2004 North American International Auto Show Economic Impact Reaches $553 Million
DETROIT, Dec. 15, 2003 -- The economic impact of the 2004 North American International Auto Show (NAIAS) is projected to reach $553 million, according to David Littmann, chief economist, Comerica Bank.
"Considering NAIAS expansions, industry auto incentives and promotions, new product introductions, and the more robust international outlook, both for travel to the U.S. and trade, we are forecasting a three percent improvement to $553 million in aggregate outlays associated with the NAIAS in 2004," said Littmann.
Other contributing indicators cited by Littmann include:
* Metro Detroit and the global economy began a largely synchronized acceleration at mid-year 2003, underscored by expanded income, employment, and confidence -- the variables most highly correlated with increased attendance and spending at the NAIAS.
* Pre-registration levels for the 2004 Charity Preview were already running ahead of NAIAS 2003 levels as of November 2003. Interest in the tickets and levels of support are closely tied to dollar outlays and other events associated with the NAIAS.
* Auto affordability is at its best level in 25 years, according to Comerica's Auto Affordability Index. This is correlated to public interest and attendance at auto shows and spending on related downtown Detroit events.
* Vehicle manufacturers are planning more than 60 new vehicle introductions at more than 30 press conferences over a three-day period.
* Multiple-tiered exhibits have added more than 100,000 square feet of additional space to Cobo Center over the years.
* Move-in for the show used to take about four days. This year, NAIAS move-in began in late October and will last approximately 10 weeks. The show's set-up employs more than 1,500 Teamsters, carpenters, stagehands, electricians, riggers and iron workers.
* Cobo's Michigan Hall alone is scheduled to receive an $800,000 face- lift in time for the NAIAS 2004.
"Mr. Littmann's projection is great news and shows not only the hopefulness of this region regarding overall economic growth but more importantly indicates that southeastern Michigan truly does benefit from the NAIAS in terms of jobs and income for many businesses, individuals and families," said Chuck Fortinberry, senior co-chairmen for the NAIAS 2004.
NAIAS 2004 Official Dates
The first official Press Day for NAIAS 2004 is Sunday, Jan. 4. Following will be two full Press Days on Monday, Jan. 5 and Tuesday, Jan. 6. NAIAS Industry Preview Days will be held Wednesday, Jan. 7 and Thursday, Jan. 8. Charity Preview will be held the evening of Friday, Jan. 9. NAIAS 2004 will open to the public Saturday, Jan. 10 and run through Monday, Jan. 19, 2004.
About the North American International Auto Show
Now entering its 16th year as an international event, the North American International Auto Show (NAIAS) is considered 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 the 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 www.naias.com .