2024 Wake Forest Community Profile

2024

Wake Forest Community Profile Wake Forest is part of North Carolina's thriving Research Triangle Region & just minutes from downtown Raleigh. The Town's 58,000+ residents & flourishing business base combine to create a wonderfully vibrant community.

Top 2% among 552 municipalities across NC

Location

Duke University

NC Beaches

30 miles

2.5 hours

NC Mountains 3 hours

UNC Chapel Hill

Downtown Raleigh

Research Triangle Park

37 miles

17 miles

26 miles

88%

RDU Int'l Airport

of population is less than 65 years old

24 miles

NC State University 20 miles

Population Characteristics WAKE FOREST POPULATION GROWTH (1980 – 2024) 90000 80000 70000 60000 50000 40000 30000 20000 10000 0

118,912

(2040 EST.)

GENDER & ETHNICITY

68,315

70.4% White 17.8% Black or African American 6.7% Two or more races 2.3% Asian 1.7% Some other race 0.1% American Indian or Alaska Native

(2028 EST.)

58,007 54,274 30,818 3,148 5,581 1980

307

51.4% Female

(2000 – 2024) 2020

2040

Source: Office of State Budget and Management, US Census and Wake Forest Planning Department

RETAIL & TRADE

Male

population increase

14,228 2000

48.6%

%

7.0% of the population is recorded as being of Hispanic or Latino Origin (of any race) Source: 2016-2021 American Community Survey 5-Year Estimates

MEDIAN HOUSEHOLD INCOME 5 Minute DT

10 Minute DT

Trade Area

2023 Estimated Population

47,727

114,233

218,476

Daytime Population

48,797

95,823

169,313

Median HH Income

$108,480

$113,878

$102,837

$120K $100K

NC

US

Wake Forest

Nearly 70% higher than the median NC household

$80K $60K

$67,481

$74,755

$40K

No. of Households

18,265

Source: ESRI Forecasts 2023 and Retail Strategies

41,749

78,889

$20K Source: 2022 American Community Survey 5-Year Estimates

$115,159

Workforce

Transportation

LABOR FORCE

AIR 30 minutes

157,867 Wake Forest (10 mile radius)

600+ flights on 14 major airlines to 48 non-stop destinations daily and 7

659,570 Wake County

international destinations daily.

807,349

Learn more: www.rdu.com

Raleigh MSA

1,168,144

RAIL

$1.1 Billion awarded in federal grant funds reviving passenger rail to Wake Forest for the construction of the S-Line from Raleigh to Wake Forest by 2030 www.ncbytrain.org.

BUS

Wake Forest-Raleigh Express & Wake Forest Loop www.wakeforestnc.gov/ busservice.aspx.

Raleigh-Durham-Chapel Hill CSA Source: ESRI and Labor & Economic Analysis Division of the North Carolina Department of Commerce

10.0

Retail Trade

%

Manufacturing

1200 1000

663

11.8

%

RESIDENTIAL BUILDING PERMITS ISSUED (NEW STARTS, BY YEAR) 739

Professional, scientific, management & administrative

753

Educational services, health care & social assistance

Development Activity

573

19.6%

691

27.6%

774

TOP 4 INDUSTRY SECTORS BY EMPLOYMENT (AGE 16+)

'18

'19

'20

'21

'22

'23

800 600 400

Source: 2022 American Community Survey 5-Year Estimates

200

State & Local Taxes

0

Source: 2018-2023 Wake Forest Planning Department and Inspections Department

4.5%

Personal Income Tax

PROPERTY TAX

2.5% Corporate Tax

7.25%

$0.505 Wake Forest $0.657 Wake County $1.162 Total

Sales Tax

Entrepreneurship launched through support 130+ Startups from Wake Forest Founders, RIoT Labs, Wireless Research Center and Loading Dock Wake Forest

Education K-12 EDUCATION Wake Forest is part of the award winning Wake County Public School System, the 15th largest district in the nation. Learn more at wcpss.net.

Wake Forest students enjoy access to:

6

19 Schools

9

21.9%

35.9%

96.9%

Graduate or Professional Degree

Bachelors Degree

High School Degree

Public

Charter Schools

57.8%

Private Schools

183K

of Wake Forest residents have a bachelor's degree or higher

students enrolled at area colleges & universities

22.1% higher than the U.S. average Source: 2016-2021 American Community Survey 5-Year Estimates

HIGHER EDUCATION Wake Forest has ready access to three Tier One research universities, eight four-year colleges & universities, & multiple community colleges.

NC State, Duke & UNC combine to conduct more than billion in research every year

$2.9

Wake Tech provided customized training to private-sector employees in 2022

2,550

®

Southeastern Baptist Theological Seminary serves 5,000+ students & generates a direct annual economic impact of over million

$41.4

525 S. White St., Suite 117 Wake Forest, NC 27587 919.435.9420 discoverwakeforest.org