Industry Composition / Economic Base

Industries and industry clusters are classified as local or traded. Local industries serve the needs of residents and local businesses. Traded industries, sometimes called basic industries, or economic base, are the engines of local economies because they serve markets beyond the region and grow the local economy by bringing in dollars from outside the County. Without strong traded industries it is virtually impossible for an economy to grow and attain high performance. Traded industries in Delray represent over 21 percent of employment, compared to 36 and 34 percent of employment nationally and in Palm Beach County.

Delray, by comparison to its benchmark cohorts, especially other cities in Florida, is unusual for its balanced industry composition. Tourism and hospitality is a major component of nearly all local economies in Florida, yet Delray has managed to grow a large number of sophisticated, high-skilled and well-paying industries alongside a rapid expansion in its hospitality, restaurant and construction sectors. This balanced growth pattern is one of its most important strengths