Meg's Musings on the 2008 Census Data

Wake or Mecklenburg, Who Wins Out?

ALL of my relocation clients, when they first contact me, invariably ask the same question, "What is Charlotte like?," followed by, "I am going to visit Charlotte right after my visit with you." While I can give them some positive feedback on Charlotte, and, in fact, even a referral in to a good Charlotte Realtor whom I trust, my heart lies, of course, with my own cities of Cary and Raleigh and my own county of Wake.

Wake is the State's Most Prosperous County: A report by The News and Observer regarding 2008 census data for North Carolina found that Wake County was the most prosperous of the state’s largest counties last year, meaning counties with more than 65,000 residents.

Our median household income of approximately $65,000 was nearly $20,000 greater than the state median income ($46,500). Another strong indicator was fewer than 13 percent of Wake County residents lacked health insurance in 2008, compared with nearly 16 percent statewide.

In terms of richest cities in North Carolina, two from Wake County made up the top three. Cary was at number one, with a median income of $91,947, while Raleigh finished third at $53,825, just a few thousand shy of Charlotte at number two.

This certainly points out the resiliency of the county, even in tough times and even with more people arriving every day. There is on average a better economic opportunity to succeed here than in the rest of the state, and we are talking considerably better than average, for that matter.

The reason is – and we have said it before and will say it again – diversity among employment opportunities. The county has never become too dependent on one single industry as its primary source of jobs. Because of that, a collapse of one market or considerably large employer will not devastate the county’s constantly positive trend of economic growth.

In a year where median income actually dropped in five states – Arizona, California, Florida, Indiana and Michigan – it is reassuring to know that people in North Carolina and particularly Wake County are able to weather the storm. When the storm ends, you can bet that Wake will emerge even stronger economically afterward.

Population of Wake County Versus Mecklenburg: Charlotte is easily North Carolina’s most populated city. Consequently Mecklenburg County, which houses Charlotte, also has the highest population of any county of North Carolina. But as Wake County is increasing in population by leaps and bounds, it will not be long before Mecklenburg will be in second place in the state.

Whether it is attributed to the excellent education system, the comparatively stable housing market, or the seemingly recession-proof economy, Wake is booming, so much so that its population is predicted to grow faster than that of Mecklenburg over the next two years. According to an estimate released earlier this year by the U.S. Census Bureau, by 2011 the populations of North Carolina’s two largest counties will differ by fewer than 25,000 people.

The population of Wake County is estimated to increase by 4.9 percent and 4.3 percent in 2010 and 2011, respectively. Mecklenburg will continue to grow, though at an estimated slightly slower pace than Wake over the next two years. This means that if these exponentially increasing trends remain stable, Wake could potentially become the state’s most populated county in 10 years. Given the trends among newcomers in relocating to the state, there is every reason believe this can and will happen.

More Evidence for Raleigh and Wake County:  Portfolio.com has released its annual small business vitality survey and ranked Raleigh third among the nation’s 100 largest metropolitan areas profiled. A six-part formula was used to analyze the nation’s 100 largest metros, looking for the places that are most conducive to the creation and development of small businesses. The formula analyzed each metro’s number of small businesses per 1,000 residents, the one-year change in that concentration, one-year growth rates for small businesses and private-sector employment, and five-year rates for population and employment.

Raleigh did top all other cities in the five-year growth rate category, showing a 22.5 percent increase in population. Also of note was that Raleigh finished high among the number of small businesses per 1,000 residents, at 27.44. Additionally, Raleigh was the only North Carolina city to finish in the top 30. Charlotte, second in last year’s survey, fell 29 positions down from that level this time.

This survey confirmed what we have been saying about how our area is resilient amid the national economic downturn. We are ready for business at all levels, and we mean it when we say that when it comes to economic development, Wake County really is “smarter all around.”

While Charlotte and Mecklenburg remain at the top of the chart, Wake County is a rising star, so keep your eyes on the horizon.