Boosting the Creative Economy in New Bedford: An Analysis of the Artistic Impact on Economic Growth

A recent study by the New Bedford Economic Development Council and Zapalac Advisors sheds light on the significance of the creative economy in New Bedford. The report, titled “The Composition of the New Bedford Creative Economy and Economic Impacts 2018-2022,” emphasizes the importance of the arts in driving economic growth in the city.

At a presentation at Poyant Signs in the New Bedford Business Park, Laurie Zapalac from Zapalac Advisors summarized the findings, recommendations, and methodology of the report. The study highlights the diverse range of businesses within New Bedford’s creative economy, from established institutions such as the New Bedford Whaling Museum and Zeiterion Performing Arts Center to independent creatives like poets, musicians, and filmmakers.

As of 2022, there were 33 non-profit organizations, two public institutions, 383 private companies with employees, and 181 independent creatives/sole proprietors contributing to the creative economy. These establishments generated around $300 million in revenue and provided 3,370 jobs, which accounted for 7.2% of New Bedford’s civilian workforce.

The report suggests several recommendations for supporting growth within the creative industry. These include continued funding for the arts, tracking development within the sector, and expanding loan and investment programs specifically tailored to creative industries. Despite a slight decrease in revenue due to COVID-19’s impact, future research predicts a positive outlook for revenue growth within this sector. Overall, this study demonstrates that creativity is an essential component of economic success in New Bedford.