Wake Forest is garnering a reputation as a Southern hub of prosperity and innovation. Even in the midst of a trying pandemic, Wake Forest continues to set itself apart as one of the most appealing communities in North Carolina. Consistently ranked as one of the safest, most family-friendly, most business-friendly, and all-around best communities across the state, it is no wonder that Wake Forest also ranks among its fastest growing municipalities. The Town’s 50,000+ residents and its flourishing business base combine to form one community marked by vibrant, neighborly culture and an innovative, auspicious economy.
Over the past two decades, professionals and families from across the region, state, country, and world have flocked to Wake Forest, contributing to a 253% population boom. In 2021, Wake Forest crossed the 50,000 population milestone: a truly staggering accomplishment for the Town. Wake Forest’s unprecedented growth has brought about a seismic shift in its landscape, culture, and economic ecosystem. As a result, Wake Forest now shines as an all-in-one community where residents can live, work, and play all within the comfort of a charming community where professional opportunities abound.
How can a Town like Wake Forest support such an appealing balance of big-city energy and small-town charm? The answer is the Town’s “Infrastructure of Innovation.” With its Innovation Infrastructure, Wake Forest knits together a unique tapestry of culture, resources, spaces, and lifestyle that define the Town and sets a course for a prosperous future.
“Wake Forest has shaped itself into a community that supports innovation in response to the tremendous potential of its residents ” remarked Jason Cannon, President of the Wake Forest Business & Industry Partnership (WFBIP). “In the end, our greatest asset is the people who live here, work here, and contribute to the constant exchange of ideas in the Triangle region.” The power of human capital truly drives the success of this innovative tech town.
Each year, the WFBIP tracks the progressive development taking place in Wake Forest and showcases that growth through its annual demographic profile. Using different mediums, both of which have received award-winning recognition from the International Economic Development Council (IEDC), the Annual Community Profile Pamphlet as well as an Animated Community Profile track year-to-year trends to tell the story of Wake Forest’s growth through data.
From 2019 through 2020, Wake Forest saw growth across key demographic areas, reflecting a consistently upward trend undeterred by the pandemic. These changes include population growth, an increase in median household income, a shift in industry sectors, educational attainment levels, and more. Below are some of the key demographic shifts in Wake Forest from 2019 to 2020:
Population Growth: 47,220 to 50,244 (6.4% increase, ~8 people per day)
Median Household Income: $88,394 to $92,210 (4.3% increase)
Educational Services, Healthcare, & Social Assistance Jobs: 24.4% to 33.1%
Labor Force (10 mile radius): 123,586 to 124,733
Without question, the COVID-19 pandemic has impacted the year’s demographic trends. In spite of the significant hardships that many in Wake Forest, the country, and the world have experienced, these demographic trends ring with a note of encouragement. For example, Wake Forest’s population climbed at an even higher rate than 2019, proving that the Town’s appeal endures even in uncertain times. Moreover, while unemployment rates jumped across the board in 2020, Wake Forest’s unemployment rate has remained well below the national average and sits below the regional and state averages.
Further data sets paint the picture of a community that has not only weathered the pandemic well but also contributed to recovery in meaningful and powerful ways. 2020 saw significant shifts in industry sectors which shows that Wake Forest professionals stepped up and delivered solutions to the challenges facing our world. Educational services, healthcare, & social assistance jobs took a dramatic 8.7% leap from the previous year as the need for skilled care providers swelled. In addition, finance, insurance, real estate, rental, and leasing jobs nabbed the #5 spot on Wake Forest’s top 5 industry sectors list. This shift demonstrates that an increasing number of Wake Forest professionals are meeting the demands of economic recovery.
As an anchor in the Triangle, Wake Forest boasts one of the strongest workforces in the region, supplying the Triangle with educated, motivated, and highly-experienced leaders in tech and business. 54.6% of Wake Forest residents have a bachelors degree or higher — a percentage that far exceeds the national average. Geographically positioned with easy access to Research Triangle Park, three Tier One research universities, and RDU International Airport, many Wake Forest professionals are helping to fuel the Triangle’s reputation as the Southern Silicon Valley. On the heels of Apple’s announcement of an RTP campus which will bring 3,000 jobs, Wake Forest’s highly skilled workforce is poised to seize those opportunities.
Wake Forest unerringly proves itself as a community dedicated to business and entrepreneurial success. With 80+ startups launched through the support of the Wireless Research Center and R!oT Labs Ecosystem, there is no shortage of innovation in Wake Forest. Forthcoming developments, including coworking incubator Loading Dock Wake Forest, Merritt Capital Business Park, and the live-WORK-play Wake Forest Business & Technology Park, promise to take Wake Forest’s entrepreneurial ecosystem to new heights. These developments are certain to exert a gravitational pull on the Triangle at large, nudging the center of innovation in the direction of Wake Forest.
Wake Forest’s population growth and economic emergence have redefined the Town; but nonetheless, this community possesses an enduringly charming personality that has not waned amidst that change. The Town is an Eden of natural beauty in the Triangle with 50+ miles of local greenways, and over 1,000 acres of gorgeous parks and open spaces. Residents across the Triangle retreat to Wake Forest in search of quaint, small-town scenery and friendly local culture. Cultural hallmarks such as Friday Night on White, while on-pause due to COVID precautions, attract tremendous crowds, uniting friends and neighbors in summer fun. Even in the midst of a global pandemic, the Town of Wake Forest continues to hum with community-focused living.
“No one quality accounts for Wake Forest’s population boom,” said Cannon. “In reality, this community’s true appeal lies in its special ability to uphold each of its assets — from the strong economy to the vibrant culture, and from the bountiful opportunities to its beautiful scenery — without sacrificing its others qualities.” Wake Forest’s latest demographic trends are a reflection of this community’s enduring strength and undeniable appeal.
Please enjoy the 2021 Wake Forest Community Profile, and discover this year’s demographic trends. Connect with the WFBIP to learn how you can benefit from the resources of this community.
2021 Wake Forest Community Profile
