A study by Oxford Economics for Events Industry Council revealed the economic impact of the US meeting industry on the American economy.
Oxford Economics has conducted a large-scale research on behalf of Events Industry Council, an organisation that brings together over 30 professional MICE associations representing 103,500 employees and 19,500 companies.
The study looked at the economic impact of the US MICE industry (Meetings, Incentive, Conferences, Exhibitions), and the results are astonishing.
In 2016, 1.9 million meetings were held in the USA, with 251 million participants.
These events generated:
– $325 billion of direct spending;
– $104 billion of federal and local taxes;
– $446 billion in gross domestic product.
The US meeting industry supports 5.9 million jobs.
International travelers represented only 2% of meeting participants, but 11% of the total expense.
Each participant generated around $400 of taxes.
The direct spending on meetings has increased by 3.6% since 2015, and by 23% since 2009 (the year of Oxford Economics’ first study).
Surprisingly, the MICE industry sustains more jobs than many larger sectors such as food, auto and chemicals.