The Meeting Industry: Dying or Thriving?
1.7 million jobs, $263 billion in spending, and $106 billion to the GDP. The numbers say it all--events have a significant impact on our economy, and its growth. According to The Economic Significance of Meetings to the U.S. Economy study, released by the Convention Industry Council February 2011, the meeting industry directly contributes to, and supports, jobs, spending, the GDP, labor revenue, and federal, state & local tax revenues.
A quick breakdown of the contributions made from the 1.8 million corporate and business meetings, trade shows, conventions, incentive events and other meetings taking place in the United States each year:
- 1.7 million jobs
- $263 billion in spending
- $106 billion GDP contribution
- $60 billion in U.S. labor revenue
- $14.3 billion in federal tax revenue
- $11.3 billion state and local tax revenue
Based on the study's findings, an estimated 205 million domestic and international delegates, exhibitors and organizers make up the 1.8 million events happening all over the country. Of those 205 million participants:
- 52% are attending corporate or business meetings
- 25% are attending conferences, conventions & congresses
- 12% are attending tradeshows
How is the government community contributing to these numbers? Are government conferences and events really on a downward path, or are they relevant as ever? According to the third Federal Media & Marketing Study, conducted by Marketing Connections and released in 2011, 62% of government employees attend some type of conference, seminar, or event each year. Using 2009 U.S. Census Bureau statistics, simple math will tell us that of the more than 22 million government employees, over 14 million of them will attend an event like FOSE and GovSec in 2012—now that’s significant!
Of the federal respondents surveyed in the Federal Media & Marketing Study, 52% indicated attending one to three trade shows in the past year. Although slightly less than the general federal population, 42% of executive management also indicated attending one to three trade shows in the past year.
While they make up the smallest sector of the GovEvents.com member base, over 1,000 government event organizers participate and post events on the site. Growth in organizer member base is expected to increase 60% in 2012—another indication that the event industry is alive and well.
To put this in further perspective, the meeting industry’s $106 billion annual contribution to the U.S. economy exceeds auto manufacturing by $28 billion, performing arts/spectator sports/museums by $35 billion, and information and data processing services by $30 billion.
GovEvents.com is the premiere online resource for government and military events worldwide. Created as a service to the government community, government and military personnel, vendors, and event producers can now go to one place on the web to find and post government-related events. Events can be searched by location, topic, organizer, and much more. Access to GovEvents is free of charge for all government users, event organizers and vendors/exhibitors.
Posted on 01/31/2012