Raleigh, N.C. (Nov. 14, 2024) – Visit Raleigh released the Wake County Tourism Industry Report for the third quarter of 2024 today. 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 continue to outperform state and national averages coming into the final quarter of the year, showing a sustained desire for overnight visitation in Wake County.

Highlights:
Continued Growth for Tax Collections

  • Hotel lodging tax collections totaled more than $30.6 million through September 2024, up 7.3% YTD over 2023.
  • Prepared food and beverage tax collections totaled $34.4 million through September 2024, up 3.4% over 2023.

Group Business Overview

  • Visit Raleigh and the Greater Raleigh Sports Alliance (GRSA) hosted 109 events, tournaments, conferences, festivals and groups in the third quarter of 2024, welcoming more than 112,258 attendees to the area.
  • Through the end of September, hotel occupancy steadied at 70.2% YTD, up more than 2% over 2023 and higher than the state and national averages for the same period.

Future Business/Tourism Outlook

  • In the third quarter of 2024, Visit Raleigh and GRSA booked 137 events for future dates, bringing more than 111,700 room-nights of future business to Wake County and generating a projected $75 million in economic impact.

“Wake County’s tourism and hospitality industry has remained resilient and dynamic this year,” said Dennis Edwards, President and CEO of Visit Raleigh. “Strategic developments like the upcoming opening of the dual-brand Homewood Suites and Tempo by Hilton Raleigh Downtown, Lenovo Center renovations and entertainment district, Raleigh Convention Center expansion and new Omni convention campus hotel are setting our region apart for even more growth for future meetings, conventions and sporting event business.”

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

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

KPI

Wake County
YTD

Wake County
% Change YTD

State Average
YTD

National Average YTD

Hotel Occupancy

70.2%

↑ 2.1%

62.7%

64%

Average Daily Rate (ADR)

$134.35

↑ 4.5%

$126.48

$158.73

Revenue Per Available Room (RevPAR)

$94.36

↑ 6.7%

$79.31

$101.62

Hotel Room Night Supply

5.01 M

↑ 0.6%

↑ 0.3%

↑ 0.5%

Room Nights Sold

3.52 M

↑ 2.7%

↓ 0.3%

0%
 

All KPIs for the Wake County hospitality industry have continued to see increases through the third quarter of 2024. According to STR, through the third quarter, Wake County Occupancy rose by 2.1% YTD, Average Daily Rate (ADR) increased by 4.5% YTD and Revenue Per Available Room (RevPAR) increased by 6.7% YTD. Occupancy and room night demand continued to outpace the state and national average.

Hospitality Industry Tax Collections in Q3 2024:
Wake County saw steady visitation increases in the third quarter of 2024, leading to hotel occupancy and prepared food and beverage tax collection increases over the same period in 2023. Hotel lodging tax collections totaled more than $30 million through September 2024, a 7.3% increase over 2023. Prepared food and beverage tax collections totaled more than $34 million, a 3.4% increase over the same period last year.
 

Tax Collections
(Jan. – Sept.)

Wake County
(2024)

Wake County
(2023)

Amt. Change

% Change

Hotel Occupancy

$30,656,316

$28,582,032

↑ 2.1 M

↑ 7.3%

Prepared Food &
Beverage

$34,444,663

$33,307,716

↑ $1.1 M

↑ 3.4%
 

Events Hosted in Q3 2024:
During the busy third quarter of 2024, Visit Raleigh and the Greater Raleigh Sports Alliance (GRSA) together hosted 109 conventions, sporting events and groups and welcomed more than 112,258 attendees to Raleigh, N.C. The third quarter of 2024 was highlighted by key conventions, meetings and sporting events impacting overnight visitation including:

New Business Booked in Q3 2024:
An active third quarter of 2024 resulted in numerous bookings for future conventions, sporting events and groups in Wake County. Visit Raleigh and GRSA combined booked 137 groups totaling more than 111,700 room-nights of future business. The collective future bookings from this quarter will create a direct economic impact of over $75 million. Future meetings, conventions and sporting events booked during the third 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 Clark at vthring@visitraleigh.com


About the Greater Raleigh Convention and Visitors Bureau (Visit Raleigh):
As the official destination marketing organization for Wake County, 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 industry and community's economic position and provides opportunities for people throughout Wake County. Raleigh, N.C./Wake County welcomes 18.5 million visitors annually, whose spending tops $3.2 billion. The visitor economy supports nearly 26,000 local jobs in Wake County and generates $307 million in state and local tax revenues, saving each Wake County household $712 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 to generate and/or retain sports-related businesses (tournaments, championships, special events and meetings) for economic development. Raleigh, N.C./Wake County welcomes 18.5 million visitors annually, whose spending tops $3.2 billion. The visitor economy supports nearly 26,000 local jobs in Wake County and generates $307 million in state and local tax revenues, saving each Wake County household $712 in taxes annually. raleighsports.org

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

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