Ad Industry to Drive $150 billion into New York City Economy
The advertising industry will help drive $151 billion into the New York City metropolitan area economy this year, a new study found. The total economic activity generated by advertising - which includes direct spending, supplier spending and inter-industry activity - is estimated to account for a projected 18.9 percent of the region's $800 billion economic activity and an estimated 679,151 jobs, or 16.2 percent of the area's workforce of 4.19 million. The study estimates that total advertising spending by businesses in New York City for 2004 is estimated to come in at $12 billion, and the total revenue impact of this spending on the NYC region will be a projected $151.4 billion. The total projected impact includes the $12 billion, the direct impact on area sales of $68 billion, the impact on supplier economic activity of $33 billion and the impact on inter-industry economic activity of $38.4 billion.