The Convention Industry Council (CIC) released top-line data from its soon-to-be-released 2014 Economic Significance of Meetings to the US during the Meetings Mean Business Press Conference, which was held Tuesday, January 14th at the PCMA Convening Leaders event in Boston. The full report, 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%;
- Meetings’ contribution to GDP increased by almost 9%, providing more than $115 billion to fuel the economy;
- The industry’s contribution to federal, state and local tax dollars increased by 9.6%, providing more than $28 billion in tax receipts; and
- The industry stimulated job growth with an 8.3% 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. “As an industry we made a commitment to better understand the economic value of the meetings industry. Since then, associations have built on these efforts to promote not only the economic but the social value of what we do, rooted in that same belief. The Meetings Mean Business Coalition is one of them and as a member of the coalition, CIC looks forward to being an active member of the campaign.”