Feb. 17, 2011- The Convention Industry Council today released a new study: The Economic Significance of Meetings to the U.S. Economy, revealing that the U.S. meetings industry directly supports 1.7 million jobs, a $106 billion contribution to GDP, $263 billion in spending, $60 billion in labor revenue, $14.3 billion in federal tax revenue and $11.3 billion in state and local tax revenue.
The study, conducted by PwC US, assisted by a team of industry researchers, spanned more than a year in research and analysis and is the first-ever study of the size and scope of its kind. The research quantifies the economic contributions made by the 1.8 million meetings, trade shows, conventions, congresses, incentive events and other meetings that take place across the country. Details on the study and the 14 leading membership organizations which formed the research alliance can be found at www.MeetingsMeanBusiness.com.
“As the nation grapples with effective ways to work its way out of a recession, the meetings industry plays a critical role in supporting jobs in communities across America, creating environments that foster innovation, consensus and business success,” said Karen Kotowski, Executive Director of the Convention Industry Council, the trade organization which unites the meetings sector and educates the public on its profound economic impact. “Two years ago, the value of meetings, one of America’s top economic and social engines, was misunderstood by governments and the public. This new research quantifies the economic significance of our sector for legislators, regulators and economists alike.”
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Here in the Yakima Valley, conventions and meetings have been an important part of our economic fabric and tourism industry. The Yakima Convention Center hosted 128,012 visitors in 2010 for a multitude of events, from weekly Rotary meetings to annual conventions of various state and regional associations and groups. The center brought in more than $7.0 million in economic activity in 2010.