Economic Impact Models and Bibliography
JMIC has commissioned an overview of best practices for the development and application of an Economic Impact model to the meetings industry. The principles as outlined in this document can be applied to facilities, destinations and events and have been incorporated into more than 15 such studies in recent years. As such they represent a good reference point for those developing or evaluating a methodology for their own use.
> Principles for Measuring Economic Impact
One output of the JMIC Report of Meetings Value Models is a listing of representative models currently in use today in various parts of the world. Such models are indicated here and as new models are evolving on an ongoing basis, this list will continue to expand in the future.
Canadian Economic Impact Study 3.0 (2014)
The Event-Model-Austria (© Dr. Martina Stoff-Hochreiner) was developed in cooperation with the Vienna University of Economics and Business Administration to calculate the indirect economic impact of conferences, cultural events and major sporting events.
AIPC Economic Impact Calculator tool - developed by Ipsos for AIPC Members - that will be available online and free of charge to all members wishing to develop a credible and recognized estimate of their community value.
DMAI Event Impact Calculator
The DMAI Event Impact Calculator measures the economic value of an event and calculates its return on investment to local taxes. The models and platform have been developed by Tourism Economics, an Oxford Economics Company, and is updated annually, providing an industry-wide standard that is flexible to different meeting scenarios, localized to each destination, and comprehensive in direct and indirect impacts. Currently, over 100 DMOs are actively using the Event Impact Calculator to more accurately estimate the full value of a specific event and are equipped to work with meeting professionals on understanding the impact of an event in their respective destinations.
The UK Economic Impact Study estimates 2011 meetings activity and profile (meeting volume, venue volume, number of attendees and expenditure) in the UK and model the contribution that meetings activity made to the national economy in 2011 (such as the Direct, Indirect, and Induced: GDP contribution, employment, tax revenue, and Industry Output); it breaks out the estimated meetings activity and economic contribution on specified regional levels.
CIC Economic Impact Study
The economic significance of meetings is misunderstood by many legislators, economists and regulators as well as the general public. The economic significance of face to face meetings was quantified to protect our industry and to communicate to the general public, legislators and regulators the economic importance and value these meetings and events have on the economic health of our country and to prevent future comments and actions from negatively affecting our industry.
The study was undertaken by 14 leading meetings industry membership organizations via Convention Industry Council to demonstrate by quantifying this impact. The research was conducted by PricewaterhouseCoopers, PwC US. Assisting PwC in this study effort was a team of industry researchers, the Economic Significance Study Research Task Force, who ensured this study produced the first definitive, quantitative, and research-based analysis of the economic contribution of face-to-face meetings to the U.S. economy.
The Economic Significance of Meetings to the U.S. Economy revealed that the US meetings industry directly supports 1.7 million jobs, a $106 billion contribution to GDP, $263 billion in spending, $60 billion in labor revenue, $14/3 billion in federal tax revenue and $11.3 billion in state and local tax revenue.