Raleigh, N.C. (Aug. 14, 2024) – Visit Raleigh released the Wake County Tourism Industry Report for the second quarter of 2024. Key performance indicators (KPIs), hospitality tax collections and prepared food and beverage tax collections continue to see increases over 2023 year-to-date (YTD) levels. Hotel occupancy and room demand continues to outperform state and national averages, showing sustained desire for overnight visitation in Wake County.

Highlights:
Steady Tax Collections

  • Hotel lodging tax collections totaled more than $20.6 million through June 2024, up 7.8% YTD over 2023.
  • Prepared food and beverage tax collections totaled $22.8 million through June 2024, up 2.8% over 2023.

Group Business Overview

  • Visit Raleigh and the Greater Raleigh Sports Alliance (GRSA) hosted 139 events, tournaments, conferences, festivals and groups in the second quarter of 2024, welcoming more than 286,026 attendees to the area.
  • Through the end of June, hotel occupancy rose to 70.6% YTD, up 2.5% over 2023 and higher than the state and national averages for the same period.

Future Business/Tourism Outlook

  • Through June 2024, Visit Raleigh and GRSA booked 230 events for future dates, bringing more than 272,649 room-nights of future business to Wake County and generating a projected $83 million in economic impact.

“Wake County’s welcoming atmosphere and world-class sports, meeting and venues are why events continue to return year after year,” said Dennis Edwards, President and CEO of Visit Raleigh. “We’re looking forward to new hotel openings in the coming months and the Raleigh Convention Center expansion in the coming years, which will allow Wake County’s tourism industry to continue to flourish.”

Below is a full breakdown of the tourism and hospitality industry performance throughout Wake County in the second quarter of 2024.

Wake County hospitality industry KPIs – according to the Smith Travel Research (STR):
(January 1 – June 30, 2024)

KPI

Wake County
YTD

Wake County
% Change YTD

State Average
YTD

National Average YTD

Hotel Occupancy

70.6%

↑ 2.5%

62%

62.6%

Average Daily Rate (ADR)

$135.59

↑ 4.9%

$124.70

$157.50

Revenue Per Available Room (RevPAR)

$95.73

↑ 7.5%

$77.34

$98.61

Hotel Room Night Supply

3.32 M

↑ 0.7%

↑ 0.4%

↑ 0.5%

Room Nights Sold

2.34 M

↑ 3.2%

↓ 0.1%

↑ 0.1%
 

All KPIs for the Wake County hospitality industry have seen increases through the second quarter of 2024. According to STR, through the second quarter, Wake County Occupancy rose by 2.5% YTD, Average Daily Rate (ADR) increased by nearly 5% YTD and Revenue Per Available Room (RevPAR) increased 7.5% YTD. Occupancy and room night demand outpaced the state and national average.

Hospitality Industry Tax Collections in Q2 2024:
Wake County saw modest visitation increases in the second quarter of 2024, leading to hotel occupancy and prepared food and beverage tax collections increases over the same period in 2023. Hotel lodging tax collections totaled more than $20 million through June 2024, a 7.8% increase over 2023. Prepared food and beverage tax collections totaled more than $22 million, a 2.8% increase over the first half of 2023.

Tax Collections
(Jan. – June)

Wake County
(2024)

Wake County
(2023)

Amt. Change

% Change

Hotel Occupancy

$20,678,892

$19,191,441

↑ 1.5 M

↑ 7.8%

Prepared Food and
Beverage

$22,865,750

$22,249,156

↑ $616 K

↑ 2.8%
 

Events Hosted in Q2 2024:
During the second quarter of 2024, Visit Raleigh and the Greater Raleigh Sports Alliance (GRSA) together hosted 139 conventions, sporting events and groups and welcomed more than 286,026 attendees to Raleigh, N.C. The second quarter of 2024 was highlighted by key conventions, meetings and sporting events impacting overnight visitation including:

New Business Booked in Q2 2024:
The second quarter of 2024 was productive in bookings for future conventions, sporting events and groups in Wake County as Visit Raleigh and GRSA combined booked 90 groups totaling more than 27,000 room-nights of future business. Visit Raleigh and GRSA’s collective future bookings from this quarter will create a direct economic impact of over $30.2 million. Future meetings, conventions and sporting events booked during the second quarter include:

Interviews with a Visit Raleigh spokesperson can be arranged via phone, video conference or in person. To arrange an interview, please contact the Public Relations and International Tourism Manager, Veronica Thring at vthring@visitraleigh.com


About the Greater Raleigh Convention and Visitors Bureau (Visit Raleigh): 
As the official destination marketing organization for Wake County, the Greater Raleigh Convention and Visitors Bureau (Visit Raleigh), is responsible for promoting Wake County as an attractive travel destination and enhancing its public image as a dynamic place to live and work. Through the impact of travel, the organization strengthens the economic position of and provides opportunity for people throughout Wake County. Raleigh, N.C./Wake County welcomes nearly 18 million visitors annually whose spending tops $3 billion. The visitor economy supports over 24,500 local jobs in Wake County and generates $287 million in state and local tax revenues, saving each Wake County household $601 in taxes annually. visitRaleigh.com 

About the Greater Raleigh Sports Alliance (GRSA): 
A division of the Greater Raleigh Convention and Visitors Bureau (Visit Raleigh) – the Greater Raleigh Sports Alliance (GRSA) markets and promotes Raleigh and all of Wake County in order to generate and/or retain sports-related businesses (tournaments, championships, special events and meetings) for the purpose of economic development. Raleigh, N.C./Wake County welcomes nearly 18 million visitors annually whose spending tops $3 billion. The visitor economy supports over 24,500 local jobs in Wake County and generates $287 million in state and local tax revenues, saving each Wake County household $601 in taxes annually. raleighsports.org 

Media Contact:
Veronica Thring
Public Relations and International Tourism Manager
919.819.8292
vthring@visitraleigh.com

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