HomeNorth CarolinaWake County
Wake County, North Carolina: commercial real estate data.
Wake County, North Carolina has a population of 1,178,653 across 835 square miles, up 9.1 percent since the 2020 census base. 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.
129 sourced county values · tier FULL · 12 sections
Wake County
How many people live in Wake County
- Population1,178,653
- 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-equivalents38th
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 an affordable ownership market 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 growing
- Population change since the 2020 census base9.13 percent
- Census 2020 base population1,129,352
- 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
The county has grown 9.13 percent since the 2020 census base. Migration contributed more to 2024 change than births over deaths, so demand here follows people arriving rather than families forming.
US Census Bureau, Population Estimates Program, Vintage 2024, Vintage 2024, estimates 2020 to 2024.
Wake County
Where people moving to Wake County come from
- Tax returns filed by households arriving38,659
- People arriving, from those returns66,935
- Adjusted gross income arriving$3.41 bn
- Net adjusted gross income movement$0
- Average income of an arriving household$88,162
- Largest single originWake County Non-migrants (418,903 households)
- Largest single destination (418,903 households)
| Origin | Households | People | Adjusted gross income |
|---|---|---|---|
| Wake County Non-migrants | 418,903 | 881,723 | $55.52 bn |
| Other flows - Different State | 4,561 | 8,035 | $367.8 m |
| Durham County | 3,486 | 5,568 | $284.8 m |
| Other flows - South | 2,001 | 3,424 | $151.9 m |
| Johnston County | 1,874 | 3,385 | $105.4 m |
| Other flows - Midwest | 1,168 | 2,106 | $101.1 m |
| Mecklenburg County | 954 | 1,457 | $76.6 m |
| Guilford County | 729 | 1,056 | $49.0 m |
The largest single source of arrivals is Wake County Non-migrants, 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 the Wake County economy runs on
- 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 North Carolina counties2nd
- Rank by GDP among US county-equivalents47th
- 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
Who employs people in Wake County
- Covered employment, annual average653,153
- Establishments reporting50,997
- Average annual pay$76,807
- Average weekly wage$1,477
- Sector 62, employment78,504
- Sector 62, average annual pay$70,412
- Sector 54, employment76,654
- Sector 54, average annual pay$120,319
- Sector 44-45, employment64,802
- Sector 44-45, average annual pay$41,933
- Sector 72, employment58,175
- Sector 72, average annual pay$26,407
- Sector 56, employment50,495
- Sector 23, employment45,432
| Sector | Employment | Establishments | Average annual pay |
|---|---|---|---|
| Sector 62 | 78,504 | 4,719 | $70,412 |
| Sector 54 | 76,654 | 11,966 | $120,319 |
| Sector 44-45 | 64,802 | 3,854 | $41,933 |
| Sector 72 | 58,175 | 3,060 | $26,407 |
| Sector 56 | 50,495 | 3,954 | $59,052 |
| Sector 23 | 45,432 | 4,330 | $85,109 |
| Sector 52 | 26,563 | 2,721 | $125,357 |
| Sector 42 | 25,832 | 2,601 | $113,865 |
The largest sector is the biggest private employer group at 78,504 jobs, 12.0 percent of covered employment. Average pay per job sits below median household income, so households here typically need more than one earner.
US Bureau of Labor Statistics, Quarterly Census of Employment and Wages, 2024 annual averages.
Wake County
What businesses operate 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.
US Census Bureau, County Business Patterns, 2023.
Wake County
What is being built in Wake County
- Housing units authorised by permit, 202415,248
- Declared construction value permitted$3.49 bn
- Single family units authorised9,620
- Multifamily units authorised5,628
- Multifamily share of units36.9 percent
- Average declared value per unit$228,676
- Units authorised per 1,000 households33.1
Multifamily is 36.9 percent of units authorised, so the pipeline is predominantly for sale product.
US Census Bureau, Building Permits Survey, 2024 annual.
Wake County
How much SBA lending happens in Wake County
- 7(a) approvals recorded1,428
- 7(a) gross approval dollars$900.9 m
- Average 7(a) approval$630,856
- Median 7(a) approval$317,000
- 10th percentile approval$37,700
- 90th percentile approval$1,608,900
- 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$512,000
- Distinct CDCs active6
- 504 jobs per approval9.8
- 504 jobs per million dollars approved11.5
- Most active CDCBusiness Expansion Funding Corporation (187)
- 7(a) share of SBA approvals86.0 percent
- Combined SBA approval dollars$1.10 bn
The average approval of $630,856 sits well above the median of $317,000, so a small number of large deals is pulling the mean up. The median is the better guide to what a typical borrower here actually 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
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
| NAICS | Industry | Resolved loans | Charged off | Charge off rate |
|---|---|---|---|---|
| 713940 | Fitness and Recreational Sports Centers | 16 | 0 | 0.0% |
| 812199 | Other Personal Care Services | 12 | 0 | 0.0% |
| 722513 | Limited-Service Restaurants | 10 | 0 | 0.0% |
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. Among industries with at least ten resolved loans, Fitness and Recreational Sports Centers carries the highest charge off rate at 0.0 percent.
US Small Business Administration, 7(a) FOIA release, FY2020 to FY2026 year to date, as of 2026-06-30.
Wake County
Which parts of Wake County get the lending
- Places in the county with recorded lending30
- RALEIGH, approvals662
- Cary, approvals215
- APEX, approvals116
- WAKE FOREST, approvals101
- FUQUAY VARINA, approvals66
- HOLLY SPRINGS, approvals55
| Place | 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 | 66 | $42,019,300 |
| HOLLY SPRINGS | 55 | $39,648,500 |
| MORRISVILLE | 54 | $32,736,900 |
| Garner | 45 | $24,629,600 |
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 big 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
What hazards affect Wake County
- EPA radon zone predicted average indoor radon screening level from 2 to 4 pCi/LZone 2
- Communities 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
The EPA places the county in radon zone 2, a predicted average indoor radon screening level from 2 to 4 pCi/L. The best Community Rating System class in the county is 5, which carries a flood insurance premium discount for properties in the participating community.
US EPA, Map of Radon Zones, county spreadsheet, 2024-05 publication, EPA 402/A-16/001. FEMA OpenFEMA, NFIP Community Status Book, Community Status Book, as retrieved.
Coverage
What this page does not hold.
Every item below could be filled with a plausible figure. None of them is. On a page a lender may read, a number that cannot be traced is worse than an absence, so the absences are named.
- Flood zone record counts are not held. The flood coverage export has not landed, so no count is shown rather than an estimated one.
- Traffic counts resolve in the platform, not in this dataset, so no AADT figure is printed here.
- Zoning is in build. Parcel level zoning is not published on this page.
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.
- Population1,178,653
- 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?
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 growing?
The population has grown 9.13 percent since the 2020 census base. 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 there 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 the average wage in Wake County?
Average annual pay is $76,807, or $1,477 a week, across 653,153 covered jobs. 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 totalling $900.9 m since FY2020, across 126 lenders, with a median approval of $317,000, plus 232 504 approvals worth $197.5 m. 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.
What is being built in Wake County?
15,248 housing units were authorised 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 Wake County Non-migrants, with 418,903 households. Arriving households report an average income of $88,162 against null 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?
Not yet. The zoning layer is in build. Nothing on this page presents parcel level zoning, and where a statutory framework applies it is marked as the statewide frame with confirm locally attached.