CRVA Generates $1.1 Billion in Economic Impact for Fiscal Year 2024
December 18, 2024
Charlotte, NC – The Charlotte Regional Visitors Authority (CRVA) announces a record-breaking $1.1 billion economic impact for fiscal year 2024, reinforcing its role in driving Charlotte's economic growth through a mix of major events, conventions, leisure tourism, venue operations and strategic marketing initiatives. This success highlights Charlotte’s evolution into a top-tier destination for both leisure and business travelers.
"Tourism continues to be a driving force behind Charlotte's economic vitality, fueling job creation, boosting local businesses, and generating substantial tax revenue that benefits the entire community," said Steve Bagwell, CEO of the CRVA. "These record-breaking results reflect Charlotte's momentum as a premier destination. As we continue to attract major events and expand our leisure tourism footprint, we are committed to delivering even greater economic value for our community. The future of Charlotte’s tourism economy has never been brighter."
Key Highlights from FY24
- $1.1 billion total economic impact
- 336,000+ room nights booked through leisure marketing efforts
- 192,232 hotel room bookings generated by events at the Charlotte Convention Center
- 201,840 visitors to the NASCAR Hall of Fame
- 1 in 5 visitors to Bojangles' Coliseum and Ovens Auditorium (BOplex) traveled from more than 100 miles away
Economic Breakdown
- Leisure Marketing: $640.6 million
- Conventions and Hotel Meetings: $177.6 million
- Sports Events: $179.6 million
- NASCAR Hall of Fame: $74.9 million
- BOplex: $29.2 million
Leisure Marketing Success
- Leisure marketing reached an all-time high of $640 million in economic impact for FY24, comprising 58% of the CRVA’s overall impact. The CRVA’s largest investment in paid advertising to date—$8 million—expanded its reach to a 400-mile radius, engaging 7.3 million people, generating 336,000 room nights and resulting in $54.6 million in hotel revenue, directly driven by the advertising efforts.
- This success highlights Charlotte's growing appeal as a premier weekend destination and underscores the vital role of tourism in boosting the local economy. The influx of visitors has greatly benefited hotels, restaurants, and local businesses while reinforcing the CRVA’s leadership in sustaining and expanding the city’s visitor economy.
Convention Center Drives Economic Growth
- The Charlotte Convention Center played a key role in driving economic impact, particularly within the conventions and meetings sector. The center contributed a record $143.6 million to the economy—a 56% increase over 2023. This success underscores the importance of the recent expansion, which enabled the center to accommodate larger and more prestigious events.
- In FY24, the Convention Center hosted 45 city-wide conventions and 9 sports events, resulting in $84.4 million in direct visitor spending and generating $143.6 million in total economic impact. In addition to these large-scale events, we also hosted other impactful events that contributed significantly to the overall economic impact.
Sports Events Drive Major Economic Impact
- Charlotte's sports scene played a significant role in the city's overall economic impact, contributing $179.6 million in FY24. Through CRVA’s strong partnership with the Charlotte Sports Foundation and the Atlantic Coast Conference (ACC), we were able to host standout events like the ACC Football Championship, Duke’s Mayo Classic, and Duke’s Mayo Bowl, which collectively drew fans from across the country and provided a significant boost to the local economy.
- The ACC Football Championship alone generated $17.1 million in direct spending, reaffirming Charlotte’s reputation as a premier destination for collegiate sports. The Duke’s Mayo Classic and Bowl together added $22.3 million in economic impact. Beyond these marquee events, the collective power of amateur sports events across the region totaled an impressive $128 million in economic impact, further showcasing the city’s ability to attract and host a diverse range of sports events, including the NCAA Tournament, which contributed $5 million to the local economy.
- These events not only brought thousands of visitors to Charlotte but also provided a significant boost to local businesses, restaurants, and hotels. The Queen City continues to be a sought-after host for major sports events, creating lasting economic benefits for the region.
NASCAR Hall of Fame: A Must-Visit Destination
- The NASCAR Hall of Fame achieved a record economic impact of $74.9 million, driven by strong growth in general admission, group events and membership in FY24. Recognized as the home for celebrating NASCAR’s rich history, heritage, and family-oriented traditions, the Hall welcomed 201,840 visitors this year. The Hall drew visitors from across the U.S. and internationally, with nearly 80% making a journey of more than 100 miles to explore the Hall’s interactive exhibits and rich history.
- As a signature, must-experience landmark, the NASCAR Hall of Fame not only solidifies Charlotte’s standing in the motorsports world but also drives significant economic impact for the region.
Bojangles Entertainment Complex (BOplex): A Key Entertainment Driver
- The BOplex—comprising Bojangles Coliseum and Ovens Auditorium— generated $29.2 million in economic impact in FY24. The complex attracted a wide audience, with 1 in 5 event attendees traveling from more than 100 miles.
- As home to the Charlotte Checkers, Bojangles' Coliseum plays a central role in the city's sports scene, while Ovens Auditorium hosts a variety of entertainment events. This influx of visitors significantly boosts local businesses, highlighting the BOplex’s critical contribution to Charlotte’s sports and entertainment landscape and its broader economic impact on the region.
Why This Matters
- $8 billion in annual direct visitor spending
- 1 in 9 residents employed by the leisure and hospitality sector
- The CRVA plays a central role in managing City-owned venues, film, and tourism efforts, ensuring the continued growth of the region’s fourth-largest economic sector.
FY 2024 CRVA Impact Report
The CRVA has released its FY 2024 Impact Report, highlighting a record-breaking year of accomplishments and economic contributions spanning Fiscal Year 2024 (July 1 – June 30).
"As you explore this report, you’ll see stories of collaboration, innovation, and a shared vision for Charlotte’s future." said Steve Bagwell, CEO of the CRVA. “Whether through our world-class venues, strategic marketing efforts, or unforgettable events, we remain committed to driving economic growth while ensuring Charlotte continues to thrive as a welcoming destination.“
This annual report, accessible from the link below, underscores the CRVA’s pivotal role in driving Charlotte's economic growth through major events, conventions, leisure tourism, venue operations, and strategic marketing initiatives.
Link: CRVA Fiscal Year 2024 Impact Report
Tourism continues to be a driving force behind Charlotte’s economic vitality, fueling job creation, supporting local businesses, and generating substantial tax revenue that benefits the entire community. As a key steward of the city’s hospitality industry, the CRVA remains committed to delivering long-term economic value and positioning Charlotte as a premier destination for visitors, events, and experiences.
About CRVA
The Charlotte Regional Visitors Authority (CRVA) delivers memorable experiences that enrich the lives of visitors and residents alike. As the leader in destination development, marketing, and venue management, the CRVA maximizes Charlotte's economic potential through visitor spending, fostering job creation, and driving community opportunities.
Brands supported by the CRVA include the Charlotte Convention Center, Spectrum Center, Bojangles Entertainment Complex, NASCAR Hall of Fame, Charlotte Film Commission, Visit Charlotte, in conjunction with the region’s destination marketing brand and Visitor Info Centers. For more information, visit crva.com.
Media Contact
Gina Sheridan
Chief Marketing & Communications Officer
(704) 618-3215
gina.sheridan@crva.com