As the FIFA World Cup enters its final days, the tournament’s biggest economic impact is only now beginning to materialise.

For U.S. businesses banking on a surge in spending from soccer fans, the late boost is still a welcome development.

The semifinals kick off this week, with France taking on Spain in Dallas on Tuesday, followed by England’s clash with Argentina in Atlanta on Wednesday.

As the competition narrows, travel bookings have picked up, with supporters from around the world converging on the host cities for the decisive matches.

According to the Bank of America Institute, every U.S. host city has recorded an economic boost driven by the influx of soccer fans.

“You can see the World Cup effect on the ground,” said David Tinsley, senior economist at Bank of America Institute. “Spending picked up after the tournament kicked off, with restaurants and bars seeing some of the strongest gains as consumers turned matches into social events.”

In-person spending across U.S. host cities increased by 5 per cent year-on-year between June 10 and July 5, driven by the influx of World Cup fans, according to an analysis of Bank of America credit and debit card transactions.

Kansas City recorded the strongest growth in consumer spending among all the host cities.

The economic impact is likely far greater than the figures suggest, as the Bank of America analysis covers only spending made with its credit and debit cards by U.S. households.

It excludes transactions made in cash, by cheque, on corporate cards, or by international visitors.

Kansas City also posted the largest weekly increase in hotel performance among World Cup host cities, with revenue per available room rising by nearly 50 per cent, according to hospitality data firm CoStar.

Philadelphia also recorded a significant boost, with weekend RevPAR climbing more than 74 per cent as its World Cup fixture coincided with Fourth of July celebrations and America 250 events.