The Tourism Authority in Raleigh, N.C. plans to invest $300M in renovations to the 25-year-old PNC Arena, home of the National Hockey League’s (NHL) Carolina Hurricanes. In support of this rejuvenation effort, the Centennial Authority, which owns the arena, recently released an economic impact study which reports that the NHL team will create an annual fiscal impact to the city of Raleigh of $590M in 2023 with a five-year impact expected to reach over $3B between 2024 and 2029. According to Centennial Authority, the $3B estimate is a conservative figure that discounts City residents’ spending as it assumes some of that money will be spent elsewhere within the City. Additionally, the $3B only accounts for the next five years even though the investment is expected to extend the arena’s life span by decades.
Regarding the current estimated fiscal impact of the hockey team, Centennial Authority Board Chair Phillip Isley said: “These numbers are incredible. Truly, when I heard the number, I was blown away. My expectation was it would be a number with a three or four in front of it. It’s almost approaching $600 million. It was very surprising to me.”
Arena: PNC Arena
Home of: National Hockey League’s (NHL) Carolina Hurricanes and N.C. State Basketball
City: Raleigh North Carolina
Owner: The City of Raleigh
Year Arena Built: 1999
Tourism Authority Investment (City and County): $300M
Total Renovation Budget: TBD, A New Architect Team is Being Hired to Lead the Effort