Looking back at the successes and triumphs of this past year also comes with enduring struggles and trials that none of us in our wildest imaginations could have predicted. I increasingly fear the most significant impacts of the events that have shaped our world in 2020 are far from being realized. However, if there is one thing I have learned about Wake Forest during this season, it’s that this place and our people are strong - not strong in a generic, good willed encouragement sense of the word, but truly strong. I’ve discovered that the strength here has been established by years of talented, committed labor from the minds of brilliant men and women representing every sector of business that has produced a community of innovation, compassion, resilience, fight, a commitment to the common good, and the creation of opportunity.
It was my hope at the beginning of 2020 to host our annual economic development forum this Fall to share and celebrate all that has occurred in our community over this past year. For obvious reasons and like most everything else in this COVID world, it is necessary to pivot how we communicate the progress we’ve made throughout the year. The good news is that despite the multitude of difficulties we’ve all faced, there has been significant and inspiring progress in Wake Forest and in the WFBIP’s work throughout 2020. Below, I am honored to share a number of updates on some of Wake Forest’s most significant developments, a snapshot of the impressive demographic trends Wake Forest is blessed with, a bit about how the WFBIP is marketing Wake Forest, and multiple pieces of in-house and media published content featuring economic development news across our community.
From the entire WFBIP Team, I extend my best wishes to each of you and yours for a safe and merry Christmas season. I pray you enjoy a sense of lasting peace during a time this world has never needed it more. At the same time, I have great hope for healing and restoration as we move through 2021 together.
Godspeed,
Jason Cannon, President
2020 Promo: Big City Energy, Small Town Charm
Project Updates
With over 350 acres in various stages of development that are creating space specifically for business and work opportunity, the future is brighter than ever for living, working, and playing in Wake Forest!
Loading Dock Wake Forest
Expected to open in the second half of 2021, Loading Dock Wake Forest broke ground this November. The warehouse located at 525 S. White Street that will house LDWF is currently undergoing a nearly $3 million renovation conducted by Wake Forest-based Focus Design Builders . The work to catalyze a downtown business incubator and coworking space started nearly three years ago at a WFBIP hosted entrepreneurial summit. Projected to generate an economic impact of nearly $178 million annually and bring 437 jobs to downtown Wake Forest, this project will be the most significant addition to Wake Forest’s entrepreneurial ecosystem to date. Stay tuned for more exciting news on LDWF Phase 2!
Read more about LDWF here.
Live, WORK, Play Tech Park
Acreage is officially on the market inside Wake Forest’s future business and technology park. Certified this Fall through both North Carolina’s Certified Sites Program and Electricities’ Smart Sites Program (S2) this soon-to-be development will revolutionize work opportunity found in the community with potential to provide upwards of 180,000 square feet of office space in it’s first phase of development alone. With an emphasis on job creation and providing space for corporate development and relocation, this space will also feature significant residential and retail amenities once built out as well as greenways, open spaces, and community amenities.
Read more here.
Merritt Properties and Moffat Properties separately are in the process of developing more than 500,000 square feet of flexible work space on 112 acres located in and around South Forest Industrial Park. These developments mark a significant boom in opportunity found in Wake Forest’s industrial parks and are expected to catalyze further industrial development and opportunity. Merritt’s Capital Business Park is in active development and expected to deliver its first of eventually seven flex space industrial buildings in Q3 2021. Moffatt has properties both under construction with committed tenants as well as shovel ready pads.
Discover Merritt’s Capital Business Park
Read more about these industrial developments here.
This signature development, now conspicuously visible on Highway 98 Bypass, will support residential and retail opportunities and is slated to become Wake Forest’s hottest new destination for living, shopping, and dining. Anchored by a Wegmans high-end grocery, projected to open in May 2021, this 66-acre project is well underway and is expected to begin Phase 2 soon. In addition to adding value to the local retail and residential scene, the development of Grove-98 also includes an extension of Ligon Mill Rd across Highway 98 Bypass. As a result of Grove 98, other development opportunities including residential, retail,.medical, and office offerings are already beginning to take shape on adjacent properties.
Demographic Highlights
Human capital is our community’s most valuable resource. The start of 2020 brought with it continued positive demographic change regarding strategic growth, growth of targeted industry sectors, and more.
Animated Community Profile
Each year, the WFBIP team tracks demographic data for our community to understand what trends here are impacting living and working in our community.
Entering into 2020, Wake Forest saw upward shifts across key demographic areas that reflect the trajectory of growth happening in the community. Read more about recent growth trends here.
Strategic Demographic Takeaways
1) Compared to peers, Wake Forest has a significantly higher professional, scientific, management, and administration employment base.
2) Wake Forest grows at an average rate of 6 new residents per day, necessitating job creation and strategic growth.
3) Wake Forest continues to see substantial increases year over year in median income & local wealth with continued growth in a well-above average educated workforce.
Discover more Wake Forest 2020 demographics here
Marketing Wake Forest
The WFBIP runs a five time international award winning marketing program dedicated to telling the story of Wake Forest ‘s business opportunity, success, and incomparable quality of life.
Innovation Infrastructure
Wake Forest’s business and entrepreneurial ecosystem is being built upon an infrastructure lending itself to innovation and opportunity. Read more about Wake Forest’s Innovation Infrastructure here.
Reaching a Targeted Audience
FEATURES IN
“I think the option for advanced mobility is in the tens, if not hundreds of billions of dollars worldwide over the next few years,” said Spain. “With this, we have a very real chance to put North Carolina on the map as the very first place that is flying real operations.”
The unique infrastructure of resources, access, opportunity, and people within the Town of Wake Forest is shaping its identity and fueling an ecosystem of innovation.
Local property developer Moffat Properties and newcomer Merritt Properties will add 112 acres to the area surrounding South Forest Industrial Park, including nearly 500,000 square feet of additional office and flex space, in Wake Forest.
Loading Dock – Wake Forest will be a one-of-a-kind opportunity for entrepreneurs, startups and more to work, gather, collaborate, learn and grow — all in the heart of downtown Wake Forest.
The Town of Wake Forest’s above-average workforce demographics create tremendous opportunity for launching businesses and entrepreneurial growth, revealing the power of human capital in what has been referred to as a “pre-K to PhD society.”
Nucleaus is a software company that provides “a platform that continuously monitors code and reports back any vulnerabilities before an attack strikes.”
Following suit with the growth and demographics of the region at-large, the Town of Wake Forest is both a breeding ground for technological innovation and a launching pad for start-ups and other businesses. Additionally, the quality of life in Wake Forest is unmatched.
Green Stream Technologies, an environmental IoT startup, moved its operations to Wake Forest’s Wireless Research Center in January 2020.
Gary and Jessica Shaffer each run their own businesses out of their home office in Wake Forest, where they are also raising their young daughters.
In tandem with seeing tremendous business success, strategic economic development in Wake Forest is ramping up, reflecting the boom of the region, but also the town’s efforts to make it a place where people can live, work, play, create and innovate.
