The 2017 Economic Impact of Music in Texas
Monday, January 29, 2018
The return on investment associated with economic development is normally a longer-term payback, as external events tend to drive the fortunes of a regional economy in the near term, per the boom and bust cycle of sectors such as energy and real estate. However, the State can have a more significant influence on its economic fortunes over the longer run. Much of Texas’ future will depend on a highly capable workforce, innovation and entrepreneurship, clusters in knowledge industries, the presence of world-class research universities and other institutions of higher learning, and public policy that supports growth and development. Embedded in all of the above is the interrelationship between creativity, innovation, and quality of life. This brief analysis updates the impact of music done in 2015 within this space, using the same methodology and sources of data, as well as discussing broad areas of additional influence on the state’s economy.
Inputs and Methodology Used in the Modeling Process
Any effort to measure the role of music in a local economy will by definition involve classification decisions by the analyst, since music does not map directly to standard industrial classification patterns. For this study, there are two broad categories of activity that comprise the music sector:
1) Music business (which includes commercial music, music-related media, music production, distribution and sales, music industry, tour, and recording services, performers, and music-related manufacturing, transportation, and retail activity (including venues)); and
2) Music education (both primary and secondary)