Trade Show Industry Bucks Sluggish Overall Economy, Surges 2.6 Percent in Q1 2016
June 6, 2016
Driven by strong industry sectors including building, construction, food and transportation, as well as overall growth in trade show industry revenues, the Center for Exhibition Industry Research Index report indicated that the industry continued its growth streak in Q1 this year, with a 2.6-percent increase, compared with the same quarter last year.
The results were positive, despite a sluggish macroeconomy, and marked the 23rd consecutive quarter of year-on-year growth.
“The exhibition industry is off to a good start in 2016,” said CEIR Economist Allen Shaw, Ph.D., Chief Economist for Global Economic Consulting Associates, Inc. “As the economy rebounds from the weak first quarter, the exhibition industry will gain further ground.”
During the three years through 2014, the exhibition industry growth generally lagged the pace of GDP, but the industry has now outperformed the macroeconomy for five quarters straight.
The strong year-on-year growth in the Building, Construction, Home and Repair, Communications and Information Technology, Food, Government and Transportation sectors more than offset the weakness in the Industrial/Heavy Machinery and Finished Business Inputs and Raw Materials and Science sectors.
Just a few of the show that performed well in the first quarter were Natural Products Expo West, which had record attendance in Anaheim; NY NOW, which grew its attendance in New York City; and World of Concrete also grew in Las Vegas.
All four exhibition metrics in the fourth quarter posted year-on-year gains. As was the case during 2015, the strongest metric was Real Revenues (nominal revenues adjusted for inflation), which rose an impressive 5.4 percent, followed by Net Square Feet with an increase of 3.0 percent. Exhibitors increased 1.9 percent, whereas Attendees only slightly, with 0.1 percent.
“The exhibition industry continues to show steady and consistent performance,” said CEIR President and CEO Brian Casey, CEM.
He added, “We are looking forward to delving into how these figures fit into the overall economy and how industry executives can use these results in their strategic planning during the upcoming CEIR Predict conference.”
Predict: CEIR’s Annual Outlook Conference will be held Sept. 14-15 at the Ronald Reagan Building and International Trade Center in Washington, D.C.
The event provides an outlook on the global economy and the exhibition industry’s performance. Visit www.ceir.org/predict for more details.
Partner Voices
MGM Resorts is committed to fostering an inclusive and diverse culture, not just among employees and guests but also within its supply chain. The company prioritizes procuring goods and services from businesses owned by minorities, women, veterans, people with disabilities, LGBTQ individuals and those facing economic disadvantages. This commitment is integral to MGM Resorts' global procurement strategy.
Through its voluntary supplier diversity program, MGM Resorts actively identifies and connects certified diverse-owned suppliers to opportunities within its supply chain. The company is on track to spend at least 15% of its biddable procurement with diverse-owned businesses by 2025, demonstrating that supplier diversity is not only a social responsibility but also a strategic business imperative.
Supplier diversity isn’t just the right thing to do – it’s good for business. A diverse supply chain allows access to a broader range of perspectives and experience, helping to drive innovation, entrepreneurship and resilience, while strengthening communities. At MGM Resorts, engaging diverse suppliers ensures best-in-class experiences for guests and clients. Supplier diversity ensures a more resilient supply chain while supporting economic development in the communities in which it operates.
The impact of MGM Resorts' supplier diversity initiatives is significant. In 2023, these efforts supported over 3,500 jobs across more than 30 states, contributed over $214 million in income for diverse-owned businesses and generated more than $62 million in tax revenue. The story extends beyond the numbers – it reflects the tangible benefits brought to small and diverse-owned businesses, fostering economic empowerment in their communities.
MGM Resorts also supports the development and business skills of diverse-owned businesses through investment, mentorship and education. Through the MGM Resorts Supplier Diversity Mentorship Program, the company identifies, mentors and develops diverse-owned businesses to fill its future pipeline, while providing businesses with tools and resources to empower and uplift. Since 2017, the program has successfully graduated 105 diverse-owned businesses and is on track to achieve its goal of 150 graduates by 2025.
MGM Resorts’ commitment to supplier diversity not only enhances its business operations but also plays a crucial role in uplifting communities and fostering economic development. This approach reinforces the idea that diversity is a powerful driver of innovation and resilience, benefiting both the company and the wider community.
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