CIC Previews New Figures on Economic Impact of Meetings
The Convention Industry Council released preliminary data from the 2014 Economic Significance of Meetings to the U.S. study during the Meetings Mean Business Press Conference at the PCMA Convening Leaders event in Boston. The full report, to be released later this month, updates the 2010 Economic Significance Study. The new report uses data from 2012. Comparing the preliminary data with the 2009 results:
• 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.
When released later this month, the study will include the number of meetings and participants by meeting type, a breakdown of meeting expenditures, and further analysis of the industry's contributions to the GDP.