Home / Business and Economy / NYC's Creative Exodus: Artists Priced Out of Cultural Capital
NYC's Creative Exodus: Artists Priced Out of Cultural Capital
15 Feb
Summary
- Creative workforce in New York declined by 6.1% since 2019.
- New York creatives earn 23% less than national average when adjusting for cost of living.
- Over 50 cultural venues closed in New York since 2020.
New York City is experiencing a significant outflow of creative professionals due to escalating living costs, impacting its status as a global cultural hub. Since 2019, employment in creative fields has dropped by 6.1 percent, with artists bearing disproportionate hardship during the pandemic and facing increased expenses thereafter. This financial squeeze has prompted many, like makeup artist Noel Jacoboni, to consider leaving the city.
The economic reality for New York's creatives is stark: they earn approximately 23 percent less than the national average when cost of living is factored in, a gap that has widened over the past decade. Median rents have surged 42 percent while creative salaries have lagged behind, rising only 25 percent. This trend has contributed to a decline in cinema, TV, advertising, and design sectors, with significant job losses reported.
Furthermore, the city has witnessed the closure of over 50 theaters, music clubs, museums, and galleries since 2020, attributed to rising operational costs. Even major cultural institutions, including Broadway shows and renowned museums, have faced financial challenges, leading to layoffs. City officials are actively seeking strategies to address these affordability issues and ensure New York remains a viable home for its vibrant artistic community.
