Press Release  Healey-Driscoll Administration Makes Public the Results of a Comprehensive Market Analysis of Convention Industry

Boston — Today, the Healey-Driscoll Administration announced the findings of an independent analysis of the current and projected convention center industry conditions in Massachusetts. The analysis, conducted by Pinnacle Advisory, provides insights into factors impacting the Massachusetts Convention Center Authority (MCCA), including financial performance, competitiveness, capital planning, sustainability and decarbonization, climate resilience, community engagement, emergency response, and transportation.

The administration commissioned this analysis in June 2024 to help inform the administration, as well as MCCA leadership and its board, on future strategic planning for vital assets, including the Boston Convention and Exhibition Center (BCEC), the Hynes Convention Center (HCC), the MassMutual Center, and the Boston Common Garage. Pinnacle Advisory is a Massachusetts-based firm specializing in hospitality consulting and asset management.

“The MCCA is a powerful economic driver, bringing business, jobs, tourism and cultural assets to Massachusetts,” said Governor Maura Healey. “This independent analysis will be invaluable to the MCCA leadership team and our administration as we collaborate with the community to create an updated vision for our convention spaces, maximizing these facilities’ potential to boost Massachusetts’s competitiveness, advance equity, and meet our climate goals.” 

“Our administration is grateful to have this timely and comprehensive assessment of the conditions that enable the success of Massachusetts’s convention center facilities,” said Lieutenant Governor Kim Driscoll. “We’re excited to have this thorough, independent review in hand as we continue partnering with Executive Director Marcel Vernon and the MCCA Board to chart a sustainable and strategic course forward for the MCCA.” 

“From creating jobs to purchasing goods and services from local businesses, convention centers strengthen the Massachusetts economy and contribute to the fiscal health of the communities where they’re located,” said Secretary of Administration and Finance Matthew J. Gorzkowicz, a member of the MCCA Board. “With Pinnacle's analysis, we’re well-positioned to find the best path forward to enhance the positive benefits of these facilities in Massachusetts now and into the future.” 

“The analysis contained in the Pinnacle Report provides valuable insight to ensure that the convention centers we oversee serve as a vibrant hub for events, tourism, and continued economic impact. We thank both Governor Healey and the Executive Office for Administration and Finance for their vision in commissioning this valuable study, and look forward to working with the MCCA Board of Directors and our stakeholders to review and assess the thorough analysis provided in the report," said MCCA Executive Director Marcel Vernon.

In addition to analyzing the industry conditions that currently affect MCCA facilities, this study examines the merits of future opportunities, including full expansion of the BCEC Exhibition Hall and Meeting Space. The study concludes that expansion would be beneficial only if paired with increased local hotel capacity.

Among the study’s findings and recommendations: 

• The MCCA has developed a strong reputation and competitive standing in the national market.  
• The BCEC, HCC, and MassMutual Center have significantly impacted Massachusetts' economy, with Fiscal Year 2024 seeing $1.15 billion in direct, indirect, and induced spending, supporting nearly 11,500 full-time equivalent jobs, and generating $61.1 million in tax revenue. 
• MCCA-owned properties ("Lots C, D, and E") adjacent to BCEC were acquired with the intention of supporting the future strategic vision for BCEC. Pinnacle's analysis determined that these parcels offer development opportunities, but decisions about their future should be made consistent with a long-term strategy for BCEC, including whether and how it expands.
• To align economic development priorities, the MCCA should engage and collaborate with external stakeholders including the Massachusetts Executive Office of Economic Development, the cities of Springfield and Boston, and residents of the state. 

Enhanced collaboration with city and state workforce development agencies will help identify additional pools of talent and support DEI strategy. 

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