Zapalac Advisors and New Bedford Economic Development Council Release Report on Creative Economy’s Impact on the City”.

A fresh report on the influence of the creative economy on New Bedford’s economy has been presented by the New Bedford Economic Development Council and Zapalac Advisors. The report titled “The Composition of the New Bedford Creative Economy and Economic Impacts 2018-2022” emphasizes the critical role of arts in the city.

During a presentation at Poyant Signs in the New Bedford Business Park, Laurie Zapalac from Zapalac Advisors highlighted the report’s findings, recommendations, and methodology. The report underscores the diversity of New Bedford’s creative economy, ranging from historic institutions such as the New Bedford Whaling Museum and Zeiterion Performing Arts Center to independent creatives including poets, musicians, and filmmakers.

In 2022, the New Bedford creative economy consisted of 33 non-profit organizations, two public institutions, 383 private companies with employees, and 181 independent creatives/sole proprietors. These establishments generated around $300 million in revenue and offered 3,370 jobs, accounting for 7.2% of the city’s civilian workforce.

The recommendations provided in this report include continuing to fund for arts support programs, tracking progress in developing creative economies and expanding loan as well as investment programs for creative industries. Despite a decline in revenue due to COVID-19’s impact future research predicts growth revenue increase in creative economies.