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