The Economic Impact of Meetins to the U.S. Economy

Tuesday March 22, 2011

March 10, 2011 - Speculators beware, solid proof of the economic impact of meetings has been released, and it’s in the billions! On February 17th, 2011 a study known as “The Economic Impact of Meetings to the U.S. Economy” was released by the Convention Industry Council (CIC), with results that inevitably had the meetings industry saying, “Told you so!”


The meetings industry directly results in:

•    1.7 million jobs
•    $263 billion in spending
•    $106 billion contribution to GDP
•    $14.3 billion general tax revenue
•    $11.3 billion state and local tax revenue
•    $60 billion in U.S. labor income

The study also found that the estimated value added to the GDP more than the automotive industry and motion picture industry, just to name a few. The total economic impact of the meetings industry whether direct, indirect (suppliers) or induced (other attendees) is $907 billion.

The economic impact of meetings was demonstrated in Philadelphia at the Pennsylvania Convention Center Expansion Ribbon Cutting on March 4th, 2011. The 787 million dollar project was completed on time and on budget, and has already booked $2.7 billion in business. The expansion will create 2,000 hospitality industry jobs, generate $10 million in income tax revenue for Pennsylvania, and will generate $150 million to the regional economy annually.

Editors Note: With more business coming to Philadelphia in terms of meetings, now is the time to spread the word about the economic impact of meetings to supplier partners, local government officials and decision makers within companies.

For additional details on the study, visit www.meetingsmeanbusiness.com.

Contact: Ryan Derfler
City of Philadelphia Mural Arts Program
(215) 685-0754
#         #         #