More than 200 of Wake Forest's leading citizens attended the Fifth Annual Economic Development Forum at the Renaissance Centre on Feb. 5. Co-hosted by the Chamber of Commerce and Wake Forest Business & Industry Partnership (WFBIP), the two-hour event was led by WFBIP President Jason Cannon and keynote speaker Economist Ted Abernathy, Managing Partner of Economic Leadership, LLC.
As part of his 45-minute presentation, Cannon highlighted updates on data and demographics, entrepreneurship, development projects, and marketing.
With a current population of 61,987, the increase of new residents relocating to Wake Forest over the last 25 years is 336%, up from 14,228 in 2000. With estimates upwards of 118,000 by 2040, 11 people were moving to town every day in 2024. And with household income continuing to grow, the median wage in Wake Forest is $120,777, some 71 percent higher than the state average. Demographics related to retail strength continue to grow as well, with an estimated 230,313 residents in Wake Forest’s trade area.
As part of the Wake Forest Founders program supporting entrepreneurs, regular networking events are being held to increase learning and community building. The Structured Accelerator cohorts led by Tim Flood of the UNC Kenan-Flagler School of Business resulted in 21 local founder companies being served in 2023-24, along with an entrepreneurial showcase and inaugural pitch competition with $5K in prize money awarded in December 2024.
Continuing the focus on entrepreneurship, Cannon sounded the success of the Wireless Research Center (WRC), which is celebrating 15 years in business, and its three strategic initiatives to increase education and skill-building which drive the WRC’s work..
On the development front, Cannon called attention to what could be the crown jewel of downtown, the 10-acre project by the Alliance Group of NC led by Jacob Anderson to transform the 80-year-old Chevrolet building, which has been in progress since the summer of 2022. Along with an adjacent 2.5-acre park and outdoor space, the 16,000-square-foot building is expected to open in the summer.
Black & White Coffee Roasters, which is one of the tenants moving to the food hall, relocating from its current location at 314 Brooks Street, also celebrated the ribbon cutting of a new shop at the Raleigh-Durham airport in June 2024.
With all 38 units sold, the Magnolia Square condominiums on Roosevelt Avenue built by the Alliance Group and Stanley Martin, are now fully owned and occupied by owners. And with 72 units planned, construction on the Magnolia Trace condominiums on North White Street has begun with the first closing held in January.
Scheduled for completion in May, the 13,000-square-foot Wilkinson Building owned by Bob Johnson is undergoing a $1.4 million renovation to allow for more office space on the second and third floors and a redesigned Las Margaritas.
Atlas Stark recently completed its historic renovation project at 535 S. White Street. With Pure Barre, Massage Luxe, and Mosaic Group now open, Cardinal Bar and Lil Hombre are scheduled to open in the Spring.
Flex and light industrial development is also booming with the ongoing development of Merritt Capital Business Park. With Phase 1 and 2 now complete, four buildings totaling 255,400 square feet are now 100% leased and occupied. Some 78,000 square feet of space has been leased and an estimated 160 jobs were created over the past year. Plans for Phase 3, with three new buildings totaling 201,700 square feet, will be finalized in the first quarter of the year.
In cooperation with the Southeastern Baptist Theological Seminary, the Wake Forest Business & Technology Park is a project with the potential to further transform Wake Forest into an even more prosperous community. The Town is in talks with UNC Health, which plans to invest some $462M to build a community hospital on part of the 200 acres available for development off of US 1.
The Wake Forest Exchange by St. John Properties along Star Road and US 1 offers 120,440 square feet for flex/R&D, 27,730 for medical/office/flex, and over 30,000 for new retail. Ground on the project was broken last December and the first flex building of Phase 1 is scheduled for November of this year.
With 100 acres of retail and residential space anchored by Wegmans, Grove 98 is going gangbusters with new housing and businesses, including Torchy's Tacos, Five Guys, Dave’s Hot Chicken, and Piada Italian Street Food. What-A-Burger and Outback Steakhouse are both soon to join them.
A bit further east, a ribbon cutting for the 82,500-square-foot WakeMed Medical Office Building was held in November. Cookout opened at last at 11690 Northpark Drive and a Costco is coming soon behind Lowe's Hardware.
Looking toward the future, the Town is making plans to build a performing arts center. And as recently as last week, NCDOT was awarded a $13.2 million federal mobility grant to begin construction of a mobility hub for the coming S-Line train from Raleigh.
Cannon welcomed Ted Abernathy from Economic Leadership, LLC, who delivered a broad overview of the national and North Carolina economy. "It's taken five years to get back to what looks like a regular economy," Abernathy said. "Last year, the U.S. economy was the best in the world."
Big business is doing really well and North Carolina is leading in job growth, Abernathy said. He emphasized, however, that the North Carolina economy is great, depending on where you live. Fortunately, Wake County is among the very top places to do business.
"We could not be more excited for all the growth we've experienced over the last 20 years in general and more recently in particular," Cannon said. "We are perfectly located and positioned to continue growing and providing more opportunities for this region. 2025 stands to be another exciting year for Wake Forest."
