Aircraft manufacturer Blue Force Technologies said it will build a new facility in the town.
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It's expected to create 125 engineering and manufacturing jobs during the next few years.
"It's a great day for Wake Forest as we welcome Blue Force and these new jobs to our community," said Wake Forest Mayor Vivian Jones. "Wake Forest is clearly an attractive destination for business and industry. Companies like Blue Force know we offer the skilled workers and business climate they need to succeed."
The company said the average annual salary for the new jobs will be just more than $81,000.
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Blue Force will take over the facility formerly occupied by 3Phoenix Inc., at 204 Capcom Ave.
Blue Force designs and manufactures airframes and components for small aircraft up through spacecraft. The Wake Forest facility will support its recent contract award for developing the unmanned Fury aircraft for the U.S. Air Force.
"Given that the facility is the former home to defense contractor 3 Phoenix, Wake Forest was a perfect match for Blue Force," said Scott Bledsoe, President of Blue Force Technologies, Inc. "We are thrilled to make this investment in the thriving community of Wake Forest, and we appreciate the partnership with the Town and Wake County to make our expansion possible."