IIPA Releases Economic Report

The International Intellectual Property Alliance (IIPA) released their economic report on July 20 that the U.S. copyright industry continues its domination in the U.S. economy.

This isn't news to the copyright industry, which has always done well in the U.S. economy. According to IIPA, in 2004, 2005, 2006 and 2007, the real annual growth rates achieved by both the "core" and "total" copyright industries were more than double the real growth rates achieved by the U.S. economy entirely.

According to findings in 2007, the U.S. copyright industry employed 11.7 million people, or 8.51 percent of the U.S. workforce. The total copyright industry was worth $1.52 trillion that year, and earned $126 billion in total core copyright sales in foreign markets.

The 2003-2007 Report, written by Stephen Siwek of Economists Incorporated, was finished for the IIPA and updates eleven former studies concerning the economic impact and contributions of U.S. copyright industries on the U.S. economy.

This report was released on July 26 at an event held at the U.S. Department of Commerce with Secretary of Commerce Gary Locke.

"The 2009 edition of this study shows how significantly the U.S. copyright industries contribute to U.S. job and revenue growth, wages, and to U.S. international trade," said Eric H. Smith of the IIPA. "This study (covering data from 2003-2007), like those that preceded it, strongly supports the continuing need for our government to focus its full attention on the economic and social importance of the creative industries within our 21st century economy."