|February 19, 2011|
Site Leaders Distribute Results of The Economic Significance of Meetings to the U.S. Economy to Members Across 92 Countries
|As an Allied partner to the alliance of 14 industry organizations producing The Economic Significance of Meetings to the U.S. study, Site Leaders called for its global network of professionals who drive the motivational events and incentive travel segment to take note. This landmark report released 17 February 2011, reveals 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. |
Mary MacGregor, Site President and Vice President, Account Development, BCD Meetings & Incentives stated, "Site shares in acknowledging the significance of this data as a crucial benchmark in establishing the financial impact related to our industry and efforts. As our industry segment --- motivational events and incentives --- was at the height of the scrutiny that led to the commissioning of this research, this data has extreme relevance. Through this study, and the ongoing research of the Site International Foundation, our members have never been better equipped with the data they need to validate the use of motivational events to achieve business results."
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. Of the 1.8 million meetings, 1.3 million are classified as corporate or business meetings, 270,000 are conventions, conferences or congresses, 11,000 are trade shows and 66,000 are incentive meetings.
Steve O'Malley, Site International Foundation President and Senior Vice President, Maritz Travel stated, "While this research measures many aspects of meetings, we know that the value of incentives and motivational events extends well beyond the reach of this study. Not only does our segment of the industry contribute to these staggering numbers that contribute to the U.S. economy directly, more importantly incentive travel drives business results for the companies that employ this set of tools properly."
Additional data demonstrated that the 1.7 million jobs generated by the meetings industry is larger than many U.S. industries, including broadcasting and communications (1.3 million), truck and rail transportation industries (1.5 million) and computer and electronic product manufacturing (1.1 million). The industry's 1.7 million jobs generate $60 billion in labor income and support another 4.6 million U.S. workers, including industry suppliers and those who rely on meeting output for sales and revenue. The vast majority of meetings (85 percent) were conducted at venues with lodging. Meetings generate 250 million overnight stays by 117 million Americans and 5 million international attendees. Including direct, indirect and induced contributions, meetings activity provides $907 billion in total economic output to the U.S. economy. Total economic output also includes a $458 billion value-added contribution to GDP, 6.3 million full-time and part-time jobs, $271 billion in labor income including wages and salaries, benefits and proprietors' income, $64 billion in federal tax revenue and $46 billion in state and local tax revenue.
To find out more on this study visit the Industry Representation section at:
Details on the study and the 14 leading membership organizations which formed the research alliance can be found at: