and advocates are celebrating over this news — this is data we can use when talking to businesses and Corporate America.
Hey, advertising is important! And yes, America, you're welcome. Looking forward to an even better 2014.
Dwayne W. Waite Jr. is partner and principal at JDW: The Charlotte Agency, a marketing and advertising shop in Charlotte, NC. He enjoys consumer behavior, economics, and football.