Research by Falmouth University and the Centre for Economics and Business Research (Cebr) has found that the gross value added (GVA) of the creative industries is due to surpass £100 billion by 2018.
Highlighting the positive impact the industry continues to have on the economy, the creative industries are also expected to be responsible for employing 1.39 million people in the same timeframe - representing 4% of total UK employment.
The research finds that computer programming and consulting has dominated growth in the sector, with 38% of all jobs in the creative industry in 2013 falling into this category. The strength of these activities is expected to continue to 2018, resulting in rapid job creation in response to robust demand growth. Similar developments are anticipated within advertising, media and market research activities, as they benefit from the economic recovery and rising confidence amongst businesses willing to invest and pursue growth through creative means.
Commenting on the findings Professor Anne Carlisle, Vice-Chancellor & Chief Executive at Falmouth University comments: "The UK creative industries are well established and admired on a global stage. With market leading talent blazing the trail for the creative industries in the UK, now is an exciting time to be in the sector. Our gaming and motion picture industry in particular is world class - with Grand Theft Auto V and Downton Abbey being well known examples - and the UK economy must continue to capitalise on this lead."
Exports of goods and services from the creative industries are expected to grow strongly, with Cebr predicting the sector to produce £34.5 billion in exports by 2018. This reflects rising international consumer demand for recreational and artistic output such as films, television gaming and music, as well as increased international success for the creative elements of the business services sector and robust demand from abroad for ICT and computer consultancy activities.
Anne concludes: "The creative industries clearly have a positive impact on the UK economy, in turn helping the government to reach its export target of £1 trillion to 2020. With support from the UKTI Creative Industries International Strategy, which aims to double the value of creative industries exports within the same period, we welcome investment in skills, training and to support continued UK creative excellence. At Falmouth we ensure our students have the best chance of success upon graduation, through quality work experience and being taught by lecturers with industry experience, and it's great to see how their talents are positively impacting our economy."
To meet growing demand for quality creative professionals, Falmouth offers a variety of courses including BA(Hons) in Fashion Design, Creative Advertising and Digital Games. Falmouth produces more than 1,300 graduates per year, with 95% of these in employment or further study six months after graduation and 24% are in self-employment or setting up their own business - more than four times the national average.
Falmouth also runs the renowned Alacrity programme, a Masters course that incubates creative businesses through students working on live digital games projects with high profile strategic partners. Not only do students gain invaluable experience, but they have the opportunity to create and lead the next generation of companies within the digital games sector - whilst local and global businesses benefit from working with the next generation of talent.
Download: Falmouth CEBR Report