In the heart of North Carolina's Research Triangle Region, just minutes from Raleigh, lies the vibrant and rapidly evolving community of Wake Forest. From 2023 to 2024, this dynamic Town experienced significant changes, embodying the fusion of big city energy with small town charm, reflecting its ongoing growth and prosperity.
Between 2023 and 2024, Wake Forest's population soared from 55,000 residents to over 58,000, reinforcing its position as one of the fastest-growing municipalities in North Carolina. This growth trend is not new to Wake Forest, with a remarkable population increase of 307% from 2000 to 2024. With a population of 118,912 projected for 2040, the trajectory of growth in Wake Forest continues to solidify its status as a thriving community.
The flourishing business base in Wake Forest continues to drive economic prosperity, as evidenced by various indicators. Median household incomes in the retail arena witnessed a steady rise, reaching impressive figures of $108,480 within a 5-minute radius of downtown Wake Forest and $113,878 within a 10-minute radius. This growth trajectory outpaced both the state and national averages, reflecting the community's robust economic environment. Additionally, a median household income of $115,159 within Wake Forest’s municipal boundaries surpasses the state's median of $67,481 by nearly a 70% margin, highlighting the significant economic advancement within the town.
Wake Forest's employment landscape experienced notable shifts across industry sectors from 2023 to 2024. Educational services, health care, and social assistance remained the top employment sectors, comprising 27.6% of the workforce, underscoring the community's commitment to education and well-being. Meanwhile, professional, scientific, management, and administrative roles retained their prominence at nearly one-fifth of the labor pool, contributing to the advanced skill sets present in Wake Forest. Retail trade and manufacturing sectors also played vital roles in the local economy, reflecting a balanced mix of industries driving growth and innovation.
Infrastructure development and transportation improvements further catalyzed Wake Forest's growth trajectory. The town's strategic location allows for convenient access to major transportation hubs, with a drive-to-fly option within 30 minutes and robust rail and bus services connecting residents to regional destinations. The revival and construction of the S-Line passenger rail from Raleigh to Wake Forest, scheduled for completion by 2030, underscores the community's commitment to enhancing connectivity and mobility for its residents and businesses.
Wake Forest's education ecosystem continued to thrive, offering residents access to a diverse range of educational opportunities. From award-winning K-12 schools within the Wake County Public School System to prestigious universities and community colleges, the community prioritizes education as a cornerstone of its growth strategy. Entrepreneurship also flourished, with over 30 startups launched between 2019 and 2023, supported by various initiatives and ecosystems fostering innovation and growth. Notably, the newly formed Wake Forest Founders program, an entrepreneurial programming and accelerator inititated by Wake Forest Business and Industry Partnership (WFBIP) and powered by UNC Innovate Carolina, plays a pivotal role in nurturing and empowering aspiring entrepreneurs within the community.
Furthermore, the percentage of Wake Forest's population with a graduate or professional degree increased from 20.2% to 21.9% between 2023 and 2024, further emphasizing the community's dedication to higher education and skill development. Additionally, 57.8% of Wake Forest residents hold a bachelor’s degree or higher, exceeding the U.S. average by 22.1%.
“As Wake Forest charts its course into the future, it is incredibly positioned for continued growth and prosperity,” says Jason Cannon, President of the Wake Forest Business and Industry Partnership (WFBIP). “With new growth arriving daily and ongoing initiatives fostering economic, community, and entrepreneurial development, the town is solidifying its position as a vibrant and inclusive hub within the Research Triangle Region of North Carolina.”
By leveraging its diverse talent pool, robust infrastructure, and collaborative community spirit, Wake Forest is well-equipped to navigate the opportunities and challenges that lie ahead, setting the stage for a bright and promising future.
