meetings drive the US economy

Meetings & conventions are valuable to the US and world economy. Our industry has always been difficult to quantify, because sometimes we’re considered part travel and leisure, part hospitality, part tourism.

So to prove our collective worth, in 2009 the Convention Industry Council undertook a study entitled “The Economic Significance of Meetings to the US Economy.” The study found that the total direct spending associated with US meeting activity is estimated at $263 billion!

And that’s only the direct spending: out total contribution to the GDP was estimated at $458 billion, including 6.3 million jobs. Other nifty facts:

• 205 million attendees participate in 1.8 million US meetings each year
• We pay our taxes, including $64 billion in federal tax revenue and an additional $46 billion in state and local tax revenue
• The 1.8 million meetings generate 250 million hotel room nights per year.

These figures show that the hospitality industry is vital to the health of the US economy. For more information, visit Meetings Mean Business (http://meetingsmeanbusiness.com/)

Navigating Troubled Economic Times

With all the news about corporations under government scrutiny cancelling travel, lots of executives are asking if their companies should move ahead with upcoming conference. My answer to this question is, definitely!

Though virtual meetings are a great option, nothing can replace the value of meeting clients or industry partners face-to-face. Meetings and events are smart, cost effective ways to retain and develop employee talent, build engagement, generate ideas and share knowledge that drives business growth.

Conferences are also a key source of revenue for our economy; in fact, nearly one in eight jobs in the U.S. is linked to the travel and tourism industry. The meetings and conventions industry is one of the top twenty micro-economies, contributing to our gross domestic product. If companies hesitate, the effects could be catastrophic.

Last month, President Obama and key lawmakers met with travel industry representatives to express ongoing support for the meetings industry. The President encouraged businesses to continue supporting employee travel and attendance at events that provide measurable return on investment. Further information, guidelines, and resources can be found on the Meetings Mean Business website, co-sponsored by ten industry associations including the Professional Convention Management Association and ASAE.