HomeNorth CarolinaWake County
Wake County, North Carolina: commercial real estate data.
Wake County, North Carolina had an estimated 1,232,444 residents on July 1, 2024, up 9.1 percent since the 2020 census base of 1,129,352, across 835 square miles. County output reached $128.43 bn in 2024, 33,873 establishments operate here, and the SBA record carries 1,428 7(a) approvals worth $900.9 m since FY2020.
Underlined figures are computed by MMCG Analytics, not published by the agency.
Wake County
How many people live in Wake County
- Population, American Community Survey 2020-20241,178,653
- Households460,175
- Average household size2.56
- Median household income$105,768
- Median age37.3
- Median gross rent$1,623 per month
- Median owner-occupied home value$461,300
- Home value to household income4.4 times
- Annual rent as a share of median income18.4 percent
- Adults 25 and over with a bachelor degree or higher57.2 percent
- Adults 25 and over with a graduate degree23.4 percent
- Adults 25 and over802,678
- Population under 18271,179
- Share under 1823.0 percent
- Population 65 and over151,920
- Share 65 and over12.9 percent
- Working age population, 18 to 64755,554
- Civilian labor force655,135
- Unemployment rate4.1 percent
- Labor force participation, adults 18 and over72.2 percent
- Rank by population among North Carolina counties1st of 100
- Rank by population among US county-equivalents, Puerto Rico included38th of 3,222
Wake County is the 1st largest of 100 North Carolina counties by population. A median home costs 4.4 times median household income, which is seriously unaffordable by national standards. Residents under 18 outnumber those 65 and over, at 23.0 percent against 12.9 percent, a household formation profile rather than a retirement one.
US Census Bureau, American Community Survey 5-Year Estimates, 2020-2024 5-year.
Wake County
Is Wake County's population growing?
- Population, July 1, 20241,232,444
- Census 2020 base population1,129,352
- Population change since the 2020 census base9.13 percent
- Population change, 2023 to 202429,050
- Births, 202413,202
- Deaths, 20246,808
- Natural change, 20246,394
- Net domestic migration, 20249,870
- Net international migration, 202412,704
- Total net migration, 202422,574
- Cumulative net domestic migration, 2021 to 202444,116
- Rank by growth among US county-equivalents178th of 3,144
The county has grown 9.13 percent since the 2020 census base. The population grew in 2024 from both sources: births exceeded deaths and more people moved in than left.
US Census Bureau, Population Estimates Program, Vintage 2024, Vintage 2024, estimates 2020 to 2024.
Wake County
Where are people moving to Wake County from?
- Tax returns filed by households arriving38,659
- People arriving, from those returns66,935
- Tax returns filed by households leaving35,996
- Net household movement2,663
- Adjusted gross income arriving$3.41 bn
- Net adjusted gross income movement$350.4 m
- Average income of an arriving household$88,162
- Average income of a leaving household$84,951
- Largest single originDurham County (3,486 households)
- Largest single destinationJohnston County (3,649 households)
| Origin | Households | People | Adjusted gross income |
|---|---|---|---|
| Durham County | 3,486 | 5,568 | $284.8 m |
| Johnston County | 1,874 | 3,385 | $105.4 m |
| Mecklenburg County | 954 | 1,457 | $76.6 m |
| Guilford County | 729 | 1,056 | $49.0 m |
| Orange County | 709 | 1,018 | $56.5 m |
| Franklin County | 664 | 1,225 | $36.6 m |
| Harnett County | 624 | 1,158 | $30.1 m |
| Cumberland County | 544 | 957 | $27.6 m |
Households arriving report $3,211 more average income than households leaving, so the migration is raising local spending power rather than just moving it around. The largest single source of arrivals is Durham County, which is the catchment a retail or multifamily study should look at first.
US Internal Revenue Service, Statistics of Income county migration flows, 2021 to 2022 filing years.
Wake County
What is the Wake County economy?
- County GDP, 2024$128.43 bn
- County GDP, 2023$120.61 bn
- GDP change, 2023 to 20246.5 percent
- GDP change over five years46.9 percent
- Rank by GDP among the North Carolina areas BEA publishes2nd of 100
- Rank by GDP among the US county areas BEA publishes47th of 3,127
- GDP per resident$108,962
Output grew 6.5 percent in the latest year and 46.9 percent over five, which is the trend line a lender will read behind any single year figure.
US Bureau of Economic Analysis, Regional, table CAGDP2, CAGDP2, through 2024.
Wake County
Employment by industry in Wake County
- Covered employment, annual average653,153
- Establishments reporting50,997
- Average annual pay$76,807
- Average weekly wage$1,477
- Health care and social assistance, employment78,504
- Health care and social assistance, average annual pay$70,412
- Professional, scientific and technical services, employment76,654
- Professional, scientific and technical services, average annual pay$120,319
- Retail trade, employment64,802
- Retail trade, average annual pay$41,933
- Accommodation and food services, employment58,175
- Accommodation and food services, average annual pay$26,407
- Administrative and support and waste management services, employment50,495
- Construction, employment45,432
| Sector | Employment | Establishments | Average annual pay |
|---|---|---|---|
| Health care and social assistance | 78,504 | 4,719 | $70,412 |
| Professional, scientific and technical services | 76,654 | 11,966 | $120,319 |
| Retail trade | 64,802 | 3,854 | $41,933 |
| Accommodation and food services | 58,175 | 3,060 | $26,407 |
| Administrative and support and waste management services | 50,495 | 3,954 | $59,052 |
| Construction | 45,432 | 4,330 | $85,109 |
| Finance and insurance | 26,563 | 2,721 | $125,357 |
| Wholesale trade | 25,832 | 2,601 | $113,865 |
Health care and social assistance is the largest private sector at 78,504 jobs, 12.0 percent of covered employment.
US Bureau of Labor Statistics, Quarterly Census of Employment and Wages, 2024 annual averages.
Wake County
How many businesses are in Wake County?
- Establishments, all industries33,873
- Employment at those establishments556,250
- Annual payroll$39.60 bn
- Establishments per 1,000 residents28.7
These are counts of establishments physically operating in the county, not listings, so they are the supply side a feasibility study measures demand against. County Business Patterns counts private establishments with paid employees in March 2023, while the Quarterly Census of Employment and Wages above counts every unemployment-insured employer, public ones included, as a 2024 annual average, so the two establishment and employment counts differ.
US Census Bureau, County Business Patterns, 2023.
Wake County
Building permits in Wake County
- Housing units authorized by permit, 202415,248
- Declared construction value permitted$3.49 bn
- Single family units authorized9,620
- Multifamily units authorized5,628
- Multifamily share of units36.9 percent
- Average declared value per unit$228,676
- Units authorized per 1,000 households33.1
Single-family homes are 63.1 percent of units authorized, so the pipeline is predominantly single-family.
US Census Bureau, Building Permits Survey, 2024 annual.
Wake County
SBA loans in Wake County (7(a) and 504)
- 7(a) approvals recorded1,428
- 7(a) gross approval dollars$900.9 m
- Average 7(a) approval$630,856
- Median 7(a) approval$316,000
- 10th percentile approval$38,540
- 90th percentile approval$1,602,670
- Largest single approval$5,000,000
- Jobs reported supported, 7(a)18,303
- Jobs per approval12.8
- Distinct 7(a) lenders active126
- Distinct industries receiving approvals289
- Median 7(a) term120 months
- Share of loans on real estate terms, 240 months or longer9.1 percent
- Loans on real estate terms130
- Loans on working capital terms, 120 months or shorter1,105
- Franchise loans434
- Franchise share of approvals30.4 percent
- Leading industry by approval countFull-Service Restaurants (73)
- Most active lenderThe Huntington National Bank (153)
- 504 approvals recorded232
- 504 gross approval dollars$197.5 m
- Average 504 approval$851,185
- Median 504 approval$509,500
- Distinct CDCs active6
- 504 jobs per approval9.8
- 504 jobs per million dollars approved11.5
- Most active CDCBusiness Expansion Funding Corporation (187)
- Combined SBA approval dollars, 7(a) FY2020 to FY2026 and 504 FY2010 to FY2026$1.10 bn
The average approval of $630,856 sits well above the median of $316,000, pulled up by a few larger deals, so the median is the better guide to what a typical borrower here gets. Only 9.1 percent of approvals run on real estate terms, so SBA credit here is mostly working capital and equipment rather than property acquisition.
US Small Business Administration, 7(a) FOIA release, FY2020 to FY2026 year to date, as of 2026-06-30. US Small Business Administration, 504 FOIA release, FY2010 to FY2026 year to date, as of 2026-06-30.
Wake County
SBA loan default and charge-off rates in Wake County
Do SBA loans in Wake County get paid back?
- Loans with a final outcome recorded242
- Paid in full226
- Charged off16
- Charge-off rate on resolved loans6.6 percent
- Status: Exempt from disclosure902
- Status: Paid in full226
- Status: Cancelled204
- Status: Charged off16
- Status: Committed, not yet disbursed80
Of the 242 loans that have reached a final outcome, 6.6 percent were charged off. This is computed only over resolved loans, because a loan still running has not yet succeeded or failed and counting it either way would be wrong.
Compare against the national and state SBA charge-off rates, computed the same way over resolved loans only.
US Small Business Administration, 7(a) FOIA release, FY2020 to FY2026 year to date, as of 2026-06-30.
Wake County
SBA lending by place in Wake County
- Borrower cities with recorded lending29
- Raleigh, approvals662
- Cary, approvals215
- Apex, approvals116
- Wake Forest, approvals101
- Fuquay-Varina, approvals69
- Holly Springs, approvals55
| Borrower city | Approvals | Gross approval dollars |
|---|---|---|
| Raleigh | 662 | $428,236,700 |
| Cary | 215 | $134,375,600 |
| Apex | 116 | $73,116,800 |
| Wake Forest | 101 | $60,896,000 |
| Fuquay-Varina | 69 | $42,353,300 |
| Holly Springs | 55 | $39,648,500 |
| Morrisville | 54 | $32,736,900 |
| Garner | 45 | $24,629,600 |
| 21 other borrower cities | 111 | $64,868,900 |
Raleigh accounts for 662 approvals against 215 in Cary. County level figures average over that gap, which is why a site decision is made at the submarket rather than the county.
US Small Business Administration, 7(a) FOIA release, FY2020 to FY2026 year to date, as of 2026-06-30.
Wake County
How large is Wake County?
- Land area835 sq mi
- Rank by land area among North Carolina counties7th of 100
- Width, east to west41.5 mi
- Height, north to south38.1 mi
- Geographies sharing a boundary6
- Residents per square mile of land1,412
- Establishments per square mile40.57
US Census Bureau county boundary geometry, TIGER, adjacency computed from shared boundary vertices, TIGER county boundaries. US Census Bureau, American Community Survey 5-Year Estimates, 2020-2024 5-year. US Census Bureau, County Business Patterns, 2023.
Wake County
Flood risk in Wake County
- Participation of the county's own NFIP community Wake County, unincorporated areasParticipating, community 370368
- Community Rating System class of the county's own communityClass 10
- Communities in the county in the NFIP Community Status Book13
- Of those, participating in the NFIP13
- NFIP participation rate100.0 percent
- Best Community Rating System class in the county A lower CRS class is a larger flood insurance premium discount.Class 5
- Communities carrying a CRS class3
- Radon levels in Wake County, EPA zone predicted average indoor radon screening level from 2 to 4 pCi/LZone 2
The county's own community in the status book, unincorporated Wake County (community 370368), participates in the National Flood Insurance Program and carries Community Rating System class 10, a flood insurance premium discount for policies written there. The EPA places Wake County in radon zone 2, a predicted average indoor radon screening level from 2 to 4 pCi/L. The zone is a screening prediction for the county and does not substitute for a test at an address. The best Community Rating System class among the county's communities is 5, which carries a flood insurance premium discount for policies written in that community. 100.0 percent of the county's listed communities participate in the National Flood Insurance Program, per Federal Emergency Management Agency, NFIP Community Status Book (OpenFEMA), as of 2026-09-26.
Federal Emergency Management Agency, NFIP Community Status Book (OpenFEMA), as of 2026-09-26. US EPA, Map of Radon Zones, county spreadsheet, 2024-05 publication, EPA 402/A-16/001.
Coverage
What this page does not hold.
Traffic counts, zoning and the flood zone at an address are not on this page; they resolve at the address in the platform. How this page was built →
Feasibility studies
When a Wake County site needs a document a lender will accept.
The same data layer behind this page is the one the studies are written from. A study for a Wake County site starts with the figures you are reading, carrying the same source and period into the credit file.
- Population, American Community Survey 2020-20241,178,653
- Households460,175
- Average household size2.56
- Median household income$105,768
- Median age37.3
Common questions
Wake County questions, answered from the record.
How many people live in Wake County, North Carolina?
The Census Bureau estimates 1,232,444 residents on July 1, 2024 (US Census Bureau, Population Estimates Program, Vintage 2024). The American Community Survey 2020-2024 five-year estimate is 1,178,653, in 460,175 households, ranking 1st of 100 North Carolina counties. Source: US Census Bureau, American Community Survey 5-Year Estimates, 2020-2024 5-year.
Is Wake County's population growing?
The population has grown 9.13 percent since the 2020 census base of 1,129,352, to 1,232,444 on July 1, 2024. In 2024 there were 13,202 births against 6,808 deaths, with net migration of 22,574. Source: US Census Bureau, Population Estimates Program, Vintage 2024, Vintage 2024, estimates 2020 to 2024.
What is the median household income in Wake County?
$105,768. The median owner-occupied home is valued at $461,300, which is 4.4 times income, and median gross rent is $1,623 per month. Source: US Census Bureau, American Community Survey 5-Year Estimates, 2020-2024 5-year.
How many businesses are in Wake County?
33,873 establishments, employing 556,250 people with an annual payroll of $39.60 bn. These are establishments physically operating in the county, not listings. Source: US Census Bureau, County Business Patterns, 2023.
What is employment by industry in Wake County?
Health care and social assistance is the largest private sector at 78,504 jobs, 12.0 percent of covered employment. Covered employment averages 653,153 jobs at an average annual pay of $76,807, or $1,477 a week. Source: US Bureau of Labor Statistics, Quarterly Census of Employment and Wages, 2024 annual averages.
How much SBA lending happens in Wake County?
1,428 7(a) approvals totaling $900.9 m since FY2020, across 126 lenders, with a median approval of $316,000, plus 232 504 approvals worth $197.5 m since FY2010. These are approvals recorded in the release, not loans disbursed.
Do SBA loans in Wake County get paid back?
Of the 242 loans that have reached a final outcome, 226 were paid in full and 16 charged off, a charge-off rate of 6.6 percent. Loans still running are excluded, because they have not yet succeeded or failed.
How many building permits were issued in Wake County?
15,248 housing units were authorized by permit in 2024, with a declared construction value of $3.49 bn. Multifamily was 36.9 percent of units. Source: US Census Bureau, Building Permits Survey, 2024 annual.
What is the radon zone for Wake County?
Zone 2, a predicted average indoor radon screening level from 2 to 4 pCi/L. Source: US EPA, Map of Radon Zones, county spreadsheet, 2024-05 publication, EPA 402/A-16/001.
Where do people moving to Wake County come from?
The largest single origin is Durham County, with 3,486 households. Arriving households report an average income of $88,162 against $84,951 for those leaving. Source: US Internal Revenue Service, Statistics of Income county migration flows, 2021 to 2022 filing years.
Are traffic counts available for Wake County on this page?
No. Annual average daily traffic resolves in the platform rather than in this dataset, so no AADT figure is printed here. It is a gap we know about rather than a figure we estimated.
Is zoning published for Wake County?
No. Nothing on this page presents parcel level zoning, and where a statutory framework applies it is marked as the statewide frame, to be confirmed locally.
Wake County
Cities and places in Wake.
13 Census places lie wholly or partly in Wake County. All 13 carry enough published place level data for a page of their own and are linked.
| Place | Type | Population | SBA 7(a) approvals, projects in this county | Lies in |
|---|---|---|---|---|
| Raleigh | city | 481,031 | 662 | Wholly in this county |
| Cary | town | 179,306 | 215 | 96.6 percent here, 3.3 percent Chatham County |
| Apex | town | 70,630 | 116 | 97.8 percent here, 2.2 percent Chatham County |
| Wake Forest | town | 52,844 | 101 | 97.5 percent here, 2.5 percent Franklin County |
| Holly Springs | town | 45,248 | 55 | Wholly in this county |
| Fuquay-Varina | town | 40,485 | 69 | Wholly in this county |
| Garner | town | 34,473 | 45 | Wholly in this county |
| Morrisville | town | 31,422 | 54 | Wholly in this county |
| Knightdale | town | 20,214 | 40 | Wholly in this county |
| Wendell | town | 13,064 | 22 | Wholly in this county |
| Rolesville | town | 10,766 | 16 | Wholly in this county |
| Zebulon | town | 8,711 | 12 | Wholly in this county |
| Angier | town | 6,241 | None recorded | 20.2 percent here, 79.8 percent Harnett County |
A further 21 of the county's 1,428 SBA 7(a) approvals are to borrowers in cities that match no Census place in Wake County, the largest being Carey (2), Gamer (2), Willow Spring (2). Those are postal cities, unincorporated areas and cities outside the county, so no place row claims them; they are counted in the county total above.