Nesta and the Creative Industries Council has published a new report called Creative Nation which eplores the growth impact of the creative industries on local economies.
Results show creative industries could further support employment growth and entrepreneurialism across the UK. The sector continues to expand faster than others in most local economies, beyond London and the South East, and every region and nation has locations with strong masses of employment and business activity. This creative growth appears to benefit neighbouring businesses and further investments in creative hubs might also pull up the local economies around them. The clustering of creative industries and wider creative practice in businesses suggests such investments might also make other sectors more productive.
However, currently the creative industries are unlikely to improve the UK’s productivity problem unless policymakers can increase the number of high productivity growth scale-up businesses.
Key findings include:
- Between 2011–2014 and 2015–2016 the creative industries in the average local economy increased twice as fast as any other industry (11%). This included regions outside of London and the South East.
- 53% of employment and 44% of businesses were found in the top five areas for creative industries, with 32% and 30% respectively for other regions.
- Thought creative businesses tend to be more productive (when size disparity is taken into account) than other types of businesses. However, 94% are micro-businesses which means they will not increase regional productivity without scaling up.
- There are 1,700 creative meet-ups in the UK comprised of over 180,000 individuals, all working together locally.
Download the report below.