Study: Advertising Powers $10.4T in U.S. Economic Activity, Supports 29M Jobs.

A new report from S&P Global Market Intelligence commissioned by The Advertising Coalition finds that advertising is far more than a tool for brand promotion; it’s a critical engine of the U.S. economy. The study reveals that advertising accounted for 21.9% of total U.S. economic output in 2024, generating $10.4 trillion in sales activity and supporting 29 million jobs across all 50 states.

That means nearly one in five American jobs, 18.3% of the workforce, were tied to advertising activity last year. On average, every $1 million spent on advertising supported 59 jobs, with salaries averaging $93,000, 26% higher than the national average.

“Advertising is a robust catalyst that stimulates extensive economic activity across every state and every sector of the US economy,” Bob Flanagan, Consulting Director at S&P Global Market Intelligence, said in a release. “Our data-driven models traced how advertising drives spending by U.S. businesses and households, stimulates supply chain activity, and enhances income-based consumption. We quantified advertising’s broader economic impact on businesses, workers, and communities across the country.”

The study, titled The Economic Impact of Advertising on the U.S. Economy, also forecasts continued growth: by 2029, advertising is expected to support 32.1 million jobs and generate $12.7 trillion in sales.

While cities like New York, Los Angeles and Chicago remain advertising hubs, the economic benefits are widely distributed. States with the highest proportion of advertising-supported jobs include not only California and Illinois, but also Indiana, Iowa, South Carolina and Oregon, showcasing how the sector’s impact cuts across regions and industries.

Advertising spending in 2024 totaled $491 billion. Of that, $3.5 trillion in direct sales was generated by advertising-driven demand, with another $2.8 trillion in indirect sales through suppliers, and $3.6 trillion in induced spending from employee incomes.

“The reach and community connection of local television and radio stations provide unparalleled value to both our advertising partners and the audiences we serve,” Curtis LeGeyt, President and CEO, NAB, remarked. “Advertising fuels local economies, supports good jobs and sustains the trusted journalism and emergency information that Americans rely on, and we are pleased that this study once again affirms this.”

The study marks the first economic impact analysis released by The Advertising Coalition since 2022, when it reported $7.1 trillion in advertising-driven sales activity and 28.5 million supported jobs, meaning advertising’s total economic contribution has grown by more than 45% in just three years.