Meeting Professionals International Foundation (MPIF) recently commissioned an update to its groundbreaking 2006 Canadian Economic Impact Study (CEIS).
The 2007-2008 CEIS Update study demonstrates that the meeting industry continues to provide and create jobs, generate billions in tax revenue and grow the Canadian economy.
Business meetings and events impact virtually every industry while providing key contributions to the Canadian tax base.
The 2007-2008 CEIS Update utilized linkages between economic data, official tourism statistics and the benchmark CEIS (2006) results.
The CEIS Update demonstrates that the economic contributions of meetings and events activity in Canada at the end of 2008 was slightly higher than the 2006 figures released in the original study in spite of the change in economic conditions over this period of time.
"Nearly double Canada's population attends meetings annually," said Joe Nishi, MPI Foundation Canadian Council Chairman. "The CEIS unequivocally proves that the meeting industry is paramount to the face-to-face interactions that drive business success throughout Canada."
Highlights from the study reveal the overall effects (direct, indirect and induced impact) of Canadian meetings activity to the Canadian economy:
- Generated more than $71 billion/year in industry output
- Produced more than 673,000 meetings/year with an average of 70 million annual participants
- Generated more than $14 billion in annual tax revenues for all levels of government
- Created the equivalent of more than 550,000 full-year jobs/year
"The fact that we see relatively stable attendance figures, over a three-year period, speaks to the continuing importance of meetings activity, for both participants and the businesses that hold meetings," said Ken Ross, senior research associate for Maritz Research.
The meeting industry was affected by the growing economic recession in the latter part of 2008.
The data shows that the number of meetings shrank in 2008 by -3.4 percent versus 2007, but this still represented minor growth (+.3 percent) over 2006 activity.
There were similar results when measuring the total Industry Output; 2008 was down 1.3 percent versus 2007, but 2008 was equal to 2006.
The CEIS Update concludes that the meeting industry is not recession-proof but remains a vital industry that contributes greatly to the overall Canadian economy.
For more information, visit MPI Foundation
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