Fredericton (April 28, 2015) - The Fredericton Convention Centre (FCC) released economic impact results indicating that FCC created $11.4 million in total economic impact in the City of Fredericton in 2014.
The report, written by Mackellar Cunningham and Associates, analyzed direct and indirect economic benefits including revenue collected directly by the FCC, as well as money spent at businesses throughout the City from January-December 2014.
For every dollar of revenue generated at the FCC, an additional $4.48 was spent off-site in the city. Both on-site and off-site revenues increased, by 12.9% and 13.4% respectively.
“As a relatively new business on Queen Street, we really notice and appreciate the business boost that happens in our restaurant when the FCC is busy,” says Amie Gairns, General Manager of Vault 29. “We love the opportunity to create special offers for delegates who are only here for a short time!”
In terms of market segments, Associations continue to be the leading source of revenue for the FCC, accounting for 42% of on-site revenue, and creating about $3.5 million in off-site spending in the City. Overall the economic impact of the FCC continues to be widely spread throughout the Fredericton business community in such areas as hotel rooms, transportation, restaurants/bars and retail spending.
“Downtown Fredericton depends on having a strong customer base year-round, and the Meetings & Conventions industry plays a big role in this,” says Bruce McCormack, General Manager of Downtown Fredericton Incorporated. “Delegates attending events at the FCC create an influx of new spending in a wide variety of downtown businesses.”
The Fredericton Convention Centre, located at 670 Queen Street, opened January 2011 and offers 36,000 square feet of meeting and event space. For more on the facility, or to book an event, call 506-460-2770 or visit www.frederictonconventions.ca or Twitter @FredConvCentre.
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