U.S. Trade Show Industry Growth Jumps 2.9 Percent in Second Quarter
August 31, 2017
After a slow start to the year, the second quarter of 2017 in the U.S. trade show industry jumped into high gear, posting 2.9-percent overall growth, compared with the same quarter last year, according to the Center for Exhibition Industry’s latest Index Report.
Also, in the first time since the fourth quarter of 2016, the trade show industry out-performed the macroeconomy, with real GDP growing 2.2 percent year over year.
"The increase in the second quarter validates our prediction that economic fundamentals continue pointing to moderate growth for the exhibition industry," said CEIR Economist Allen Shaw, Ph.D., chief economist for Global Economic Consulting Associates, Inc.
Building, Construction, Home and Repair; Government; Communications and Information Technology; and Discretionary Consumer Goods and Services all registered robust year-over-year gains.
In contrast, Raw Materials and Science and Business Services posted year-over-year declines. Raw Materials and Science failed to build on the modest gain during the first quarter as oil prices faltered.
All exhibition metrics in the second quarter posted positive year-over-year gains, with revenues and attendance seeing the biggest increases.
Real revenues (nominal revenues adjusted for inflation) posted the largest increase of 4.0 percent, followed by attendees, which rose 3.8 percent, whereas net square feet and exhibitors gained 2.1 percent and 1.8 percent, respectively.
Just one of the shows in the second quarter that saw big numbers was Lightfair International, held in May in Philadelphia.
The world’s largest annual architectural and commercial lighting trade show and conference registered 27,939 attendees from 81 countries spanning 277,600 net square feet of expo space, with registration exceeding its 2016 event and increasing 7.4 percent, compared with its 2013 Philadelphia show.
“I look forward to the conversations taking place at the CEIR Predict Conference on 14-15 September and hearing from both CEIR’s economist and other economic experts on their predictions for the remaining months of 2017," said CEIR CEO Cathy Breden, CMP, CAE.
She added, “There is a lot going on with a major hurricane in the oil refining stronghold of Houston and trade agreement negotiations.”
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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