RALEIGH, N.C. (WNCN) — One of Raleigh’s busiest hospitality districts could have more than a billion-dollar direct and indirect economic impact, according to a new report commissioned by the Glenwood South Neighborhood Collaborative.
The report, conducted by Circle Analytics, looks at quantifying the impact of Glenwood South’s residents and estimated visitors.
From housing, healthcare costs, operating expenses, transportation and food, the report concluded a direct and indirect total economic impact of $512.7 million for local residents.
“Everyone from young professionals right out of school to empty nesters who have retired and moved down here,” said Larry Miller with the Glenwood South Neighborhood Collaborative. “That’s what makes the neighborhood is those businesses where you can walk to them and be part of that.”
Then, from hotels, to transportation, restaurants, gas and other miscellaneous spending, the report estimates a $761 million economic impact by visitors.
The study says the neighborhood’s food and beverage tax collections generated more than $124 million dollars, or three percent of Wake County’s food and beverage taxes.
Anthony DeMarco, co-owner of DeMo’s Pizza, said the area has changed drastically over the past decade.
“We’re on our 10th year we’ve been here,” DeMarco said. “It’s like night and day. It’s just exponentially grown. Not just here on the street, all around the street, basically, so neighborhoods over here and neighborhoods over there.”
The city has also tried to combat crime as the neighborhood’s nightlife scene grows. Raleigh Police increased a presence along Glenwood Avenue late at night and confiscated more weapons in 2022 compared to 2021.
“We’ve worked with the police and they have definitely made an effort to have improved safety here,” Miller said.
Miller said the Glenwood South Neighborhood Collaborative hopes to use the report to gain more local funding for better street lights, improved sidewalks, other safety and infrastructure upgrades.