2017 R ena i s s anc e P l an U pdat e | T own of W ak e F or e s t MJB Consulting DT Wake Forest Master Plan Update / Summary of Preliminary Findings July 25, 2016 / Draft #1
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ˆMain Street˜ trade area
Raleigh MSA
2000 Population 2010 Population
89,546 159,566 183,928 206,691
797,048
1,130,490 1,275,121 1,415,954
2016 Population (Estimated) 2020 Population (Projected)
Annualized Population Growth, 2000 to 2010 Annualized Population Growth, 2010 to 2016 Annualized Population Growth, 2016 to 2020
+7.8% +2.5% +3.1% 31.6%
+4.2% +2.1% +2.8% 17.2%
% ˆRural˜ Population
Median Age
37.9
35.9
Aged 18 to 34 (ˆMillennials˜) Households With Kids Average Household Size
18.2% 43.5%
23.6% 37.2%
2.78
2.60
Households With 3 or More People
47.9%
42.1%
% White % Asian % Black
74.2%
65.6%
3.3%
5.5%
16.7%
20.3% 10.7%
% Hispanic
7.0%
% B.A. Degree or Higher
44.1% 14.5% 47.7% 15.0%
44.1% 15.7% 46.5% 14.6%
% Graduate or Professional Degree
% Management/Financial/Business/Professional Jobs
% Blue Collar Jobs
% Unemployed
5.3%
5.8%
Median Household Income
$74,313
$63,910
% Household Income $75K or More % Households Owner−Occupied
49.6% 78.9% 66.1%
44.0% 66.8% 54.4%
% Households Owner−Occupied, With Mortgage/Loan
Median Home Value
$255,570
$227,592
% Homes Valued $300K or More
39.3%
32.3%
Basic demographic characteristics of the “Main Street” trade area for Downtown Wake Forest Source: ESRI, MJB Consulting S S Basic demographic characteristics of the “Main Street” trade area for downtown Wake Forest | Source: ENCI, MJB Consulting The following summarizes some of the most noteworthy data points, for the purposes of this analysis: - The Main Street trade area’s 2016 population of approximately 184,000. To put this number into context, it is roughly similar to or considerably larger than the entire MSA’s of Jacksonville, NC (186,311); Blacksburg-Christianburg-Radford, VA (181,747); Greenville, NC (175,842); Burlington, NC (158,276); Rocky Mount, NC (148,069); and New Bern, NC (126,245). - 31.6% of the trade area’s population is still considered “rural” 3 , yet that percentage 3 According to the U.S. Census Bureau, an “urban” area comprises a densely settled core of census tracts and/or census blocks that meet minimum population density requirements, along with adjacent territory containing non-residential urban land uses as well as territory with low population density that links outlying densely settled territory with the densely settled core. To qualify as an urban area, the territory identified according to considerably larger than the following MSA’s of Jacksonville, NC (186,311); Blacksburg– Christianburg–Radford, VA (181,747); Greenville, NC (175,842); Burlington, NC (158,276); Rocky Mount, NC (148,069); and New Bern, NC (126,245). The trade area is considerably less diverse than the overall region, The following summarizes some of the most noteworthy data points, for the purposes of this analysis: The Main Street trade area’s 2016 population is approximately 184,000. This population is roughly similar to or years as more land is developed for housing. The number of residents is projected to rise at an annualized rate of 3.1% between 2016 and 2020, outpacing the Raleigh MSA as a whole (2.8%) and yielding a 2020 population of roughly 207,000.
with whites accounting for 74% of the population (versus 66% for the MSA). Yet even though African Americans constitute just 17%, that still translates to roughly 31,000 people. Furthermore, the percentages of Asians, Latinos and African Americans are expected to grow modestly in the next five years.
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31.6% of the trade area’s population is still considered “rural” , yet that percentage should continue to decline in the coming
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