AMERICAS – Fourteen members of the US Convention Industry Council have released data on the economic significance of meetings to the US economy.
The new data updates a 2009 study and shows significant increases in meeting participants, direct spending, tax contribution and job growth from 2009 to 2012.
The Economic Significance of Meetings to the US Economy study found that total output in 2012 related to meetings activity was an estimated US$770.4bn, while the total contribution to GDP was $393.8bn. Meetings activity in 2012 supported approximately 5.3m jobs, the research found.
The International Association of Exhibitions and Events (IAEE) is one of the 14 industry associations sponsoring the research project and its President and CEO David DuBois, said: “Through the collaboration with our friends and partners at these industry organisations, we have had an opportunity to take a deeper dive into the value of meetings, events and exhibitions to understand the change in the industry since the original study in 2009, where we are now, and the outlook for the future. There is no doubt that collectively we are a major economic driver and help foster long-term growth.”
During the 2012 calendar year, 1.83m meetings were held in the US, attended by 225m participants, providing more than $115bn to fuel the economy. Meetings contribution to GDP surpasses that of the air transportation, motion picture, sound recording, performing arts and spectator sport industries.
“The data proves organisations continue to value and place a priority on face-to-face meetings, even during a recovering economy,” said Karen Kotowski, Chief Executive of the Convention Industry Council. “Not only were more meetings held, they were attended by more people and represented a 10 per cent jump in the number of meetings participants from 2009 to 2012.
Meetings also made a local impact and supported cash-strapped local communities with tax revenue, generating $38bn in state and local taxes.
The Economic Significance of Meetings to the US Economy research was conducted by PwC US and spearheaded by an alliance of organisations representing the collective meetings, travel, exhibitions and events industries in the US brought together via the Convention Industry Council.
An executive summary of the research is available at www.economicsignificancestudy.org
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