Dreamville had a large economic impact on Raleigh in 2023

The spending of roughly 100,000 Dreamville attendees last year had an economic impact of $122 million for Wake County, according to economic impact consulting firm AngelouEconomics.

Why it matters: Dreamville has become one of the premier social events in the Triangle since it was started in Raleigh by North Carolina rapper J. Cole in 2019 — and it's become a serious economic driver for the city, too.

Between the lines: The report from Angelou offers a fuller picture of Dreamville's affects on Wake County's economy — both within the festival and at restaurants, businesses and hotels throughout the county.

• A previous impact study found Dreamville's 2022 festival had a total economic impact of $6.7 million — but that number did not include spending by locals or the multiplier effects of indirect or induced spending.
• The direct spending of Dreamville attendees last year accounted for about $69 million, per the report. That included expenditures like dining out, transportation and hotel rooms.
• Indirect spending could include increased sales for a business, like a caterer that feeds performers. Induced spending tracks the spending of employees who saw increased earnings as a result of Dreamville.

What they're saying: "When you get a large influx of people, people tend to look at the disruptions, like traffic," Matt Patton, executive vice president of AngelouEconomics, told Axios.

• "But there are so many local businesses that benefit from this influx of people," he added.

Sign up for Axios Raleigh for free.