BUSINESS
PALM BEACH COUNTY
PALM BEACH COUNTY BUSINESS | THE DATA ISSUE
DEPARTMENTS
In the Know From the CEO Success is in the Numbers page 2
18 6 3 9
CareerSource Palm Beach County Building a Healthy Career, Amrit’s Grand Opening page 23 19
FEATURES
Growth: The Measure of Success page 3
Facts You Should Know page 6
Industries Poised for Growth page 9
Flying High page 10
Real Estate Data page 11
Growth Data on Palm Beach Gardens, Boca Raton and West Palm Beach page12
Education by the Numbers page 18
Living in Paradise page 19
Facts & Figures At a glance page 21
From the CEO
Success is in the
IT’S BEEN SAID THAT SUCCESS the numbers. This axiom especially rings true in Palm Beach County. Across every community and business sector, the county has enjoyed a remarkable string of growth, bringing prosperity to our residents and employers, and a general quality of life we all enjoy. In short, our numbers have been remarkable.
This issue of Quarterly explores those numbers that reflect the success we’ve enjoyed here. From our travel and growth at airports and blossoming infrastructure, to our educational system and housing that serve every resident, to commercial and office development rising to meet the needs of new and existing businesses, we’re delivering across all measures. These and other metrics continue to position Palm Beach County as the envy of major metro markets looking for the ingredients needed to ensure continued growth.
If success is in the numbers, ours were validated last year when research found that the county’s top clusters had evolved—as we suspected—to include finance, health care / life sciences and company headquarters.
Employers continue to find support in their pursuit of a uniquely skilled workforce. Two features in this issue showcase how our partners at CareerSource Palm Beach County play a vital role in helping match talent with job openings.
In this issue, we present the statistics behind our success, providing an unfiltered look at the figures that factor into our accomplishments.
Part of that measure is how the BDB, its leadership and community allies collaborate to ensure the county is an open marketplace that delivers opportunity and prosperity to its residents, employers and others seeking an ideal destination to thrive. Together, we’ve delivered success that goes beyond the numbers and created a marketplace we’re all proud to call home.
Kelly Smallridge President and CEO
Our County Snapshot
n Average Age: 45.2
n Average Salary: $74,801 (Second Highest in the State)
n Average Temperature: 78.1 F
n Current Population: 1,532,718
n 47 miles of coastline
n 39 cities & towns
n Average commute of 26.5 minutes
n Labor force: 778,964
n 75,000 higher education students
n Total Housing Units: 720,792
n Home to: 59 Billionaires & 71,000 Millionaires
n Golf Courses: 170 courses
n Top Three Sectors: Corporate HQ, Finance and Health Care/Life Sciences
Business Development Board of Palm Beach County, Inc. 310 Evernia Street West Palm Beach, FL 33401
561.835.1008 | bdb.org
Kelly Smallridge President & CEO
561.835.1008 Ext. 4121 ksmallridge@bdb.org
Lisa Anderson Vice President – Private Funding 561.835.1008 Ext. 4110 landerson@bdb.org
Kristen Boyd-Liberman Vice President – Marketing & Media Relations 561.835.1008 Ext. 4106 kliberman@bdb.org
Tim Dougher Vice President – Business Recruitment, Retention and Expansion 561.835.1008 Ext. 4131 tdougher@bdb.org
Shawn Rowan Vice President – Business Recruitment, Retention and Expansion 561.835.1008 Ext. 4108 srowan@bdb.org
ON THE COVER: Rainbow Runner By Chris Leidy @chrisleidyphotography 561.713.4711
County
Publications & Media Corporation, on behalf of the Business Development Board of Palm Beach County, Inc. All rights reserved. No part of this publication may be reproduced without the expressed written consent of the Business Development Board of Palm Beach County, and the publisher. © 2024 Passport Publications & Media Corporation
Growth:
The Measure of Success
From our downtown business districts to the suburbs, the coast to the classrooms, boardrooms and office towers, Palm Beach County epitomizes growth built on success.
NO PLACE EXEMPLIFIES this more than Tortoise
One. The new luxury residential offering delivers the best resort-style amenities and unparalleled service in the heart of West Palm Beach. Its residences in its two eight-story towers offer premium finishes and magnificent Intracoastal and city views from private balconies. On-site amenities offer “everything residents would want and more,” said Jake Geleerd, CEO and co-founder of Tortoise Properties.
Beyond providing luxury living in West Palm Beach, Tortoise Properties serves the greater community by hiring local trades, creating new jobs and enhancing lifestyles.
Developers like Geleerd are part of the fabric of the county’s success. Together, they’re elevating the county’s lifestyle, business, educational and cultural amenities that make the county one of America’s most coveted destinations. You can tell by school enrollments, which are up across public, private, charter and parochial classrooms, as well as our acclaimed colleges and universities. Nationally recognized as “Wall Street South,” commercial offerings have grown to accommodate banking, financial services, private equity and venture capital firms that continue to plant their flags in the county, as either headquarter locations or much-desired regional offices.
The Business Development Board and its partners have worked to make sure the county is alluring to these and thousands of other businesses, executives and families that relocated here—and those who have long called the county home, stated Brian M. Seymour, chairman of the Business Development Board of Palm Beach County and co-chair of the Real Property Practice with the law firm Gunster. This includes helping with information and connectivity to critical community
elements for them such as schools, religious institutions, charitable organizations, and community engagement.
“We continue to engage with the businesses to be sure they have what they need to thrive,” he said. “We help them optimize talent that they need for their businesses and assist with local regulatory and governmental issues as they arise.”
Beyond the details of operating a business, lifestyle is a key component to what the county offers. Cultural amenities have captured the attention and imaginations of new residents from markets known for arts and culture, stated Andrea Virgin, chair and CEO of Boca Raton’s The Center for Arts and Innovation, planned as a “futureforward performance and exhibition venue.” Those newcomers are helping boost the county’s and region’s offerings from “a nice-to-have” to “a must-have,” she said. They’re younger and looking to preserve traditional programming and infuse it with future-focused creative content. “Creativity is the heart of a well-rounded, inspired, and connected community,” Virgin said. “The center’s purpose is to pioneer a new approach to how the world designs, imagines, programs, utilizes, and harnesses its cultural infrastructure. The Center for Arts and Innovation will provide a platform for preserving not only the past, but also the future.”
Your Partner in Business Development
The Business Development Board partners with existing and relocating businesses to empower their success in Palm Beach County. Our robust toolbox and deep partnerships ensure the best chance for business growth and community prosperity.
During the past five years, the BDB has:
n Assisted more than 140 companies
n Secured or retained more than 13,000 direct jobs with average salaries greater than $69,062
n Driven more than $1.12 billion in capital investment to Palm Beach County
Facts You Should Know
What We Earn
n County Average Wage (2023 BLS) $74,801
n Median Family Income $97,993
n Per Capita Income $50,180
n Median Earnings For Male Full-Time, Year-Round Workers $60,081
n Median Earnings For Female Full-Time, Year-Round Workers $47,991
A Deep Labor Pool
2023 Annual Average
Top State Corporate Income Tax 5.5%
Source: taxfoundation.org
More Growth:
n Palm Beach County witnessed a net inflow of 11,871 people in 2022
n Palm Beach County had an AGI inflow of $10.7 billion in total, making it No. 1 in the state
n Home to four out of the top 10 private equity firms
n No. 1 area in Florida for New York relocations
n 120 estimated relocations in the “Wall Street South” movement
n 1.27% increase in employment in one year
The Real Worth of Real Estate
What’s the county’s property worth? The figure is high and growing. According to the Palm Beach County Property Appraiser's Office, 2024 valuations are...
Accessibility
n Palm Tran: County Bus System (more than 3,200 bus stops)
n Six Tri-Rail Stations that connect 73.5 miles throughout South Florida with 18 total stations
n Two Brightline stops in Boca Raton and West Palm Beach with more to come
A County Built to Grow
Population Projections:
n 2025: 1,568,299
n 2030: 1,641,886
n 2040: 1,741,463
n 2045: 1,776,873
n 2050: 1,809,232
n 39 cities and towns
n 107 parks spanning 8,500 acres
n 27 public beaches, each with unique charm
n 35 natural areas encompassing environmental lands
n 375 pickleball courts
n 4 MLB teams conduct Spring Training here
n $866 per capita spent on health ser vices (national median is $358), according to U.S. News & World Report
n Two of our public schools are ranked in the top 100 in the nation, according to U.S. News & World Report
n Home to Florida’s largest food court at 150,000 sq. ft.
n
A TRUSTED RESOURCE
During the past five years, the BDB has assisted companies that have created more than:
n 13,100 direct jobs
n An average salary of $80,000
n A capital investment of more than $1.12 billion throughout Palm Beach County
”
IN
RECENT YEARS, THE BUSINESS DEVELOPMENT BOARD OF PALM BEACH COUNTY HAS ASSISTED THE FOLLOWING COMPANIES:
Advanced Air of West Palm
AeroClean Technologies
AltaRock Partners
Amazon
Aventusoft
Avini Health
AV-WORX
Belcan Engineering Group
Benefit Street Partners
Bergen Asset Management
Bush Brothers
Caraustar
Capzer Pharmaceuticals
Childeric USA, INC
Chromalloy
CLN of South Florida
Collection Suites
Conglom
Convergence Investment Partners
CSL Plasma
Dalfen Industrial
DePuy Synthes
Detraxi
Digital Resource
Dish Wireless
Drawbridge Capital
Dycom
Eagle Security Services
Earth and Sugar
Encompass Health
Electriq Power
Empire Aviation
Evo Door & Window
Exacore
Exuma Biotech
E-Z Weld
FINFROCK
FlexShopper
Florida Pneumatic Mfg Corp.
Foundation Building Materials
Gift of Life Marrow Registry
Goldman Sachs
GTCR
Gulfstream
GummyWorks
Helix Logistics
Hotelplanner.com
Hydraulic Supply Company
Instrumentum
I.T. Solutions of South Florida
Ideal Nutrition
Integrity Implants
JENOPTIK
Johnson & Johnson / DePuy Synthes
Jupiter Center for Discovery
Just Ryt Foods
K-Rain
KruseCom
Merchant Lynx Services
Meridian Contract Glazing
Millennium Management
Global Investment
Misfits Gaming
Mozzanica USA
MPLT Healthcare
Mtech MDM
MyBambu
National Dentex Company
NaturEner
NewDay USA
NFP
Niagara Bottling
Norias
The North West Company
NYU Langone
Palm Coast Sales
Palm Meadows Thoroughbred
Training Center
Parametric Solutions
Percepto
PopStroke
Precision Esthetics
Procaps Group
Publix Distribution
ReachLink
Renco USA
Revere Payments
RingSquared
RiverNorth Capital
RMS International
Sanders Capital
The Shyft Group
Signature Flight Support
Siris Capital
SIW Solutions
SnapOne
Stocky Stocks
Stone Point Capital
Thomson Broadcast
TMRW Sports
Transcat
Tremblant Capital Group
United Franchise Group
UOVO
V2Techs
Vetio Animal Health
Virtu Financial
Warrens Concrete
Industries Poised for Growth
HEALTH CARE/LIFE SCIENCES
SECTOR GROWTH
2010-2021 GDP GROWTH IN PALM BEACH COUNTY BY SECTOR:
SECTOR
PALM BEACH COUNTY
is an evolving marketplace. After an extensive examination by leading economic researcher Dr. Jerry Parrish, county leaders gained an understanding of the top business sectors. The report—“Palm Beach County’s New Driving Industries”—commissioned by the Business Development Board of Palm Beach County revealed how new highvalue sectors are contributing to higher-wage job opportunities and the county’s prosperity.
We discovered Health Care / Life Sciences, Finance, and Corporate Headquarters have rocketed to top spots.
Palm Beach County’s emerging sectors are clear leaders of GDP growth and job creation over the past decade: Finance & Insurance (184.1%); Transportation and Warehousing (129.3%); Company Headquarters and Professional and Business Services (109.9%).
regulatory assets under management (RAUM):
n 483 managers with locations in Palm Beach
The way you have transformed this economy, almost every location would trade places with you.”
– Dr. Jerry Parrish,
chief economist
n Total RAUM for these managers across all locations: $36.4 trillion
n Total RAUM across all advisors, including ONLY the PBC location: $18.2 trillion
n 382 of these 483 managers (79.09%) hold 100% of their total RAUM at their PBC location
Source: Emsi
Flying High
Airports by the
Numbers
PALM BEACH INTERNATIONAL
AIRPORT is the global thoroughfare for much of the county’s airbound business and leisure travel. It’s one of several airports operated countywide.
PBI Air Travel 2023
Additional Airports Serving Palm Beach County
North County Airport ( F45 )
Proposed expansion of Runway 14/32 from 1,700 feet to 6,000 feet and width to 100 feet, along with constructing an air traffic control tower, extending Taxiway A, and relocating service roads
Palm Beach County Park Airport ( LNA ) , Lantana
n Air Canada
n Allegiant
n American Airlines
n Avelo Airlines
n BahamasAir
n Breeze Airways
n Delta Air Lines
n Frontier Airlines
n JetBlue Airways
n Porter Airlines
n Silver Airways
n Southwest Airlines
n Spirit Airlines
n SunCountry Airlines
n United Airlines
Glades Airport ( PHK ) , Pahokee
Belle Glade Municipal Airport ( X10 )
PBI’s biggest carrier, JetBlue, has launched or increased service to Asheville and RaleighDurham, NC; Boston; Chicago; Cincinnati; Charleston, SC; Denver; Houston; Long Island-Islip; Los Angeles; MinneapolisSt. Paul; Nassau; New York; Pittsburgh; San Juan, Puerto Rico; Tampa; and Washington, D.C.
PALM BEACH COUNTY remains a real estate success story. The county in the first quarter of 2024 represented stability in a dynamic office and industrial market. According to real estate firm Colliers, as of Q1 2024…
Palm Beach County is home to 1,271 commercial buildings with a total of 53,498,603 square feet.
The county has approximately 919,000 square feet of office space under construction, including Related’s One Flagler in West Palm Beach, which is nearing completion.
Some 1.5 million square feet of commercial space is under development.
Vacancies rose by 30 basis points, reaching 8.8 percent.
Vacancy rates are down quar ter over quarter.
Commercial rents increased slightly quarter-over-quarter, reaching $39.43 per square foot.
Commercial rent is up 6% in 2024 over 2023.
Industrial properties saw 540,400 square feet leased and 455,200 square feet of new product, with 1.4 million square feet under construction.
Average asking commercial rents are $33.16 NNN - 6.9% higher than this time last year
Sources: CBRE, and Colliers
PALM BEACH COUNTY HOUSING MARKET TRENDS
THE MEDIAN SALE PRICE of a home in Palm Beach County was $525K last month, up 7.6% since last year. The median sale price per square foot in Palm Beach County is $299, up 6.4% since last year, as of June 2024. (Redfin)
One Flagler
GROWTH DATA ON:
Palm Beach Gardens, Boca Raton and West Palm Beach
Palm Beach Gardens
Palm Beach Gardens is an acclaimed business, lifestyle, and cultural destination. Among its recent accomplishments, the city...
n Reduced its tax rate from 5.32 mills last year to 5.17 mills
n Issued more than 14,000 building permits and almost 650 cer tificates of occupancy
n Was recognized by the U.S. Department of Transportation (DOT) for best practices in TransitOriented Development (TOD).
n Has almost 180 workforce housing units under construction or approved within the TOD and in other areas of the city.
n Was named among the “ Top 5 Best Suburban Retreats with the Most Urban Perks” by Florida Realtors, and the city-owned Sandhill Crane Golf Club was recognized as one of the “Top 10 Best Golf Courses in Palm Beach County.”
Population: 65,852 Labor Force: 35,412
Source: pbcprospector.com
Countywide Projects Underway for Transportation
At the Palm Beach Transportation Planning Agency, projects (some in partnership with the Florida Department of Transportation) will help transform how county residents safely get around.
n U.S. 1 Bridge Reconstruction in Jupiter: Will enhance travel lanes, sidewalks and bike lanes and separate pedestrians and traffic.
n Lake Worth Road Reconstruction: Along this corridor known for pedestrian, bicycle and transit user crashes will include separate bicycle lanes, potentially reducing crashes by up to 53%.
n Atlantic Avenue widening from S.R. 7 to Jog Road: Will increase capacity by two and feature separated and buffered bicycle facilities and wider pathways.
n Separated Bicycle Lanes on Lyons Road: Will improve operation safety and reduce collisions by up to 53% - without reducing vehicle capacity.
n Florida’s Turnpike and I-95 Interchange: Will invest $2.2 billion in Turnpike widenings and Interstate 95 interchange reconstruction.
Source: Palm Beach Transportation Planning Agency
Population: 121,041
Labor Force: 68,768
Median Age: 40.14
Source: pbcprospector.com
Population: 100,498
Labor Force: 54,416
Median Age: 45.75
Source: pbcprospector.com
West Palm Beach
West Palm Beach has enjoyed continued growth. The city’s...
n Tripled its downtown population in the past t wo decades to nearly 10,000 residents.
n Downtown median household income of more than $77,000 tops that of the city and region.
n Labor force has grown by more than 6,000 jobs, and its status as “Wall Street South” has welcomed hundreds financial firms since 2019.
Boca Raton
Boca Raton is a snapshot of youth, vigor and prosperity. The city...
n Population has increased more than 16.6% since 2010.
n Is a central location for the Brightline rail service between Miami to Orlando
n Is home to novel mixed-use developments including The Aletto at Sanborn Square, Compson Financial Center, and the Boca Raton Innovation Campus (BRiC), with 1.7 million square feet of space across 123 acres.
n Will see the delivery and development of new luxury residences, including Reve Del Mizner just off Mizner Park, and Camino Square luxury apartments.
n Will enjoy a $140 million cultural transformation at the iconic Mizner Park Amphitheater.
n Has the most corporate headquarters in the county
Living in Paradise
Tortoise One
n 264 luxury apartment residences within 2 eightstory towers, located downtown West Palm Beach
n Studios and spacious 1 - 2 bedroom floorplans
n 21,000 SF of amenity space: rooftop pickleball courts, meditation lounge, resort pool deck and more
n On-property black car transportation and concierge ser vices for residents
Vine on Clematis
n Located in the 500 Block of Clematis, downtown West Palm Beach
n The community brings you inviting studio and 1 bedroom apartment homes in a notable neighborhood
n From exploring exciting territory around Downtown, jump on Brightline for a ride along the coast
n 15% of units are affordable
The Grand
n 309 units with 204 of those dedicated to workforce housing
n Includes luxury amenities and is in a walkable, downtown location
n 1 - 3 bedrooms available
n Located at 609 2nd Street, Suite 100, West Palm Beach
Vine on Clematis
A Home for Affordable Housing
AFFORDABLE HOUSING has become a critical driver to many communities’ continued prosperity. The Palm Beach County Department of Housing & Economic Development partners with leading developers to create multifamily housing for all. Below are four such examples...
Flagler Station
(HTG Banyan LLC, an affiliate of developer Housing Trust Group, LLC)
West Palm Beach, FL
April, 2023
Flagler Station is a 94-unit high-rise with units set aside for income-qualifying residents who earn at or below 80 percent of area median income (AMI). Flagler Station is fully occupied and will remain affordable for a minimum of 30 years.
Wells Landing Apartments, LLC
Boynton Beach, FL
Ongoing
Wells Landing Apartments is a multifamily rental complex of 124 units set aside for income-qualifying residents who earn at or below 80 percent of area median income (AMI).
Berkeley Landing, LLC
Riviera Beach, FL May, 2024
Berkeley Landing is a new construction of 112 multifamily rental units set aside for incomequalifying residents who earn at or below 80 percent of area median income (AMI).
Autumn Ridge Apartments, Ltd.
West Palm Beach, FL
80% Complete
Autumn Ridge Apartments will bring to life 106 units of multifamily rental development set aside for income-qualifying residents who earn at or below 140 percent of area median income (AMI)—and will remain affordable for a minimum of 30 years.
FLAGLER STATION
BERKELEY LANDING
Education by the Numbers
COLLEGES + UNIVERSITIES
FLORIDA ATLANTIC UNIVERSITY
PBC LOCATIONS: Boca Raton and Jupiter
STUDENTS: 30,000 undergraduate and graduate
RECENT ACCOLADES:
n Top National University – U.S. News & World Report
n Top 50 for Graduates with the Least Debt – U.S. News & World Report
n Winner of the 2024 American Council on Education (ACE)/Fidelity Investments Award for Institutional Transformation
KEISER UNIVERSITY
PBC LOCATIONS: Two campuses in West Palm Beach
STUDENTS: 2,000 in Palm Beach County
RECENT ACCOLADES:
n #1 for Social Mobility Nationwide by U.S. News and World Report 2023
n #57 out of 1,306 for Safest Campus in the United States in Niche 2024 Best Colleges
n Currently the KU Seahawks are the #1 winningest college team in any collegiate athletic division, which includes NAIA or NCAA Division I,II,III
LYNN UNIVERSITY
PBC LOCATION: Boca Raton STUDENTS: 3,520
RECENT ACCOLADES:
n Ranked No. 1 for “Most International Students” among Regional Universities in the South by U.S. News & World Report
n Ranked No. 5 for “Least Student Debt at Graduation” among Regional Universities in the South by U.S. News & World Report
n Recognized for diversity, food and athletics based on key statistics and first-hand experiences by Niche.com
NOVA SOUTHEASTERN UNIVERSITY
PBC LOCATION: Palm Beach Gardens
STUDENTS: 22,000+
RECENT ACCOLADES:
n Top ranked nationally by U.S. News & World Report
n Top ranked in Social Mobility by U.S. News & World Report
n NSU has won 12 NCAA DII National Championships
PALM BEACH ATLANTIC UNIVERSITY
PBC LOCATION: West Palm Beach
STUDENTS: 3,800+
RECENT ACCOLADES:
n Best Colleges - National Universities by U.S. News & World Report
n One of the 2024 Best Christian Colleges in Florida by Niche.com
n AACSB Accreditation - awarded to the top 6% of business schools globally
PALM BEACH STATE COLLEGE
PBC LOCATIONS: Lake Worth, Palm Beach Gardens, Boca Raton, Loxahatchee Groves, Belle Glade
STUDENTS: 36,000
RECENT ACCOLADES:
n Among America’s Top Online Colleges in Newsweek
n The National Security Agency and Department of Homeland Security have named Palm Beach State College a National Center of Academic Excellence in Cyber Defense through 2027
From grade school to career development, the School District of Palm Beach County boasts an abundance of world-class academic and workforce programs designed to prepare students for a successful future. The District and its students are frequently recognized for success in academics, athletics, arts, and other programs.
The School District of Palm Beach County is…
n “A” rated for the 2023-2024 school year
n Home to more than 330 innovative Choice, Career and Technical Education programs, offering 95 different industry certifications.
n Recognized with two high schools recently ranked in the nation’s top 100 by U.S. News & World Report—putting them in the top 1 percent of all high schools in the nation.
n Was recognized by Cambridge International as the 2022-2023 U.S. Large District of the Year and as the Statewide Model for Equity and Excellence in Cambridge Implementation.
n 182 District-operated schools serving 171,261 students.
n 10th largest school district in the nation.
n 94.1 percent graduation rate.
n Recognized as an Academically HighPerforming School District by FL Dept of Education.
FACT: Palm Beach County is home to 160 private schools, as well as FAU School District in Boca Raton.
For a full list of schools in Palm Beach County, visit:
Wall Street South
Hundreds of firms have opened offices in the Palm Beaches. Look who’s here:
Home To:
n 19,077 business / finance companies and 2,602 financial firms
n $33.4 billion in total gross regional product from the Business/Financial Service sector
n 59 billionaires
n 71,000 millionaires
n Our net AGI inflow was $10.7 billion in total, making Palm Beach County #1 in the state
n Home to 4 out of the top 10 private equity firms in the nation
n Top 5 wealth markets in the nation for 2024
n #1 area in Florida for NY relocations
LIVE ON VACATION
Step out and embrace the Florida sunshine while the ocean waves roll in. You’ve found your own personal escape. Well-appointed suites boast deluxe bedding, fully equipped kitchens and even a washer and dryer to bring all the comforts of home to the sea. You’re also surrounded by Palm Beach’s finest sights, sounds and flavors. So grab a bite. Take a dip. Check out the scene. And rest easy knowing you can do it all again tomorrow at Palm Beach Marriott® Singer Island Resort & Spa.
Welcome to the Warmer Side of Care.
There are many sides of care at Baptist Health. And each one stays true to our values. Bringing humanity, warmth and understanding to every person that comes through our doors. Which is why we’re here to stand by you, through all of life’s moments. Welcome to Baptist Health.
Business Solutions
Solecia Higgs-Woods
Jorja Lindsay
