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THE 2023 ECONOMIC IMPACT OF
APRIL 1, 2024
World Trade Center Miami (WTCM), located in Miami-Dade County, is a non-profit organization that was founded in 1971 and is a member of the World Trade Centers Association. Throughout the year, WTCM produces and organizes several prime events and conferences in the Miami area that provides a platform that connects businesses to the global marketplace. Included in this list are two well-known top-rated trade shows – the Americas Food & Beverage Show and Conference and the Air Cargo Americas
Conference and Exhibition.
AMERICAS FOOD & BEVERAGE SHOW & CONFERENCE
The Americas Food & Beverage Show and Conference, tabbed as the largest international trade show for the food industry in Miami, is held annually and brings together a conglomerate of buyers and sellers from all sectors of the international food and beverage industry to Miami-Dade County. WTCM has been planning this elite conference, which is typically held at the Miami Beach Convention Center, since 1999. Each year, the conference brings attendees and participants from all over the world, coming from more than 90 nations. Attendance is only open to professionals in the food industry and not from the general public. Current participants are mainly small and mid-sized firms that sell food to restaurants, distributors and grocery stores.
AIR CARGO AMERICAS CONFERENCE & EXHIBITION
The Air Cargo Americas Conference & Exhibition brings together top executives from all sectors of the aviation and logistics industries, including airports, freight forwarders, importers and exporters and shippers/consignees. This show is held every other year and is held in conjunction with the annual Supply Chain Americas Conference. This conference gathers global perspectives from industry representatives on the supply chain industries and the state of the air cargo industry, as well as ongoing challenges within the air cargo industry and supply chain logistics.
ECONOMIC IMPACT ANALYSIS METHODOLOGY
Martin Associates was retained by the World Trade Center Miami to measure the local, regional, and state economic impacts generated as a result of trade shows hosted by the WTCM in 2023, specifically the 2023 Americas Food & Beverage Show & Conference held in September 2023 and the Air Cargo Americas Conference and Exhibition held in November 2023. The study employs methodology and definitions that have been used by Martin Associates over the past 38 years to measure the economic impacts of airport activity at some of the leading airports in the United States, seaport activity at more than 800 ports in the United States and Canada, as well as cruise, real estate/industrial developments, shipyards, fishing, and recreational/marina activity.
It is to be emphasized that only measurable impacts are included in this study. Additionally, the impactsare annualized for 2023, and jobs are expressed as full-time equivalent jobs (2,080 annual hours). To ensure defensibility, the Martin Associates’ approach to the economic impact analysis is based on a survey of contractors providing pre-, during and post-conference services and products for the events, as well as from vendors/exhibitors participating and visitors/buyers attending the conferences in addition to data collected from WTCM.
The pre- and post-conference behavior of these firms was collected in terms of nights stayed during the conference as well as pre- and post-conference; local purchases from restaurants, bars, retail, and local transportation during the conference stay (and pre- and post-conference).
The impacts are measured for calendar year 2023 (annualized) and are estimated in terms of Jobs (Direct, Induced and Indirect), Personal Income and Business Revenue. Each impact measurement is described below:
EMPLOYMENT IMPACT
PERSONAL INCOME IMPACT consists of wages and salaries received by those directly employed by WTCM trade show activity and includes a re-spending impact which measures the personal consumption activity in the Miami-Dade County area of those directly employed as the result of the WTCM show activity. Indirect personal income measures the wages and salaries received by those indirectly employed.
BUSINESS REVENUE consists of total business receipts by firms providing services in support of the WTCM show activity. Local purchases for goods and services made by the directly impacted firms are also measured. These local purchases by the dependent firms create the indirect impacts.
Martin Associates developed a direct, induced, and indirect impact model of the activities for both trade shows (2023 Americas Food & Beverage Show & Conference and 2023 Air Cargo Americas Conference & Exhibition).
SUMMARY OF RESULTS
SUPPORTED
BY WTCM
TRADE SHOWS
OF TOTAL ECONOMIC
ACTIVITY SUPPORTED
IN THE REGION
TOTAL PERSONAL
INCOME AND LOCAL
CONSUMPTION
ECONOMIC IMPACT RESULTS BY TRADE SHOW
The Americas Food & Beverage Show & Conference was held at the Miami Beach Convention Center in September, 2023. This premier event attracted more than 7,300 attendees from 93 countries with about 650 exhibitor booths highlighting new and leading-edge products, technology, and ideas. This year, approximately 65% of the attendees and exhibitors are international representatives. A core objective of this show/conference is to bring together major participants in the food and beverage industry, such as suppliers, distributors, customers, vendors, service providers and industry experts from around the world creating an international global experience for everyone. In addition to attending the conference, these visitors will meet with food suppliers and other business contacts and will visit restaurants as well as supermarkets and retail stores during their stay. While these attendees are in Miami, they are creating economic impacts to the Miami area through lodging, retail purchases, food and beverage purchases and in-town transportation to name a few of the expenditures.
This activity at the Americas Food & Beverage Show & Conference created 177 direct, induced, and indirect full-time equivalent jobs in the Miami region. A full-time equivalent job is based on 2,080 hours of work per year. Of these 177 jobs, 106 direct full-time equivalent jobs were generated by activity at the 2023 Americas Food & Beverage Show & Conference. As a result of local and regional purchases by those 177 individuals as well as the local purchases made by firms attending the 2023 Americas Food & Beverage Show & Conference in Miami, an additional 72 induced and indirect full-time equivalent jobs were supported in the regional economy.
$4.1 million of direct wages and salaries were received by those 106 directly employed. As a result of re-spending this income, an additional $3.9 million of income and consumption expenditures were created, as well as indirect wages and salaries were earned. In total, about $8.1 million of direct, induced, and indirect personal wages and salaries were generated by the contractors, vendors and attendees of the 2023 Americas Food & Beverage Show & Conference in Miami.
The total economic value to the Miami region is measured at $15.9 million. This includes the $12.0 million of direct
business revenue and the re-spending and local consumption impact of $3.9 million.
The Air Cargo Americas Conference & Exhibition was held at the Miami Airport Convention Center in November, 2023. Since 1991, this biennial premier trade show gathers the top executives from around the globe from the aviation and supply logistics industry to discuss the future outlook of the air cargo and logistics industry as well as to discuss the challenges that are being faced currently. The 2023 conference attracted approximately 3,200 top executives from all sectors of the aviation and supply logistics industry from 75 different countries as well as 400 attendees at more than 100 booths. Similar to the Americas Food & Beverage Show & Conference, the Air Cargo Americas attendees and exhibitors create economic impacts while they are in Miami to attend the conference.
The 2023 Air Cargo Americas Conference & Exhibition created 66 direct, induced, and indirect full-time equivalent jobs in the Miami region. Of these 66 jobs, 39 direct full-time equivalent jobs were generated by activity at the 2023 Air Cargo Americas Conference & Exhibition. As a result of local and regional purchases by those 39 individuals as well as the local purchases made by the firms attending the 2023 Air Cargo Americas Conference & Exhibition in Miami an additional 27 induced and indirect full-time equivalent jobs were supported in the regional economy.
$1.7 million of direct wages and salaries were received by those 39 directly employed. As a result of re-spending this income, an additional $1.5 million of income and consumption expenditures were created, as well as indirect wages and salaries were earned. In total, about $3.2 million of direct, induced and indirect personal wages and salaries were generated by the contractors, vendors and attendees of the 2023 Air Cargo Americas Conference & Exhibition in Miami.
The total economic value to the Miami region is measured at $5.1 million. This includes the $3.6 million of direct business revenue and the re-spending and local consumption impact of $1.5 million.
ECONOMIC IMPACT RESULTS
| CATEGORY | 2023 AMERICASFOOD & BEV | 2023 AIR CARGOAMERICAS | TOTAL |
| JOBS | |||
| DIRECT | 106 | 39 | 145 |
| INDUCED/INDIRECT | 72 | 27 | 98 |
| TOTAL | 177 | 66 | 243 |
| PERSONAL INCOME ($1,000) | |||
| DIRECT | $4,138 | $1,665 | $5,804 |
| RESPENDING/INDIRECT | $3,937 | $1,519 | $5,456 |
| TOTAL | $8,076 | $3,184 | $11,260 |
| BUSINESS REVENUE ($1,000) | $12,004 | $3,593 | $15,597 |
**TOTAL MAY NOT ADD UP TO ROUNDING
| CATEGORY | 2023 AMERICASFOOD & BEV | 2023 AIR CARGOAMERICAS | TOTAL |
| ECONOMIC ACTIVITY ($1,000) | |||
| DIRECT BUSINESS REVENUE | $12,004 | $3,593 | $15,597 |
| RESPENDING/INDIRECT INCOME | $3,937 | $1,519 | $5,456 |
| TOTAL | $15,941 | $5,112 | $21,053 |
**TOTAL MAY NOT ADD UP TO ROUNDING
In summary, the 2023 Americas Food & Beverage Show & Conference and the 2023 Air Cargo Americas Conference & Exhibition supported 243 direct, induced and indirect full-time equivalent jobs in the Miami region. Additionally, this activity supported a total of $21.1 million of total economic activity.
These trade shows hosted by the World Trade Center Miami bring in a large number of people to the Miami region that supports jobs, income, and revenue at many local businesses such as hotels, restaurants, rentalcar facilities, entertainment venues and retail stores. It is important to emphasize that the impacts shown in this analysis represent the annualized economic impacts from these shows in 2023. For example, the 2023 Americas Food & Beverage Show & Conference required nearly 12,000 contractor hours for conference on-site work as well as administrative support prior to the conference. These hours were supported by about 140 employees, however, when annualized using 2,080 hours as a full-time equivalent job, these hours equate to just over 5 full-time equivalent jobs in 2023.
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