The meetings industry generates about $770 billion for the U.S. economy, according to a report just released by the Convention Industry Council and based on 2012 statistics.
The report says 1.83 million corporate and business meetings, trade shows, conventions, congresses, incentive events and other meetings were held in the United States in 2012, up from 1.8 million in 2009, when the CIC last studied the numbers. Those meetings resulted in:
- $280 billion in direct spending
- 1.78 million U.S. jobs
- $115 billion in contributions to the GDP
- $28 billion in federal, state and local tax revenue
- $66.8 billion in U.S. labor income
Meeting attendance rose to more than 225 million people, the study found. About 85 percent of those meetings were held at venues with on-site accommodations, producing 275 million room nights.
The study also showed that most participants travel at least 50 miles to attend a meeting, and thus spend money on hotels, transportation and restaurants.
The CIC last month relaunched its “Meetings Mean Business” campaign promoting the benefits of face-to-face meetings. The move was made to counter cutbacks in federal government travel spending.