The Economic Significance Study found that total output in 2012 related to meetings activity is estimated at $770.4 billion, while the total contribution to GDP was $393.8 billion. Meetings activity in 2012 supported approximately 5.3 million jobs and generated $234.6 billion in total labor income.
DALLAS – IAEE joins 13 fellow members of the Convention Industry Council in releasing data on the Economic Significance of Meetings to the US Economy. An update to a 2009 study, new figures show significant increases in meeting participants, direct spending, tax contribution and job growth from 2009 to 2012.
The Economic Significance Study found that total output in 2012 related to meetings activity is estimated at $770.4 billion, while the total contribution to GDP was $393.8 billion. Meetings activity in 2012 supported approximately 5.3 million jobs and generated $234.6 billion in total labor income.
IAEE President and CEO David DuBois, CMP, CAE, FASAE, CTA, said, “Through the collaboration with our friends and partners at these industry organizations, 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, 1.83 million meetings were held in the U.S., attended by 225 million participants, providing more than $115 billion 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 organizations continue to value and place a priority on face-to-face meetings, even during a recovering economy,” said Karen Kotowski, CMP, CAE, chief executive of the Convention Industry Council. “Not only were more meetings held–they were attended by more people. We saw a 10% 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 $38 billion dollars in state and local taxes.
CIC Meetings Ess Update Executive Summary
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