Exhibition Industry Grew Modestly in Q3, Says CEIR Report
December 12, 2019
The exhibition industry continued to grow, albeit modestly, during the third quarter of 2019, according to the Center for Exhibition Industry Research’s quarterly exhibition index report. The CEIR Total Index, which measures exhibition industry performance, posted a year-over-year gain of 0.6 percent even though it underperformed the overall economy as reflected in the inflation-adjusted GDP.
While the trade show industry’s moderate third quarter performance proved to be weaker than the first two quarters of the year, it showed a slight improvement over the same quarter in 2018 when the industry registered an underwhelming year-over-year gain of 0.2 percent.
“The growth of the exhibition industry should pick up the pace moderately during the fourth quarter of the year through the first half of next year despite uncertainties surrounding trade negotiations with China and slowing world economic growth,” said CEIR Economist Allen Shaw, Ph.D., chief economist for Global Economic Consulting Associates.
According to the report, industry sectors including communications and information technology; building, construction, home and repair; and food all registered robust year-over-year gains, while education; discretionary consumer goods and services; raw materials and science reported year-over-year declines.
All exhibition metrics in the third quarter demonstrated positive year-over-year gains except net square feet, which real revenues (nominal revenues adjusted for inflation) and exhibitors posted the largest increases of 1.7 percent and 0.6 percent, respectively. Meanwhile, expo attendance rose a mild 0.5 percent and net square feet dropped 0.3 percent.
“In line with the macroeconomy, the growth of the exhibition industry has continued but at a slower pace,” said Cathy Breden, CEO of CEIR. “The growth during the first three quarters indicates that the exhibition industry is on track to register a ninth consecutive year of growth, albeit slowing growth as was forecasted by our economist in the 2019 CEIR Index Report.”
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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.
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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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