Cold and rain couldn’t stop Wake Forest business leaders from coming to breakfast this past Thursday.
The Town’s second annual Joint Economic Development Forum held on February 2, 2023, at the Wake Forest Renaissance Centre for the Arts, brought together over 200 attendees from the local area. The sold-out event, presented collaboratively by the Wake Forest Chamber of Commerce and Wake Forest Business and Industry Partnership (WFBIP), kicked off at 7:30 am.
Chamber President Liz Simpers took the stage for a warm welcome in her classic style, while Ryan Hutchinson of the Southeastern Baptist Theological Seminary graced the crowd with the Invocation. WFBIP President Jason Cannon shared a comprehensive 2022 Year in Review presentation before passing the mic to economist and keynote speaker Ted Abernathy for his expert perspective on the economic outlook for the coming year.
Cannon spoke on the Town’s rapid growth in not only population (281% since 2000) but household income, averaging $104,006 — 68% higher than the median household in North Carolina. He further underscored how population growth and income are working hand-in-hand, as population growth has been driven primarily by a drastic increase in households with annual incomes greater than $100,000. In fact, 88% of new growth has been in households earning at least six figures per year.
With substantially more income than typical households at the state and national level combined with the region’s relative, overall low cost of living, these additional resources create economic opportunities for the Wake Forest community that many others do not enjoy. Cannon also shared that while the Town has just over 54,000 residents, its retail catchment, or trade service area, serves over 215,000 people. Simply put, three out of every four people who utilize Wake Forest as their primary source for retail shopping and services do not live in town, thus, creating substantial sales tax benefits.
With approximately seven new people moving to Wake Forest daily, a rapid increase in median income, and local wealth continuing to attract a highly educated workforce, Wake Forest’s role as a regional job generator for nearby communities continues to develop.
“In the next 17 years, we expect our current population to more than double again,” said Cannon. “However, if history holds true, the growth could be even greater. Are you, as business leaders of this community, ready for that journey? I’m pleased to share that a lot of conversation and planning is underway at the Town level on how we can strategically prepare for the growth that lies ahead.”
Forum attendees also received updates on various local development projects currently underway, with the Town’s Planning Department having a full to-do list for this upcoming year.
“Development is underway and proposed nearly everywhere across the community,” said Cannon. “As they say, “A picture is worth a thousand words’!”
Cannon shared the following development project highlights:
Loading Dock Wake Forest (LDWF), which recently celebrated its one-year anniversary, has been embraced by the community and has seen great success. It now boasts over 300 members. Once fully operational, LDWF is projected to create $101 million in annual economic impact across Wake Forest and remains the largest economic development project in Downtown’s history.
Wireless Research Center (WRC) remains an economic mainstay focused on utilizing technological advances to cultivate societal development and, through those, improve equity in communities.
A spotlight on two local entrepreneurial businesses, Roseland Pictures and Fishin Shrimp, both running successful operations.
PowerHouse Row, which has made its mark Downtown with Phase 1, has Phase 2 coming soon — and is planned to be substantially larger in breadth and height.
The 353 S. White Street site will be developed by Triangle Real Estate Company. The former SunTrust Bank site is slated for a mixed-use redevelopment to include ground floor retail/commercial and residential above. The downtown parking deck, providing a total of 360 new parking spaces, will also be constructed immediately adjacent.
Wake Forest Business and Technology Park is projected to generate an annual economic output of $2.2 billion in Wake Forest alone. The site is getting quite the attention across the area, with a recent feature in Triangle Business Journal.
Blue Force Technologies recruitment to Wake Forest for integration of “The Fury,” a full-size unmanned aircraft commissioned by the U.S. Air Force.
WakeMed Medical Office Building of nearly 90,000 sqft. is anticipated to start construction in May 2023.
The Downtown Food Hall and Park along Roosevelt Avenue with site work expected to commence no later than the end of February 2023.
Black & White Coffee Roasters, who not only will be moving to a new Downtown home in the above-referenced Food Hall but also expanding with a new retail location at RDU International Airport.
Merritt Capital Business Park celebrated Phase 1 in May 2022 and is well underway with Phase 2. Upon all three completed phases, the park will accommodate more than 550 new jobs in Wake Forest across more than 452,000 sqft. of high-quality light industrial and flex space.
Summit Fire and Security has recently leased the former PowerSecure Headquarters facility at 1609 Heritage Commerce Court and will be relocating its Triangle operations this summer.
Grove Ninety-Eight is “Slated to become Wake Forest’s new premier destination for living, shopping, and dining.” Development continues feverishly with a mix of purposes including restaurant, retail, and commercial, as well as multifamily and townhomes.
Atlas Stark Holdings, who purchased the vacant warehouse at 535 S. White Street (immediately adjacent to Loading Dock Wake Forest), will begin redevelopment soon. A second food hall has committed to lease a substantial portion of this space, leaving Downtown flanked on its north and south boundaries with two new food halls in readapted facilities.
Ting, fiber internet provider, now has 29 active neighborhoods since coming to town in late 2020 and has enjoyed service uptake rates well above average.
Ted Abernathy was two for two years as the keynote speaker for the Forum. There’s no wonder why: as Managing Partner of Economic Leadership LLC, Abernathy has 35 years of experience in directing economic and workforce development programs.
For over 50 entertaining minutes, Abernathy covered everything from labor shortages due to declining birth rates across the globe, life expectancy, demographic odds and ends, and a divided public opinion. He crowdsourced the audience on current economic affairs, such as inflation, the stock market, the labor market, housing affordability, and global uncertainty. He even compared Oscar Mayer Pumpkin Spice Bologna to how he would describe the current economy — unquestionably a standout moment in his remarks!
Echoing Cannon on population growth, Abernathy shared that North Carolina, as a whole, is in the top third for growth rate over the last decade. It has seen over a 1% net gain in population from 2020 - 2022 — a period when the country saw massive changes in where people wanted to live due to the pandemic. Not only is North Carolina thriving, but Wake County, specifically, is a sought-after area with a projected population growth of 18.4% over the next decade. “If you go to other places, they simply don’t feel as good as you do here,” said Abernathy.
Abernathy spoke on the latest rankings of the best states for business. It was no shock to the crowd to see the state made the top 5 list for Forbes, CNBC, CEO Magazine, and Business Facilities. He also discussed the Raleigh metro appearing on the top 100 list overall in the 2022 Composite Index. The index ranks metros in six areas: Momentum, Future, Global, Talent, Cost & Climate, and Quality of Place. The Raleigh metro took third overall, and as an additional fun nugget of knowledge, Abernathy shared it has never been out of the top five.
While Abernathy successfully engaged the crowd with various fascinating economic statistics, his presentation led back to the same sentiment that everyone in attendance knew to be true: Wake Forest truly is — and will continue to be — a great place to live, work, and play, with a very bright future ahead.
