News & Events
Visitor Spending in Indianapolis Generated Signficant Economic Impact to the Region in 2015
January 24th, 2017 |
A recent Rockport study estimates that 28.2 million visitors came to Indy in 2015, 2.9% growth of the previous year. Visitors spent $4.9 billion in 2015, generating $682 million in state and local taxes and supporting nearly 78,000 full-time-equivalent jobs in central Indiana. Learn more.
Tourism Industry Has Growing Impact on Indiana Economy
December 14th, 2016 |
A new economic impact report released by Governor-elect Lt. Governor Eric Holcomb and the Indiana Office of Tourism Development (IOTD) documents the growing impact tourism has on the Indiana economy. The report shows travel, tourism and hospitality supports over 202,000 jobs and contributes $11.5 billion in spending by visitors to Indiana’s economy. This is the fourth consecutive year tourism’s economic impact was measured. This study, conducted by Rockport Analytics, used data from 2015; the most recent year complete data was available. Learn more.
The Proposed Expo 2023 in Minnesota Would Bring in Net-New Visitor Expenditures of over $900 Million
September 9th, 2016 |
The return of the World’s Fair to the U.S. would have a significant economic benefit both nationally and in the Minneapolis-St. Paul region. A recent study conducted by Rockport Analytics estimates that over 12 million people would attend the 2023 Expo over a 90-day period. This includes 1.2 million from the local market; 4.6 million form the regional market; 5.3 million from the national market; and nearly 1 million from international markets. Net new expenditures from visitors in to the area would total $921 million and operation spending would total $432 million. Visitation to the Expo would support a projected $409 million in tax receipts and nearly 22,000 jobs. Learn more.
The 2015-2016 Orange Bowl Led to a Net Economic Contribution of Over $100 Million in the Miami-Ft. Lauderdale-Palm Beach MSA
July 27th, 2016 |
An estimated 80,000 visitors came to South Florida for 2015-16 Orange Bowl events and activities. This included nearly 70,000 game attendees, as well as media personnel, team members and support staff from the Clemson and the University of Oklahoma. Total direct 2015-16 Orange Bowl expenditures reached $101.9 million. The Capital One Orange Bowl College Football Semi-Final (COOB) and related events made up 80% of the total at $81.7 million, including $75.8 in visitor expenditures and $5.9 million in operational expenditures. Orange Bowl Festival Events added another $17 million (17%), including $16.5 million in visitor expenditures and nearly $500,000 in operational expenditures. And all other OBC events and activities made up the remaining 3% totaling $3.2 million. Total spending resulted in a total net contribution of over $106 million to South Florida Gross Domestic Product (GDP), sometimes referred to as gross metro product. These findings are a result of a study conducted by Rockport Analytics to measure the net economic contribution of the 2015-16 Orange Bowl events and activities to the Miami-Ft Lauderdale-Palm Beach MSA. Learn more.
Global Travel Prices Will Rise Faster in 2017 But Economic Conditions Could Lead to Further Volatility
July 17th, 2016 |
An annual forecast conducted by Rockport Analytics on behalf of the GBTA Foundation and CWT found that global travel prices will continue to rise in 2017. The study, which forecasts the price of airfare, hotel rooms, rental cars and meeting and events in 28 countries around the world identified six key risks heading into 2017 that could impact both travel industry prices and the global economy as a whole. They are emerging market performance, financial market turbulence, geopolitical risks, uncertainty surrounding Brexit, potentially fluctuating U.S. interest rates and oil prices. Learn more.
Business Travel in Mexico Contributed to An Economic Impact of $273 Billion Pesos in 2015
April 15th, 2016 |
A recent study conducted by Rockport Analytics shows that $263.2 billion pesos in business travel spending in 2015 resulted in $273.5 billion pesos in Mexican GDP. Essentially, every Mexican Peso spent on business travel activity generated about $1.04 in Mexican GDP. Business travel was responsible for about 1.4 percent of Mexican GDP in 2015. Of the $273.5 billion total, $154.1 billion accrued directly to the businesses that served business travelers or meeting attendees. Their supply chain beneficiaries received an additional indirect contribution of $84.2 billion. The downstream beneficiaries of spent business-travel supported wages received an induced contribution of $35.2 billion. Learn more.
Super Bowl 50 A Boon for the Host City, Business Travel
February 1st, 2016 |
This weekend’s big game is set to generate roughly $350 million in value added to the Bay area, including more than $68 million in direct business travel spending associated with corporate sponsorships, media, NFL operations and ancillary events. For business travelers, the Super Bowl has become the preeminent business development event of the season. The power of a major event such as the Super Bowl is enormous because of what it attracts – business leaders, corporate sponsors and diehard fans. The event also helps to showcase the Bay Area to business leaders as a potential place to host conferences, conventions and other major events in the future. Learn more.
Travel Price Increases to Remain Moderate in 2016 but Expectations Differ Significantly from One Market to the Next
July 30th, 2015 |
The annual GBTA/CWT Travel Price Forecast projects:
- Global hotel prices will rise +2.5% in 2016
- Global airfares are set to increase only +0.5% in 2016
- Global ground transportation costs are forecasted to rise by only 0.1% in 2016
The forecast, conducted by Rockport Analytics projects air, hotel, ground and meetings and events prices by country and region across key market segments. While price increases will be relatively tame across all three categories on a global basis, increases will differ significantly from one country to the next based on individual market dynamics. Markets expected to experience stronger price growth than most in 2016 include India, China, Colombia, Mexico, Singapore and Australia. Learn more.
Annual Global Business Travel Spending Hit $1.2 Trillion in 2014 and Will Grow to $1.25 Trillion This Year
July 30th, 2015 |
A Rockport study of the global business travel market reveals that a total of $1.2 Trillion USD was spent on business travel around the globe in 2014. This annual study, conducted on behalf of the GBTA Foundation and sponsored by Visa, forecasts business travel spending by country and across industries over the next five years. The analysis projects average annual spending growth of 6.3% around the globe over the forecast period, despite slowing growth in key emerging markets such as China, Brazil and Russia. Learn more.
Preliminary Estimates Show that Super Bowl LII Will Bring an Estimated $407 Million in New Spending to the Minneapolis-St. Paul Economy
June 5th, 2015 |
A recent study conducted by Rockport Analytics expects Super Bowl LII, which will take place in 2018 at US Bank Stadium in Minneapolis will bring $407 million in new spending in the Minneapolis-St. Paul metro area. This will come from both the local travel spending of 125,000 expected visitors and an estimated $122 million of local game/event operations expenditures. About $68 million in regular tourism activity will be displaced by the event, however, resulting in net incremental spending of $338 million. Given the direct, upstream, and downstream impacts of that spending, MSP will realize a net new contribution to the regional economy of $343 million. During which, over 5,000 jobs will be supported at an array of local businesses paying wages of $242 million.