Study to Address Economic Significance of Meetings
Last week, an announcement was made about the long-awaited U.S. economic impact study. The MPI Foundation, along with the foundations of five other industry organizations, are the funders of this study, which adopts much of the methodology developed in the MPI Foundation Canada’s landmark 2006 study.
The study process has been activated and is expected to be completed by September 2010. PricewaterhouseCoopers has been hired as the primary contractor, and U.S. Travel will project manage the study using their considerable in-house research expertise. CIC will provide contract administration support.
Recently, some trade media reported that this study was “…launched to get firm statistics on the benefits of face-to-face meetings,” raising some questions about the intent and scope of the work. The following summary points are intended to clarify the anticipated outcomes of the study.
1. Develop common data and language that all stakeholders can use when discussing the economic impact of meetings and events in the U.S. (with specific measures of GDP, employment and taxes generated).
2. Provide data that can be used at the local, state, regional and national level to articulate the economic driver that meetings and events represent.
3. Provide a basis for ongoing benchmarking and trend analysis.
4. Influence government agencies to alter the system of “national accounts” to better track a Meetings/Events Activity Expansion Area within the Tourism Satellite Account and elsewhere as appropriate.
The resulting study will provide a definitive, quantitative and research-based case that addresses the value and contribution of the U.S. meetings, exhibition and event sectors to the overall economy, as well as to the closely related travel and tourism economy. PwC has been collecting/researching data and expects to be in the field with surveys in January or February 2010. The study partners will be providing regular updates on the progress of the study to our partners and constituents.