More than 1.5 million people attended events at PNC Arena last season, generating more than a half-billion in economic activity for the county.

Those are the findings of a new study meant to measure to the impact of the Raleigh arena on the Wake County economy.

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Buoyed by a successful season from the Carolina Hurricanes and a strong concert lineup, the arena generated $590 million in economic impact during the 2022-23 season, according to "The Economic Impact of PNC Arena on the Wake County Economy" study by economist John Connaughton.

"These numbers are incredible," Centennial Authority chairman Philip Isley said. "When I heard the number, I was blown away."

That figure includes $274.5 million in economic impact of on-site and off-site economic activity, another $191.3 million in revenue generated by supplier chain industries within Wake County and another $124.7 million in induced impact or nonrelated economic activity from July 1, 2022 to June 30, 2023.

The arena helps support more than 2,600 on-going jobs in the Wake County economy, the survey found.

Isley said he expected a number in the $300 million to $400 million range. The 2023 figure is more than double the economic impact in 2016, as presented to the board in 2018. In 2016, the impact was $249.5 million.

The Centennial Authority owns PNC Arena. It commissioned the study, which was presented to the Centennial Authority board Thursday afternoon. Connaughton is the director of the UNC Charlotte Economic Forecast and an expert on sports economics.

"We only account for new things that are happening that wouldn’t happen but for this facility being here," Connaughton told the board.

The figures do not account for home NC State football games or the Hurricanes' outdoor game at Carter-Finley Stadium that took place on Feb. 18, 2023.

The survey also discounts some of the spending by Wake residents at PNC Arena because they'd be likely to spend that money in the country even if the arena did not exist.

Nearly 1.6 million attendees visited PNC Arena in 2022-23, up more than 120,000 people from the previous year. The Hurricanes drew more than 927,000 fans for 51 home dates. The Hurricanes won their division and advanced to the Eastern Conference final.

NC State attracted more than 222,000 for 17 men's basketball games. The Wolfpack reached the NCAA Tournament for the first time since 2018.

Another 56 events at the arena — including concerts and family events — drew nearly 423,000 to PNC Arena. Hootie and the Blowfish, Harry Styles, Stevie Nicks and Luke Combs, among others, played at the arena.

Tim McGraw, Pink, Justin Timberlake are among the artists who will play PNC Arena in 2024. PNC Arena is scheduled to host first- and second-round games in the NCAA men's basketball tournament in 2025.

The arena also hosted hundreds of catering events, such as before NC State football games, local government planning and training events.

The arena, which opened in 1999, is set to undergo a $300-million renovation beginning in the summer of 2025. Rising construction costs and higher borrowing rates may limit the number of individual projects in the overall renovation.

And construction may limit the number of events it can hold during the summers of 2025, 2026 and 2027 when the bulk of the renovation is expected.

Projections indicates the arena will result in more than $3 billion in economic activity over the next five years.

"At some point, we're going to have to shut the building down to do the big stuff," Isley said. "Those numbers will be impacted at some point, just not anytime in the near 12-month period of time."

The Centennial Authority board recently voted to end its contract with longtime architecture and design partners Ratio and HOK, seeking "fresh ideas" for the project.

Funding for the renovation is coming from Raleigh and Wake County with the money coming from a tax on hotel stays and prepared food and beverage that has been in place for decades.

"Our main pitch to our funding partners this year is that this is an important economic generator for this area and clearly the money we received was to bolster our economic impact to the area," Isley said.

The money for the renovation was contingent on the Hurricanes signing a long-term lease to remain at PNC Arena and on the team and Hurricanes owner Tom Dundon getting rights to develop land around the arena.

The first phase of development around the arena must include a hotel.