Site is a participating sponsor, along with 14 other industry associations, in a landmark research project, The Economic Significance of Meetings to the US Economy.
One of the key findings was that organisations are successful when they invest in face-to-face interaction for their key stakeholders. Of the 1.8 million US 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.
Incentives represented 4% of the overall events examined, accounting for 25 million participants and 13 million room nights occupied in the us alone.
The vast majority of meetings (85 percent) were conducted at venues with lodging.
Meetings generate 250 million overnight stays by 117 million americans and five million international attendees.
The US meetings industry directly supports 1.7 million jobs, a $106 billion contribution to GDP, $263 billion in spending, $60 billion in labour revenue, $14.3 billion in federal tax revenue and $11.3 billion in state and local tax revenue.
The 1.7 million jobs generated by the meetings industry is larger than many US 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 US workers, including industry suppliers and those who rely on meeting output for sales and revenue.
Spending on goods and services resulting from meetings and events in the U.S. totals $263 billion. The majority of direct spending, $151 billion, is related to meeting planning and production, venue rental and other non-travel and tourism related commodities; $113 billion is spent each year on lodging, food service, transportation and other travel and tourism commodities.
205 million people, representing domestic and international delegates, exhibitors and organizers, attend the 1.8 million meetings. The meetings serve as vehicles for job training and education, generating sales revenue, linking domestic and foreign buyers and developing lasting relationships in personal environments that build trust and unity.
Including direct, indirect and induced contributions, meetings activity provides $907 billion in total economic output to the US 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.
David Sand, CEO of Uwin Iwin and vice president of Site, says, "From a global perspective, this study should will be a catalyst for other regional research to follow. Reinforcing the outcomes of this study with global data will only further demonstrate the overall impact of meetings and events in our growing global economy. From a South African perspective, the meetings and events industry is a key growth industry with the potential of adding many new jobs and vibrant business to our economy."
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