February 24, 2014
The meeting industry means more than you think to the US economy. How much more exactly? A recent study released by the Convention Industry Council and executed by PricewaterhouseCoopers reveals the exact numbers. The report uses figures from 2012 and shows how the post-recession climate benefited the industry.
The research took in consideration all meetings that gathered “10 or more participants for a minimum of four hours in a contracted venue“ and included conventions, conferences, congresses, trade shows and exhibitions, incentive events, corporate and business meetings, as well as other meetings that meet the above mentioned parameters. The assessment of the industry yielded that 1.83 million meetings took place in the US in 2012 alone. Corporations hosted more than 50% of the 2012 meetings, more exactly 55%, being followed by associations and membership organization with 26%, and NGO’s and nor-for-profit organizations at 23%. Cumulatively the different hosts gathered an impressive 225 million participants for the year.
If these numbers don’t have you convinced yet of the economic power of the meetings industry keep reading, the following statistics will.
- 280 billion is the total direct spending linked to US meetings activity in 2012
- 115 billion is the contribution made by meetings to the US GDP
- 1.8 million represents the number of new jobs created by the meetings industry in 2012
- 164 billion is how much participants spend due to meetings
- 28 billion is the contribution made to federal, local and state taxes
This report paints a crystal clear picture of the importance of the meetings industry to the bottom line of the US economy. Clearly the effects of the meeting you are planning or attending as we speak stretch well beyond the walls of a hotel or convention center.