Trade Show Industry Sees 3.1-percent Q3 Uptick, 21st Straight Quarter of Growth
December 7, 2015
The trade show industry continued its growth streak into the third quarter of this year, with a 3.1-percent uptick, compared with the same quarter last year, marking the 21st straight quarter of growth, according to the Center for Exhibition Industry Research’s Index Report.
"We are very encouraged to see three very strong quarters of growth for the year," said CEIR President and CEO Brian Casey.
He added, "We will be watching with great interest how the year ends based on fourth quarter results, and anticipate growth to continue into 2016 and 2017."
The growth in the third quarter of 2015 is the third highest rate since the second quarter of 2012.
During the three years through 2014, the exhibition industry growth generally lagged the pace of GDP, but the industry has now outperformed the macro economy for three quarters straight by a wide margin.
"The strong growth of the CEIR Total Index during the first three quarters of the year, averaging 3.8 percent, and robust employment gains during the past three months should result in a stalwart performance of the exhibition industry for 2015 as a whole, as presented in the CEIR Predict conference held this past September," said CEIR Economist Allen Shaw, Ph.D., chief economist for Global Economic Consulting Associates, Inc.
All four exhibition metrics in the third quarter posted year-on-year gains. As was the case during the first and second quarters, the strongest metric was Real Revenues, which rose an impressive 4.6 percent.
It was followed by Net Square Feet, with an increase of 3.3 percent. Exhibitors increased 2.9 percent, whereas Professional Attendance rose 1.6 percent.
Some of the shows that added to the positive numbers in the third quarter were IMEX America, which was held in October in Las Vegas and drew more than 10,000 attendees and 3,100 companies, which broke records.
Two other shows that broke attendance and exhibitor records in the third quarter were the Association of Equipment Manufacturers’ ICUEE 2015, the International Construction and Utility Equipment Exposition and PMMI’s Pack Expo Las Vegas.
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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