According to the industry study “The Economic Significance of Meetings to the U.S. Economy”, the meetings industry has a huge impact on economy of the United States.
The study, conducted by the PwC US research firm, took into account all gatherings with at least ten participants for a minimum of four hours in a contracted venue. This is in line with the UNWTO (United Nations World Tourism Organization’s) definition of meetings, and it includes conventions, conferences, congresses, trade shows and exhibitions, incentive events, corporate/business meetings and other meetings that fall within those guidelines.
The research quantifies the economic contributions made by the 1.8 million meetings, trade shows, conventions, congresses, incentive events and other meetings that take place across the U.S.
Some numbers provided include:
205 million people, representing domestic and international delegates, exhibitors and organizers attend the 1.8 million meetings.
1.7 million jobs generated by the meetings industry is larger than many U.S. industries
$263 billion spending on goods and services resulting from meetings and events in the U.S.
$14.3 billion in federal tax revenue
$11.3 billion in state and local tax revenue
“As the nation grapples with effective ways to work its way out of a recession, the meetings industry plays a critical role in supporting jobs in communities across America, creating environments that foster innovation, consensus and business success,” said Karen Kotowski, Executive Director of the Convention Industry Council, the trade organization which unites the meetings sector and educates the public on its profound economic impact.
According to the study, the meetings’ $106 billion contribution to the U.S. GDP is greater than, for example, auto manufacturing ($78 billion), performing arts/spectator, sports/museums ($71 billion) and information and data processing services ($76 billion).
The full study is available at www.MeetingsMeanBusiness.com