Economic Impact Study
In 2015, the Texas Music Office commissioned the first of a series of studies on the impact of the music business on the Texas economy. In 2017, the Texas Music Office continued its work with Jon Hockenyos and his team of economists at TXP, Inc. to update the original study.
The results were incredibly conclusive concerning the strength and impact of music business within the state:
- Combined, music business and music education directly account for over 95,000 permanent jobs, $3.6 billion in annual earnings, and just over $8.5 billion in annual economic activity, up from 92,000 jobs and about $7.5 billion in annual activity during 2015.
- The ripple effects associated with the direct injection related to music business and music education bring the total impact (including the direct effects) to over 178,000 permanent jobs, $6.5 billion in earnings, and $19.8 billion in annual economic activity. The State of Texas also realizes over $323 million in tax revenue from these impacts.
Participation in the Texas Music Office's "Music Friendly Community" program provides Texas communities with a network for fostering music industry development, and sends a clear message to industry professionals that certified communities are serious about attracting and developing music industry growth.
The Texas Music Office is the State of Texas' official economic development office for the Texas music industry, and the office's resources are an unparalleled source of information into why the Texas Music industry annually has a multi-billion dollar economic impact on the state's economy.
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