The Huge Impact of the Meeting Industry in Numbers: $770 Billion
The Convention Industry Council published its 2012 Economic Significance Study. The total output of the meetings industry in the U.S. is worth 770 Billion dollar.
The Meetings Industry's Direct Contributions to the U.S. Economy in 2012:
1.83M corporate and business meetings, trade shows, conventions, congresses, incentive events and other meetings take place in the U.S., resulting in:
- $280B in direct spending
- 1.78M U.S. jobs
- $115B contribution to GDP
- $28B in federal, state and local tax revenue
- $66.8B in U.S. labor income
The indirect effects are valued $276B and the induced spending 213B bringing the total impact to a stunning $770B.
Meetings Industry Volume, Lodging and Attendees
- 225M attendees participate in the nation's 1.87M conventions, conferences, congresses, trade shows and exhibitions, incentive events and corporate/business meetings.
- Of the 1.87M meetings, 1.3M are classified as corporate or business meetings
- 85% of meetings are conducted at venues with lodging, generating more than 275M room nights.
- Of the 225M attendees, 179M are delegates, 18.5M are exhibitors and 27M are others, including event organizers, staff, press, etc.
55% of all meetings are corporate, 24% is hosted by non-profit organizations, 17% by associations (+ professional societies) and 4% by local and federal governments.
GDP Contributions Breakdown
- The meetings industry's direct contributions to Gross Domestic Product (GDP) are $115B
- Meetings' $115 billion contribution to the U.S. GDP is greater than, for example, motion picture/recording industry ($113B), performing arts/spectator sports/museums ($87B) and information and data processing services ($80B)
- Combined direct, indirect and induced effects of the meeting industry to GDP total $393B
The meetings industry supports with 1.78M jobs more jobs then the computer, trucking or broadcast and telecommunications industry.