DENVER — The Colorado Office of Economic Development and International Trade (OEDIT) today announced the findings of the 2020 Colorado Creative Economy Report with Initial Impacts of COVID-19. The report was prepared in collaboration with OEDIT’s Colorado Creative Industries Division and Dr. Michael Seman of Colorado State University’s LEAP Institute for the Arts and Regional Economic Development Institute.
The research offers insights into Colorado’s creative economy, employment and revenue while highlighting trends on its comparative health statewide. The initial effects of the COVID-19 crisis are addressed with recommendations for how to mitigate them and move forward.
The study reveals that creative industries have played a key role in Colorado’s economy for the past decade with higher than average growth in all regions of the state from 2010-2019. Creative Industries generated $31.6 billion in sales of goods and services in 2019. This figure represents 4% of all goods and services sold within the state, more than mining or transportation. As COVID-19 continues to spread throughout Colorado, arts and culture organizations are witnessing dramatic, unprecedented losses in employment and revenue. Colorado’s largest and fastest growing creative industries, including music, theater, dance, and visual arts, have also been among the hardest hit by the impacts of COVID-19. Data estimates that between April and July 2020, creative industries as a whole will lose 59.6K jobs and $2.6B. The estimated losses will contract the region’s creative economy by 31% in terms of employment and 8% in annual sales revenue.
The report also highlights the important social benefits of arts, culture and creative industries and emphasizes the critical role in economic recovery and resiliency.
“Arts and culture have always been essential to economic resilience during times of crisis,” said Margaret Hunt, Director of Colorado Creative Industries. “Just as importantly, they provide healthy outlets for expression, keep people connected and generate positivity and hope in the face of adversity.”