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Downtown events a boon to Raleigh budget

Posted August 16, 2013

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— This weekend the Raleigh Convention Center will play host to the Carolina Classics at the Capital car show. It is the latest in a long line of high-profile, high-draw events in the capital city that lead to tax savings for those who live here.

"There's so many people in Raleigh that have classic cars and this convention center is just a diamond in the rough for this car show," said organizer Greg Cox.

Thousands of car enthusiasts will make their way to the Triangle from up and down the East Coast to lay their eyes on hundreds of muscle cars, collectibles, street rods and show cars. "We've got people from Virginia Beach, from Charlotte. We've got people who have come from as far as Florida," Cox said.

Car show latest downtown draw Car show latest downtown draw

This event has grown in size every year since it started four years ago. In all, 150,000 square feet of space will be available to exhibitors for the two-day show. This weekend, organizers expect as many as 15,000 people to buy tickets to the event. 

The IronMan race in June attracted more than 3,100 visitors who spent more than $1 million.

The out-of-towners will stay in downtown hotels and eat at downtown restaurants, boosting tax coffers for the city and state. New numbers from the state show that Wake County brought in $1.8 billion from domestic travelers in 2012, second only to Mecklenburg County.

According to the Greater Raleigh Convention and Visitors Bureau, Wake County collected a record $17,288,952 in hotel occupancy tax in the fiscal year that ended June 30. Collections were up year-to-year of the food and beverage tax as well. Every dollar raised from tourists is one fewer spent by locals in property taxes for local infrastructure and services.

"Tourism is a key tenet of our economic development strategy for North Carolina, and it means jobs for our citizens – nearly 200,000 of them across North Carolina," said Gov. Pat McCrory.

Tickets to Carolina Classics at the Capital can be bought at the door. The show is Saturday from 9 a.m. to 6 p.m. and Sunday from 10 a.m. to 4 p.m.

 

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  • superman Aug 19, 2013

    If that was the case RM should have continued to support that theatre. They could have made millions. How about indirect cost like law enforcement, street maintainance and all the other things those people do that cost us more money? If in face that creates more revenue why dont we see our taxes being reduced. That is all just hot air. They spend the tax money they generate and it does nothing for the general fund. Please explain if it is such a money maker why RM didnt continue to keep their place open after they spent millions in tax payer dollars.

  • Fun Aug 19, 2013

    Just word show us the numbers

  • ILoveDowntownRaleigh Aug 19, 2013

    "Really? Tax savings? Where? All I see is Raleigh taking on more debt and what always follows is higher taxes. Get ready folks for you tax increase if the school bond passes." - whatelseisnew

    Since you didn't have time to read the article before posting, here are the highlights:

    "According to the Greater Raleigh Convention and Visitors Bureau, Wake County collected a record $17,288,952 in hotel occupancy tax in the fiscal year that ended June 30. Collections were up year-to-year of the food and beverage tax as well. Every dollar raised from tourists is one fewer spent by locals in property taxes for local infrastructure and services...tourism is a key tenet of our economic development strategy for North Carolina, and it means jobs for our citizens – nearly 200,000 of them across North Carolina."

  • Mr. Middle of the Road Aug 19, 2013

    Really? Tax savings? Where? All I see is Raleigh taking on more debt and what always follows is higher taxes. Get ready folks for you tax increase if the school bond passes.
    whatelseisnew

    More visitors downtown means more businesses downtown means more tax paid by said business downtown. More tax paid downtown means less needed to be paid elsewhere. The tax paid will exceed the investment of tax dollars. Business people understand that sometimes you have to invest to reap profit.

  • valleyind2 Aug 19, 2013

    Whatelseisnew, do you just sit on your computer all day trolling WRAL so you can complain about the government? Go outside and do something productive.

  • quake Aug 19, 2013

    Glad the Convention Center is doing well. But every City Councilman and County Commissioner should keep a scale model of the Randy Partin theater on his desk, and remeber that the next arena/civic center/expo center could be another boondoggle.

  • whatelseisnew Aug 19, 2013

    Really? Tax savings? Where? All I see is Raleigh taking on more debt and what always follows is higher taxes. Get ready folks for you tax increase if the school bond passes.