- Recent data highlights tough times for the aspiring creatives.
- Arts and culture sectors account for 7.4 percent of the New York economy.
- More than half of the graduates in art history and the arts are underemployed.
According to the data analyzed by the Federal Reserve Bank of New York for the first quarter of 2024, art history, visual and performing arts, and graphic design majors have the lowest employment opportunities in the United States. The report also emphasizes that more than half of the graduates in art history and the arts are underemployed which essentially means that they are employed in jobs that don’t even demand a college degree.
The NYFED report shows an online chart that lays a comparison between unemployment and underemployment rates along with wages for different college majors. As of February 2024, art history majors carried a 8 percent unemployment rate and a 62.3 percent underemployment rate. Despite higher education where 43.8 percent hold graduate degrees, these majors face prominent challenges prevailing in the job market.
Fine arts majors also face challenges considering the 7.9 percent unemployment rate and a 55.5 percent underemployment rate. Performing art majors have a lower unemployment rate of 5.5 percent, however, they experience the highest underemployment rate at 65.3 percent. Graphic designers who generally hold bachelor’s degrees, experience lowest underemployment in the creative sector at 33.7 percent.
On the other hand, majors in industrial engineering, construction services, medical technology and more such engineering fields enjoy high job placements and a minimum six-figure median salaries by mid-career that is 35-45 age bracket as per the NYFED.
Recent data highlights tough times for the aspiring creatives. A survey published in May by Creatives Rebuild New York found that many artists in New York state struggle financially, despite the fact that arts and culture sectors account for 7.4 percent of the New York economy. Since 2021, CRNY has offered monthly guaranteed income and jobs for New York state artists but the survey revealed that over half of the participating artists made less than $25,000 last year and about 86 percent made under $50,000. Furthermore, 45.5 percent of respondents said that they had to depend on gigs and temporary work.
