A Cities and Suburbs Brookings Institution Report Executive Summary:
To cities the lure of the convention business has long been the prospect of visitors emptying their wallets on meals, lodging, and entertainment, helping to rejuvenate ailing downtowns. However, an examination of the convention business and city and state spending on host venues finds that: 1) The overall convention marketplace is declining in a manner that suggests that a recovery or turnaround is unlikely to yield much increased business for any given community, contrary to repeated industry projections, 2) Nonetheless, localities, sometimes with state assistance, have continued a type of arms race with competing cities to host these events, investing massive amounts of capital in new convention center construction and expansion of existing facilities, 3) Faced with increased competition, many cities spend more money on additional convention amenities, like publicly-financed hotels to serve as convention "headquarters". This will be added to Business Resources 2005 Internet MiniGuide.
posted by Marcus Zillman |
4:10 AM
