Raleigh, N.C. (May 16, 2024) – Visit Raleigh has released the Wake County Tourism Industry Report for the first quarter of 2024. All key performance indicators (KPIs), hospitality tax collections and prepared food and beverage tax collections saw modest increases year-to-date (YTD) over 2023. Hotel occupancy continues to outpace the state and national averages.

Highlights:
Continued Growth for Tax Collections

  • Hotel lodging tax collections totaled more than $9 million through March 2024, up 2.3% over 2023.
  • Prepared food and beverage tax collections totaled $10.9 million through March 2023, up 1.5% over 2023.

Group Business Overview

  • Visit Raleigh and the Greater Raleigh Sports Alliance (GRSA) hosted 83 events, tournaments, conferences and groups through March 2024, welcoming nearly 93,000 attendees to the area.
  • Through the end of March, hotel occupancy rose to 66.6% year-to-date (YTD), up 1.2% over 2023, and higher than the state and national averages for the same period.

Future Business/Tourism Outlook

  • Through March 2024, Visit Raleigh and GRSA booked 140 events for future dates, bringing more than 87,000 room-nights of future business to Wake County and generating a projected $52.5 million in estimated economic impact.

“We are honored that earlier this year Southern Living named Raleigh one of ‘The South’s Best Cities’ and Cary as one of ‘The South’s Best Cities On The Rise,’” said Dennis Edwards, President and CEO of Visit Raleigh. “These notable accolades and continued growth in key tourism and hospitality indicators demonstrate the enduring perception of Wake County as a great place to visit for leisure, business, sports and more.”

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

Wake County hospitality industry KPIs – according to the Smith Travel Research:
(January 1 – March 31, 2024)

KPI

Wake County
YTD

Wake County
% Change YTD

State Average
YTD

National Average YTD

Hotel Occupancy

66.6%

↑ 1.2%

57.1%

58.2%

Average Daily Rate (ADR)

$128.62

↑ 2.6%

$114.54

$155.21

Revenue Per Available Room (RevPAR)

$85.72

↑ 3.9%

$65.40

$90.30

Hotel Room Night Supply

1.6 M

↑ 0.9%

↑ 0.4%

↑ 0.6%

Room Nights Sold

1.09 M

↑ 2.1%

↓1.9%

↓ 1.4%
 

All KPIs for the Wake County hospitality industry have modestly increased through the start of 2024, outperforming the state and national averages in demand and occupancy.

Hospitality Industry Tax Collections in Q1 2024:
Wake County saw modest increases in hospitality industry tax collections in the first quarter of 2024. The first quarter of 2023 saw major one-time events such as the NHL Stadium Series, making the first quarter of 2024’s comparable performance significant despite not hosting any signature major-league sporting events in the first quarter. Hotel lodging tax collections totaled more than $9 million, a 2.3% increase over 2023. Prepared food and beverage tax collections totaled $10.9 million, a 1.5% increase over the first quarter of 2023.

Tax Collections
(Jan. – March)

Wake County
(2024)

Wake County
(2023)

Amt. Change

% Change

Hotel Occupancy

$9,187,703

$8,981,893

↑ 205.8 K

↑ 2.3%

Prepared Food and
Beverage

$10,909,616

$10,747,019

↑ $162.6 K

↑ 1.5%
 

Events Hosted in Q1 2024:
During the first quarter of 2024, Visit Raleigh and the Greater Raleigh Sports Alliance (GRSA) together hosted 83 conventions, sporting events and groups and welcomed more than 92,987 attendees to Raleigh, N.C. The first quarter of 2024 was highlighted by key conventions, meetings and sporting events impacting overnight visitation including:

New Business Booked in Q1 2024:
The first quarter of 2024 was fruitful in bookings for future conventions, sporting events and groups in Wake County as Visit Raleigh and GRSA combined booked 140 groups totaling more than 87,400 room-nights of future business. Visit Raleigh and GRSA’s collective future bookings from this quarter will create an estimated direct economic impact of $52.5 million.

Future meetings, conventions and sporting events booked during the first 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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