Notes & Excerpts from: 2022 New York City Publishing Industry Economic Impact Study
Findings from the 2022 New York City Publishing Industry Economic Impact Study, which claims, and may well be, the first study of its kind.
Findings (and remember this is just about NYC) include:
· “In looking at the industry’s core sectors, the study confirms that publishing is vital to the city’s creative economy, supporting nearly 95,000 jobs, $11 billion in wages and $34 billion in total economic output. The average annual wage of publishing study workers is $122,000, well above the city’s overall average annual wage of $99,000.”
· “In 2019, the creative industries accounted for more than 500,000 local jobs and have an economic impact of $150 billion annually.”
· “The Publishers sector had the highest average annual wage, at $132,000.”
· “All sectors experienced wage growth between 2010 and 2020 at an average CAGR of 2.6%.”
· “The Print Production sector represents 1% of the overall publishing industry’s direct employment and less than 1% of direct wages and direct economic output. This sector has experienced a steady employment decline and has a very small footprint in NYC. Most paper manufacturing and printing operations have moved to the Midwest, as well as overseas to South America, Canada, and China due to lower labor costs.”
· “Stakeholders noted that the high cost of living in NYC has presented challenges for emerging freelancers, especially those from low-income backgrounds. This challenge also applies to entry-level employees within the Publishers sector.”
Recommendations:
· Explore partnerships
· Copy Philadelphia: “Market NYC-based publishers through new programs like “One Book, One New York””
· Work with libraries
· Support local
· “Consider supporting the development of bookstores in the Bronx – a borough with limited literary resources”
· “Consider the role of bookstores in the City’s efforts to revitalize commercial districts”
Covid-19 impact:
“This report evaluates 2020 employment levels, which represent the average of employment reported for all 12 months of the year. 2020 employment levels therefore reflect the impact of the COVID-19 pandemic, which presented substantial challenges for most of New York City’s economic sectors, including the publishing industry, between March and December 2020. While publishing industry employment has been declining for the past decade, the industry experienced a steeper employment decline between 2019 and 2020 than in previous years.”
“However, stakeholders have indicated that some publishing sub-sectors fared better in 2021 and 2022 than at the onset of the pandemic. Thus, it should be noted that the publishing industry’s economic impact estimate may be conservative. Once available, employment data for 2021, 2022, and additional future years may be used to evaluate the COVID-19 pandemic’s long-term impact on the publishing industry.”
Shifts from 2010-2020:
· Unsurprising decline in Book Publishers, Periodical Publishers, and Newspaper publishers
· Significant increase in Internet Publishers
NYC Medium Annual Earnings by Occupation:
· Editors - $85,000
· Advertising Sales Agents - $83,000
· Market Research Analysts - $85,000
· News Analysts & Journalists - $85,000
· Graphic Designers - $68,000
Employment by Race and Gender:
· Notably women make up only 42% of Publishing Sector jobs
· NYC has more diversity in Publishing Industry employment compared to national levels
· The Publishing Industry remains 70% White.
· Higher Ed: 44% Women
· Higher Ed: 59% White
Other NYC Employment median annual earnings:
· Writers & Authors: $73,000
· Photographers: $59,000
· Freelance Art Directors: $108,000
· “Faculty at publishing and journalism programs, classified as Postsecondary Teachers”?: $109,000
· Editors: $85,000
· Printing Press Operators: $46,000
· Personal Service Managers: $88,000
· Print Binding Workers: $37,000
· Retail Sales: $33,000
· Supervisors of Retail Salespeople: $48,000
· Software Developers: $134,000
7.8% decline in the number of bookstores.
