U.S. meetings, defined as having more than 10 participants
and lasting at least four hours, generated $845 billion in economic output in
2016, contributing $446 billion to U.S. GDP, according to a report the Events
Industry Council commissioned from Oxford Economics. The U.S. meetings industry
also supported 5.9 million jobs—directly, indirectly and as those employees
spent their wages in the broader economy—that paid $249 billion in labor
income.
Impact by Industry
U.S meetings produced $196.3 billion in economic output for
the business services sector, which includes professional and technical
services administration and support and waste management, according to a report
the Events Industry Council commissioned from Oxford Economics. U.S. meetings
also produced $141.1 billion for the finance, insurance and real estate
category and $96.2 billion for manufacturing. The hotels and lodging category
benefited to the tune of $50 billion, based on 300 million room nights. Meeting
organizers and hosts also spent $48 billion dollars on food and beverage. Meanwhile,
meetings-related travel expenses represented 13.2 percent of total travel and
tourism spending in the U.S.
The report analyzes results from Oxford Economics' survey of
933 meeting planners, 271 venue managers and 95 exhibitors; a survey of 8,914
U.S.-based participants in U.S. meetings by marketing research firm Longwood
International; a National Travel & Tourism Office survey of overseas
meeting participants; a Statistics Canada survey of Canadian participants in
U.S. meetings; group demand data and hotel financials from STR; data on trade
show activity from the Center for Exhibition Industry Research; and a Destinations
International report covering 154 U.S. destination marketing organizations.
Direct spending in the U.S. meetings sector outweighed the air,
rail and boat sectors combined. U.S. meetings supported more direct jobs than
many large manufacturing sectors—including machinery, food, auto and chemicals—and
more than each the telecommunications and oil and gas extraction industries.
Meetings also generated $104 billion of federal, state and
local taxes in 2016. On average, each meeting participant supported $416 of tax
revenue, including $251 of federal tax revenue and $165 of state and local tax
revenue.
Direct Meetings Spend
Spending on planning and production of U.S. meetings, travel
to meetings and meetings-related activities generated $325 billion:
- $167 billion to plan & produce
- $120 billion for travel
- $38 billion of spending by exhibitors &
other direct outlays
The spend averages $1,294 per meeting participant. International
meeting participants numbered 6 million and generated about $38 billion of
direct spending, 11.5 percent of the sector's total spending.
Direct spending on U.S. meetings has grown 23
percent since 2009, owing primarily to a growing number of meeting
participants. In 2009, 1.8 million meetings hosted 205 million participants,
and in 2016, 1.9 million meetings hosted 251 million.