2008 North American International Auto Show Economic Impact Projected at Approximately $500 Million
DETROIT, Dec. 12, 2007 -- The economic impact of the 2008 North American International Auto Show (NAIAS) is projected to reach approximately $500 million, said David Sowerby, C.F.A., portfolio manager and chief market analyst at Loomis Sayles & Co.
"The NAIAS is consistently a major contributor to business activity in Detroit due to the amount of time spent on its extensive set-up and execution from late October to early February," said Sowerby. "Although consumer confidence, spending and travel are less robust due to the higher energy costs, challenges facing the housing market and the downturn in subprime mortgages, the NAIAS will continue to deliver more than 13,000 jobs to Michigan."
Among the most important factors that are expected to contribute to the 2008 total include:
-- In 2008, the motor vehicle industry is again unveiling more than 50 new models only at the NAIAS. -- Ticket sales for NAIAS 2008 Public Days, Industry Days and the Charity Preview are running well in spite of the challenging issues that confront the industry and Michigan's economy. -- Local area personal income growth is currently growing at a 3.0-3.5 percent pace. The rate of growth in personal income has a high correlation with the anticipated total economic benefit gains for the auto show and details why revenues should be stable versus last year.
"We are truly proud the NAIAS brings jobs and much-needed income to Michigan," said Carl Galeana, senior co-chairman for the NAIAS 2008. "We know that in addition to the union workers, electricians, stagehands and many exhibit companies that put the show together, metro Detroit restaurants, hotels and attractions rely on the NAIAS annually for an influx of revenue in January."
NAIAS 2008 Official Dates
Press Preview will be held Sunday, Jan. 13 through Tuesday, Jan. 15. Industry Preview will be held on Wednesday, Jan. 16 and Thursday, Jan. 17. The annual black-tie Charity Preview will be held Friday evening, Jan. 18. Public Days will be held Saturday, Jan. 19 through Sunday, Jan. 27.
The North American International Auto Show Rod Alberts - Executive Director
Entering its 20th year as an international event, the North American International Auto Show is among the most prestigious auto shows in the world and is one of the largest media events in North America. The NAIAS is the only auto show in the United States to earn an annual distinguished sanction of the Organisation Internationale des Constructeurs d'Automobiles, the Paris- based alliance of automotive trade associations and manufacturers from around the world. The NAIAS Web site can be accessed at naias.com. Don't Miss It for the World!