Convention Industry Council Releases Figures on Economic Importance of Meetings
As the Meetings Mean Business campaign was formally announced last week, the Convention Industry Council (CIC) also released statistics from the 2014 Economic Significance of Meetings to the US at the PCMA Convening Leaders event in Boston. The full report, which will be finalized later this month, is an update to the original Economic Significance Study (ESS) published in 2010.
Using new data from 2012, the study identified growth in a number of areas. Compared to the 2009 data:
- Participant volume at meetings and events increased by 10 percent;
- Meetings’ contribution to GDP increased by almost 9 percent, providing more than $115 billion to fuel the economy;
- The industry’s contribution to federal, state and local tax dollars increased by 9.6 percent, providing more than $28 billion in tax receipts; and
- The industry stimulated job growth with an 8.3 percent increase, providing jobs for more than 1.7 million Americans.
- The report will also reveal information such as:
- The number of meetings and participants by meeting type;
- Percentage breakdown of meeting expenditures; and
- Further GDP contribution analysis.
“Commissioned by CIC’s members back in 2009, the Economic Significance Study represents much more than hard data,” said Karen Kotowski, CMP, CAE, chief executive of the Convention Industry Council in a statement. Since the original Study, Kotowski continued, associations have worked to promote not only the economic but the social value of meetings and events. "As a member of the coalition, CIC looks forward to being an active member of the campaign,” she said.