The UK Economic Impact Study will take place over 2012 and will be the first of its kind in Europe, with the information being made available for use by the industry in 2013. The research will quantify the economic value of the meetings industry and how it contributes to GDP, tax and employment.
The announcement was made today (7 March) at International Confex by MPI UK and Ireland president Samme Allen.
Didier Scailet, development chief at the MPI Foundation, added: "Based on our past experience in other destinations, the data could be used to influence national policy, change opinions and professionalise our work on a level that has not previously been witnessed.
"Just one example of a study's impact was the headline figure from the US research that clearly showed the businesses events industry to have a greater economic impact than automobile manufacturing."
The results of the UK study will build on the findings of Eventia's UK Events Market Trends Survey, announced last week.
The MPI funding was raised through sponsorship from supporters including the Barbican, Confex, Conde Nast, Excel, ICCA, London & Partners and Q Hotels.
MPI plans to announce which research firm will conduct the survey at the end of the month.