In economic terms, these are among the worst of times. In the U.S., unemployment is still uncomfortably high, the stock market remains schizophrenic—and things are even worse overseas, where Europe is dealing with the euro zone crisis. But for PR and ad agencies, these are among the best of times, new data suggests. Sageworks Inc. analyzed the financial statements of private companies in the advertising business, and found another year of double-digit sales growth.
“Ad agencies, public relations agencies, media buyers and other businesses that work in that space between advertisers and media owners have seen an average sales increase of more than 11 percent in the last 12 months , Sageworks’ data shows. It’s the second year of a recovery for the industry after an average drop in sales of nearly 7 percent in 2009 as advertisers clamped down on spending during the recession.”