Supporting the Growth of Existing Industries in Wake County

The vibrancy and success of industries within a community are strong indicators of its overall economic health. Wake County Economic Development (WCED) focuses on building relationships with local businesses to better understand their needs, challenges, and opportunities. This collaborative effort is essential for ensuring continued growth across the diverse industries that call Wake County home. During the 2023-2024 fiscal year, WCED engaged with 73 companies, gaining valuable insights into the factors shaping local businesses' hiring and growth strategies. In addition, through a partnership with Wake Tech, WCED was able to understand growing workforce and training trends at the company. 

Municipal Visits and Engagements

In the 2023-2024 fiscal year, Raleigh based companies were the most visited by WCED, with 56 industry engagements. These interactions spanned a variety of sectors, with three key industries standing out: real estate, financial services, and professional services.

• Real Estate: This industry includes residential and commercial real estate operations, such as brokers, property managers, and developers.
• Financial Services: Primarily dominated by banks and investment firms, this category also includes fintech companies and IT-based financial services.
• Professional Services: This broad sector encompasses law firms, staffing agencies, and business solution firms.

Given the large number of engagements with Raleigh-based companies, WCED chose to analyze this data separately from the broader Wake County dataset.

Wake County's Industry Trends

Many themes emerged when looking directly at municipalities outside of Raleigh like Morrisville, Cary, and the Wake portion of the Research Triangle Park (RTP).

In this more comprehensive dataset, financial services took the top spot, followed by biotechnology, pharmaceuticals, and life sciences and software/IT. These industries align closely with the recent growth and success seen in Morrisville, Cary, and RTP, where a high concentration of firms in these sectors are thriving.

Several pressing topics arose during WCED’s interactions with local businesses:

1. Economic and Market Opportunities: High interest rates were a major concern, particularly for construction and real estate companies. Businesses reported hesitancy in expanding due to high capital costs and the difficulty of finding tenants amid increased interest rates.

2. Workforce Training: Companies across industries such as healthcare, pharmaceuticals, advanced manufacturing, and software/IT expressed a strong need for workforce upskilling. These businesses emphasized the importance of providing staff with the training necessary to meet evolving industry demands. Often these companies partnered with Wake Tech to address any skills gaps in their workforce.

3. Infrastructure: Various infrastructure concerns were raised, with businesses citing challenges related to water and wastewater usage, electrical load capabilities, and regional transportation. Housing infrastructure – both supply and affordability - was also highlighted as an area in need of improvement to support growing industries.

Business Expansions: A Positive Sign for Growth

WCED plays a key role in assisting local businesses with expansion efforts. During the 2023-2024 fiscal year, WCED worked with 16 companies exploring potential expansions. These projects represented a significant number of jobs and potential capital investments, showcasing the ongoing strength of the market.

Three companies, in particular, made headlines for their expansion efforts:

Indivior:

In November 2023, global pharmaceutical company Indivior made a significant move by acquiring and expanding an existing manufacturing facility in Raleigh. Indivior's $60 million investment will enhance production capabilities while creating 35 new jobs, including positions in production, quality control, and maintenance. Indivior is committed to developing treatments for addiction and mental health disorders, and this expansion reinforces their dedication to improving access to life-changing medicines.

FUJIFILM Diosynth Biotechnologies:

FUJIFILM Diosynth Biotechnologies (FDB) made headlines in April 2024 with the announcement of a massive expansion at its Holly Springs facility. The company plans to add 680 jobs and invest $1.2 billion in the site, which will serve as a hub for contract manufacturing lifesaving pharmaceuticals. This expansion is part of FDB’s broader plan to invest $3.2 billion in the region by 2031, marking a significant contribution to the local economy.

Siemens:

Siemens, a global leader in electrification and automation, announced a $36 million expansion of its Wendell facility in September 2024. The expansion will create 200 new jobs and support growing demand for the company’s energy distribution products. Siemens’ investment comes at a time of rising energy demand, driven by the growth of semiconductor manufacturing, data centers, and industrial markets.

Continuing Growth and Opportunity in 2025

Wake County’s business environment remains strong, with companies across various industries demonstrating a commitment to growth and innovation. WCED’s continued engagement with local businesses ensures that the county remains a hub for diverse industries, from financial services to biotech to advanced manufacturing. As businesses expand and new opportunities emerge, Wake County’s economic future looks bright, with a wealth of potential for both established companies and newcomers alike.

The insights gained through WCED’s work highlight the importance of ongoing collaboration, infrastructure development, and workforce training to ensure that Wake County’s industries remain competitive and poised for future success.