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Face-to-face meetings create jobs, generate economic activity and fuel business success — benefits that appear to be growing, not shrinking, with age, according to the Convention Industry Council (CIC), which this week previewed data from its new economic significance study.
CIC’s “2014 Economic Significance of Meetings to the U.S.” report is an update to its original “Economic Significance Study,” published in 2010. Previewed in support of the industry’s new “Meetings Mean Business” campaign
, data compares 2012 data with 2009 data. Key findings include:
• Attendance at meetings and events has increased by 10 percent.
• Meetings’ contribution to GDP has increased by almost 9 percent, providing more than $115 billion to the U.S. economy.
• Meetings’ contribution to federal, state and local tax dollars has increased by 9.6 percent, providing more than $28 billion in tax receipts.
• The meetings industry has stimulated job growth with an 8.3 percent increase, providing jobs for more than 1.7 million Americans.
“Commissioned by CIC’s members back in 2009, the Economic Significance Study represents much more than hard data,” CIC CEO Karen Kotowski said in a statement. “As an industry we made a commitment to better understand the economic value of the meetings industry. Since then, associations have built on these efforts to promote not only the economic but the social value of what we do, rooted in that same belief. The Meetings Mean Business Coalition is one of them and as a member of the coalition, CIC looks forward to being an active member of the campaign.”
CIC plans to release the full “2014 Economic Significance of Meetings to the U.S.” report later this month.
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