Local broadcast stations just reported jaw-dropping contributions to the U.S. economy, with a staggering $1.19 trillion in GDP generated this year.
Local commercial broadcast television and radio stations have made a significant mark on the U.S. economy, generating $1.19 trillion in gross domestic product (GDP) and supporting approximately 2.46 million jobs in 2024, as revealed by a recent report from Woods & Poole Economics Inc. and BIA Advisory Services. The study titled “Local TV and Radio: Helping Drive the United States Economy” scrutinized a total of 1,240 commercial television stations and 10,607 commercial radio stations, purposely excluding noncommercial entities and cable or satellite providers.
In the breakdown of the contributions, television stations accounted for a substantial $748.03 billion in GDP and roughly 1.55 million jobs. Meanwhile, radio stations contributed $437.04 billion in GDP along with 909,071 jobs. Curtis LeGeyt, the president and CEO of the National Association of Broadcasters, which commissioned the report, emphasized the unique value local stations provide, noting they deliver trusted journalism, essential emergency alerts, and community-centric entertainment.
The report categorized the economic contributions into three main areas: direct impact, effects on other industries, and a stimulative effect on the overall economy. Direct contributions from the broadcast industry reached $53.51 billion in GDP, translating to 310,924 jobs. Within this segment, television generated $33.69 billion and radio $19.82 billion, incorporating jobs from broadcasting, advertising, and programming.
Additionally, the ripple effects of local broadcast employees’ spending contributed another $134.10 billion to GDP and supported nearly 776,000 jobs. The stimulative effect driven by advertising emerged as the most significant factor, contributing an impressive $997.46 billion in GDP and 1.37 million jobs, reinforcing how essential advertising is to the economic fabric.
Looking ahead, broadcast revenues are projected to remain stable through 2028. Television revenues, drawn from both over-the-air and digital sources, are forecasted to reach approximately $22.21 billion in 2024. Radio station revenues are expected at about $12.41 billion for the same period. The study estimates that local broadcast revenues will continue to maintain their current levels, which reflects ongoing shifts in consumer behavior and competition from digital platforms.
Despite the positive outlook on revenue stability, the report also highlights the challenges faced by traditional broadcasters as younger audiences increasingly favor on-demand digital content. As the media landscape evolves, questions remain about the long-term viability of local broadcasters in a world where digital advertising now dominates the market.