Wake County Economic Development

Wake County Economic Development
Name	Wake County Economic Development
Location	Raleigh, North Carolina
Established	20th century
Population served	Wake County
Website	Official site

Contents

Wake County Economic Development Wake County Economic Development oversees regional Raleigh, North Carolina development strategies that connect Research Triangle Park, Durham, Chapel Hill, North Carolina State University, and Wake County. The agency aligns incentives with employers such as IBM, Cisco Systems, Apple Inc., Fidelity Investments, and GlaxoSmithKline while coordinating with institutions like Duke University, University of North Carolina at Chapel Hill, North Carolina Central University, and Centura Health. Its initiatives interact with federal partners including the U.S. Department of Commerce, Economic Development Administration, Small Business Administration, and state entities such as North Carolina Department of Commerce.

History and growth of the economy

Wake County's economic trajectory traces to post-World War II expansion anchored by Raleigh, North Carolina and the creation of Research Triangle Park in 1959, which drew firms like RTI International and GlaxoSmithKline. The county later attracted technology firms including SAS Institute, Cisco Systems, and IBM, while healthcare anchors such as Duke University Health System and WakeMed Health and Hospitals expanded. During the late 20th and early 21st centuries, municipal planning by Wake County and regional coordination with Triangle J Council of Governments spurred suburban growth in Cary, North Carolina, Apex, North Carolina, Holly Springs, North Carolina, and Garner, North Carolina. Major economic inflection points included the arrival of Research Triangle Park tenants, the expansion of Raleigh-Durham International Airport, and investments from multinational corporations such as Lenovo and Honeywell International Inc..

Key sectors include Information technology, reflected by employers like Red Hat, SAS Institute, and NetApp; biotechnology and pharmaceuticals with firms such as Biogen, IQVIA, and Gilead Sciences; and financial services with offices for Bank of America, Wells Fargo, and Fidelity Investments. Healthcare employment is concentrated with Duke University Health System, WakeMed Health and Hospitals, and UNC Health Care. Advanced manufacturing players including Caterpillar Inc., Siemens, and Philips maintain operations, while the life sciences cluster links to RTI International, NCSU Research Complex, and BioLabs. The region's startup ecosystem intersects with accelerators like American Underground, HQ Raleigh, and incubators at North Carolina State University and Duke University Innovation & Entrepreneurship.

Wake County collaborates with state programs such as Economic Development Partnership of North Carolina and tax incentives including Job Development Investment Grant and Industrial Development Fund to attract capital-intensive projects from companies like Apple Inc. and Lenovo. Local incentives often complement federal credits administered by the Internal Revenue Service and grant programs from the U.S. Department of Transportation. Public–private partnerships involve stakeholders such as Greater Raleigh Chamber of Commerce, Wake County Board of Commissioners, City of Raleigh, and corporate investors including Fidelity Investments and Cisco Systems. Site selection decisions frequently consider proximity to Research Triangle Park, Raleigh-Durham International Airport, Interstate 40, and Interstate 440.

Regional infrastructure planning engages Raleigh-Durham International Airport (RDU), rail corridors served by Norfolk Southern Railway and CSX Transportation, and highway networks including Interstate 40, Interstate 440, and U.S. Route 64. Transit providers such as GoRaleigh, GoTriangle, and Capital Area Transit (CAT) coordinate with regional rail proposals including Carolina Connector concepts and freight initiatives supported by the Federal Railroad Administration. Broadband expansion projects involve partners like Google Fiber, AT&T, and Spectrum (Charter Communications), while utilities are overseen by entities such as Duke Energy and American Electric Power for power and Cape Fear Public Utility Authority-area coordination for water resources.

Workforce pipelines tie to North Carolina State University, Duke University, University of North Carolina at Chapel Hill, Wake Technical Community College, and North Carolina Central University through cooperative education, research partnerships, and certificate programs. Workforce training programs involve Piedmont Triad Partnership-linked models, Workforce Innovation and Opportunity Act implementation via local workforce boards, and corporate training with partners like IBM and Cisco Systems. K–12 feeder systems include Wake County Public School System, magnet programs at Raleigh Charter High School, and STEM initiatives supported by NC Science Festival and KIT: Kids In Technology-style outreach. Apprenticeship and credential pathways coordinate with National Association of Manufacturers and National Institutes of Health-funded research internships.

Primary organizations include Wake County, City of Raleigh, Cary Chamber of Commerce, Greater Raleigh Chamber of Commerce, Research Triangle Regional Partnership, Economic Development Partnership of North Carolina, and Triangle J Council of Governments. Collaborative initiatives range from Research Triangle Park expansions and Raleigh Innovation Quarter-style redevelopment to startup accelerators like American Underground and university commercialization offices such as NC State Innovation and Duke University Office of Licensing & Ventures. Regional initiatives involve workforce consortia with Wake Technical Community College, export promotion via U.S. Commercial Service, and resilience planning coordinated with FEMA and North Carolina Department of Environmental Quality.

Category:Economy of Wake County, North Carolina