Originally published: April 28, 2010
Last updated: April 28, 2010 - 2:59pm
Over the past 35 years, U.S. media and communications spending rose at a compound annual growth rate of 8.1%, second only to the services sector, according to private equity firm Veronis Suhler Stevenson. It also outpaced the 6.5% gain for nominal GDP. The expansion means that the business grew from the tenth largest economic sector worth $63.1 billion, accounting for 3.9% of U.S. gross domestic product, in 1975 to the fifth largest in 2009 with $877.9 billion, or 6.3% of GDP. The datapoints are part of a review that Veronis is releasing Tuesday as part of its unveiling of a database of historical industry figures since 1975.