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Expert: Show means a cool $5M to local economy
PUBLISHED: January 24, 2008
The economic impact of the 2008 North American International Auto Show is projected to reach approximately $500 million, said David Sowerby, portfolio manager and chief market analyst at Loomis Sayles & Co.
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"The NAIAS is consistently a major contributor to business activity in Detroit due to the amount of time spent on its extensive setup and execution from late October to earlyFebruary," Sowerby said.
"Although consumer confidence, spending and travel are less robustdue 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."
The most important factors expected to contribute to the 2008 total include:
•In 2008, the motor vehicle industry is again unveiling more than 50 new models only at theNAIAS.
•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'seconomy.
•Local area personal income growth is currently growing at a 3 percent to 3.5 percent pace. The rate of growth in personal income has a high correlation with the anticipated total economicbenefit 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 CarlGaleana, 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."
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