EXISTING CONDITIONS: POPULATION
Town of Wake Forest | HOUSING AFFORDABILITY PLAN
Local Demographics
FIGURE 8: MOST COMMON OCCUPATIONS IN WAKE FOREST 2020
Employment Growth Employment growth has been a primary driver of population growth in both Wake Forest and the region. Importantly, the occupations that are growing the fastest in Wake Forest pay higher wages than the current most common occupations. From 2010-2019, there was a 2% increase in the share of working households living outside of Wake Forest that are employed in Town. Additionally, there was a 2% decrease in the share of working households living within Wake Forest that are employed outside of Town. As of 2020, the four most common occupations in Wake Forest pay low to moderate wages, including sales, office/administrative, food/serving, and transportation occupations (Figure 8). Median wages for these occupations range from $22,000 to $39,000 annually. While lower- to moderate-wage occupations continue to outnumber high- wage occupations, the fastest growing occupations are higher-earning (Figure 9). The four fastest growing occupations reported in Wake Forest in 2020 include management, business and financial, installation and repair, and healthcare. Median wages for these occupations range from $51,000 to $115,000 annually.
Source: Emsi Labor Market Analytics & Economic Data
FIGURE 9: FASTEST GROWING OCCUPATIONS IN WAKE FOREST 2020
Source: Emsi Labor Market Analytics & Economic Data
THE TAKEAWAY
While lower to moderate wage jobs remain the most prevalent in Wake Forest, higher wage jobs are growing more quickly, which is a driver of the rising median income in Wake Forest.
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