Happy New Year!
I am relaunching my blog, now with a tighter focus. My new speaking, facilitation and workshop business, gives me a clear purpose to blog. I plan to share my expertise in economic development and the Creative Economy – Rural, Small Town & City in my blogs. So here goes, here’s my first new piece of content in quite some time. I would really appreciate feedback so please contact me via the various options below.
3 Key Numbers in the Creative Economy
There are 3 very important numbers related to the Creative Economy, this blog will highlight them and outline why these numbers matter. Many thanks to the Martin Prosperity Institute for informing this blog.
In the U.S. approximately 1/3 of the labour force is employed in the Creative Economy – these are people who are paid to think, people employed in creative occupations. In Ontario the number is even higher at 35%.
Creative Workers make 50% of all wages earned
The Creative Class earns approximately 50% of overall income in the economy in the U.S. In Ontario a creative worker makes on average $58,000 per year compared to a blue collar worker who makes about $38,000 per year. Creative Occupations on average pay quite well.
Creative Occupations represent 70% of disposable income
Here is the kicker they represent 70% of the disposable income in the economy! That’s a lot of money that gets spent – much of it locally. Community builders want to make sure they have their fair share of creative workers in their community spending that kind of money locally.
Creative Occupations are expected to grow by 40%
An important fourth number to be aware of is that the Creative Class is expected to grow by 40% from 2006-2016. In the previous decade it grew by 30%.
30-50-70 Creative Class Implications
So what are the implications? For those who are responsible for economic and community development the key question to ask is… are you nurturing an environment from which the Creative Class are staying in and moving to your community and participating in your economy?
My next blog will discuss approaches to making sure communities maintain and grow their share of the creative class.
Dan pioneered the practice of Creative Rural Economy, Economic Development in Prince Edward County, Ontario for 10 years until 2011. Now he is the President and CEO of the Greater Peterborough Economic Development Commission and the Greater Peterborough Innovation Cluster where his role has expanded to include both urban and rural creative economy work. Dan also speaks regularly to groups, organizations and conferences in order to help them grow their economies.
Want to Hear More?
I enjoy sharing my knowledge and expertise to help others on developing Creative Economies – Rural, Small Town & City. To book me for speaking engagements, facilitation, workshops and more book here or email me.
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* Chart courtesy of Canada’s Creative Corridor