Wake County Occupancy Tax and Prepared Food & Beverage Tax Collections Show Significant Growth for 2013-2014 Fiscal Year
Raleigh, NC (Aug 20, 2014) - The Greater Raleigh Convention and Visitors Bureau is pleased to report positive growth in three key performance indicators for the Wake County hospitality industries during the 2013-2014 fiscal year (July 1, 2013-June 30, 2014). Occupancy rate, occupancy tax collections and prepared food and beverage tax collections were the highest on record. Occupancy itself outperformed both the state and national averages in data collected by Smith Travel Research, an independent research company serving the hotel industry.
The breakdown of Wake County figures for the fiscal year ending in June 2014 is as follows:
- The occupancy rate average, which is calculated by the number of hotel rooms sold divided by number of available rooms, is reported at 66.4 percent, a 6.47-percent increase over the previous fiscal year average.
- Occupancy tax collections totaled $19.2 million, an 11.1-percent increase over the previous fiscal year.
- Prepared food and beverage collections totaled $21.7 million, a 4.7-percent increase over the previous fiscal year.
"We are thrilled with the occupancy and collection numbers," stated Denny Edwards, president and CEO of the Greater Raleigh Convention and Visitors Bureau. "As these numbers show, tourism is a huge economic driver for our community bringing millions of dollars into the local economy."
Past economic research has indicated that visitor spending accounts for approximately 23 percent of the food and beverage sales that are taxed annually by Wake County.
2013-2014 saw an increase in visitation, as more than 13 million visitors spent more than $2 billion on their trips to Wake County. In 2013, tourism to Wake County generated more than $191 million in state and local tax revenues. For a full breakdown of all Wake County tourism impacts click here.
The Greater Raleigh Convention and Visitors Bureau, as the official destination marketing organization of Raleigh and Wake County, accelerates sustainable economic growth and development by increasing visitor and convention business.