Raleigh, N.C. — Wake Forest is still growing –  the town passed the 25,000 population mark last year – but development has slowed. So the town is calling a halt to new projects until the staggering economy regains its balance.

"We're just going to try and sit back and look at where we are and make sure our finances are coming in properly and try to make sure we are just keeping everything stable,” Mayor Vivian Jones said.

A new Town Hall is under construction, and more than $5 million worth of improvements are being made to Franklin Street. There is also a plan to promote ridership on the town's new bus service.

“We are actually spending, right now, about $25 million in the town of Wake Forest,” Jones said.

However, Jones said during her State of the Town address Monday night that there will be no new projects this year.

"I think they are trying to be conservative, and I'm OK with that as long as we have funds there for emergencies,” Wake Forest homeowner Kim Malvicini said.

The mayor said the town has no plans to cut back on existing programs or services. However, she is postponing hiring new employees until the economy improves.

In 2007, more than 800 new homes were built. Last year, the number dropped to around 150, with even fewer homes expected this year.

While housing construction has slowed in Wake Forest, the mayor said the number of new businesses coming to the area has increased.

"I'm expecting good things to continue to happen in Wake Forest,” Jones said.

In August 2007, Forbes magazine ranked Wake Forest as No. 20 among the country's fastest-growing suburbs between 2000 and 2006.