Wake County has lost more than $130 million in revenue due to COVID-19, report says

Wake County News

RALEIGH, N.C. (WNCN) – A new report shows Wake County has lost more than $130 million in revenue due to the COVID-19 pandemic.

The report comes from the Greater Raleigh Convention and Visitors Bureau and the Greater Raleigh Sports Alliance.

The pandemic has led to the cancellation of many events and meetings in Raleigh and across the county – and those cancelations have had a ripple effect throughout the area.

Typically, Wake County draws nearly 17 million visitors per year. The report says those visitors spend more than $2.5 billion locally. When people are in town they’re dining out, staying in hotels, and spending money at local shops.

With the stay-at-home order, travel restrictions, and event cancellations, there’s been a big decrease in hotel lodging and food and beverage tax collections.

Hundreds of meetings, conventions, festivals, and group sporting events were canceled due to the pandemic.

There are some positives, though – according to the report, several events have been rescheduled for a later date and nearly all hotels throughout Wake County are back open.

At this point, only a handful of hotels are closed and occupancy rates are around 40 percent for the first time since mid-March.

Visit Raleigh leaders say it’s good to see that a little more money is being brought back into the market now.

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