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CIC releases figures on economic importance of meetings

Seeing significant growth in the meetings industry, the Convention Industry Council (CIC) released a report describing a year-over-year increase in both meeting participant volume and associated economic impact to local areas.

In updating its data from 2012 and comparing figures versus 2009, the CIC report revealed a 10 percent increase in meeting participant volume and a 9 percent increase in meetings contribution to the overall GDP, including a 9.6 percent increase in local economic impact.

According to officials, CIC data stems from the 2014 Economic Significance of Meetings, which will be released by the end of January.

Also in the report, stimulated job growth from meetings increased 8.3 percent.

According to Karen Kotowski, CEO, CIC, the study is much more than raw data.

“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,” said Kotowski.

The report will reveal the number of meetings and participants by meeting type, percentage breakdown of meeting expenditures, and further GDP contribution analysis.

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