West Palm Beach-Boca Raton-Boynton Beach................145

Short Term Outlook for West Palm Beach-Boca Raton-Delray Beach, FL (Division of Miami MSA) June 2022 Forecast

2022:1 2022:2 2022:3 2022:4 2023:1 2023:2 2023:3 2023:4 2024:1 2024:2 2024:3 2024:4 2025:1

Personal Income (Billions $)

Total Personal Income 142.1 143.5 145.7 147.0 147.8 148.8 149.8 150.9 152.6 153.9 155.3 156.8 158.5 Pct Chg Year Ago -4.3 3.3 4.3 4.2 4.1 3.7 2.8 2.7 3.2 3.4 3.6 3.9 3.9 Wages and Salaries 49.4 50.2 50.6 50.9 51.2 51.3 51.4 51.4 51.5 51.8 52.3 52.7 53.2 Nonwage Income 92.7 93.3 95.1 96.0 96.7 97.5 98.4 99.4 101.0 102.0 103.0 104.1 105.3 Real Personal Income (12$) 107.3 107.0 107.6 107.9 107.9 108.1 108.4 108.7 109.5 110.0 110.6 111.1 111.7 Pct Chg Year Ago -9.9 -2.5 -1.3 -0.4 0.6 1.0 0.7 0.8 1.5 1.8 2.0 2.2 2.0 Per Capita Income (Ths) 94.4 95.2 96.5 97.1 97.5 97.9 98.3 98.7 99.6 100.1 100.8 101.5 102.3 Real Per Capita Income (12$) 71.3 71.0 71.3 71.3 71.1 71.1 71.1 71.1 71.5 71.6 71.8 71.9 72.1 Average Annual Wage (Ths) 75.4 76.2 76.8 77.3 77.8 78.5 79.3 79.9 80.5 81.2 81.9 82.5 83.1 Pct Chg Year Ago 8.9 6.8 5.3 3.8 3.2 3.0 3.3 3.4 3.4 3.4 3.3 3.2 3.2

Establishment Employment (Place of Work, Thousands, SA)

Total Employment 651.9 656.2 656.9 656.8 655.0 651.0 646.1 641.1 637.7 635.9 636.0 636.3 637.4 Pct Chg Year Ago 5.5 4.3 1.9 1.2 0.5 -0.8 -1.6 -2.4 -2.6 -2.3 -1.6 -0.8 0.0 Manufacturing 21.2 21.5 21.8 21.9 21.8 21.8 21.8 21.7 21.5 21.4 21.3 21.2 21.1 Pct Chg Year Ago 5.3 5.6 5.7 5.2 2.8 1.3 -0.1 -0.9 -1.3 -1.8 -2.2 -2.4 -2.1 Nonmanufacturing 630.6 634.7 635.1 634.9 633.2 629.2 624.3 619.4 616.2 614.5 614.8 615.1 616.3 Pct Chg Year Ago 5.5 4.2 1.7 1.1 0.4 -0.9 -1.7 -2.4 -2.7 -2.3 -1.5 -0.7 0.0 Construction & Mining 40.2 40.6 40.5 40.4 39.8 39.3 38.8 38.4 38.2 38.0 37.9 37.8 37.9 Pct Chg Year Ago 3.7 4.8 3.2 1.5 -1.0 -3.3 -4.1 -4.9 -4.1 -3.3 -2.4 -1.5 -0.8 Trade, Trans, & Utilities 123.1 123.4 123.1 120.2 118.7 118.9 117.3 116.4 115.1 113.2 112.5 111.7 110.9 Pct Chg Year Ago 7.0 6.3 3.6 0.2 -3.6 -3.6 -4.7 -3.1 -3.0 -4.8 -4.0 -4.1 -3.7 Wholesale Trade 24.6 24.8 24.8 24.9 25.1 24.9 24.9 24.9 25.1 25.3 25.4 25.5 25.6 Retail Trade 80.5 80.2 80.0 77.0 75.4 76.0 74.6 73.8 72.3 70.0 69.3 68.3 67.3 Trans, Wrhsng, & Util 18.1 18.3 18.4 18.3 18.2 17.9 17.8 17.7 17.8 17.9 17.9 17.9 18.0 Information 10.2 10.4 10.4 10.3 10.3 10.3 10.0 9.6 9.4 9.5 9.6 9.6 9.7 Pct Chg Year Ago 7.0 7.2 -2.1 0.1 1.3 -1.5 -3.8 -6.6 -8.8 -7.8 -3.9 -0.1 2.8 Financial Activities 47.6 48.0 48.0 48.1 48.2 47.5 47.2 47.2 47.3 47.5 47.6 47.7 47.8 Pct Chg Year Ago 6.5 7.2 3.8 1.7 1.3 -1.1 -1.8 -1.9 -1.9 0.0 0.8 1.1 1.1 Prof & Business Services 124.5 124.8 124.3 122.0 119.3 114.3 109.7 105.7 102.9 101.3 100.5 100.4 101.4 Pct Chg Year Ago 2.8 2.0 -0.8 -4.0 -4.2 -8.4 -11.8 -13.4 -13.7 -11.4 -8.4 -5.0 -1.5 Educ & Health Services 106.7 107.4 107.6 107.6 107.6 107.3 107.4 107.7 108.4 108.9 109.3 109.4 109.6 Pct Chg Year Ago 4.3 4.7 3.3 3.0 0.9 -0.1 -0.2 0.2 0.8 1.5 1.8 1.5 1.1 Leisure & Hospitality 84.2 85.5 86.3 91.0 93.6 96.0 98.1 98.1 97.9 98.5 99.2 99.7 99.6 Pct Chg Year Ago 12.5 3.9 0.6 8.3 11.1 12.4 13.7 7.8 4.5 2.6 1.1 1.6 1.8 Other Services 32.3 32.6 32.8 32.8 32.8 32.6 32.6 32.9 33.2 33.5 33.8 34.1 34.4 Pct Chg Year Ago 6.8 5.7 5.5 3.6 1.8 0.0 -0.5 0.3 1.1 2.8 3.5 3.6 3.5 Federal Government 7.2 7.1 7.1 7.0 7.0 7.0 6.9 6.9 6.9 6.9 6.9 6.9 6.9 Pct Chg Year Ago 3.0 3.6 3.9 -0.2 -2.4 -2.1 -1.9 -1.7 -1.4 -1.0 -0.5 0.0 0.3 State & Local Government 54.7 54.9 55.2 55.5 55.8 56.1 56.4 56.5 56.9 57.3 57.5 57.8 58.2 Pct Chg Year Ago 1.1 0.6 -1.9 -2.0 1.9 2.2 2.2 1.8 2.0 2.1 2.1 2.3 2.3

Other Economic Indicators

Population (Ths) 1504.4 1507.1 1509.8 1512.9 1516.6 1520.5 1524.4 1528.3 1532.4 1536.6 1540.7 1544.9 1549.1 Pct Chg Year Ago 0.5 0.6 0.7 0.8 0.8 0.9 1.0 1.0 1.0 1.1 1.1 1.1 1.1 Labor Force (Ths) 745.4 748.3 750.6 752.4 753.0 754.0 754.5 755.5 757.2 759.0 760.9 763.3 765.6 Pct Chg Year Ago 3.7 2.1 1.3 1.4 1.0 0.8 0.5 0.4 0.6 0.7 0.9 1.0 1.1 Unemployment Rate (%) 3.2 3.3 3.6 3.8 4.2 4.7 5.1 5.3 5.7 5.9 6.0 6.1 6.2 Total Housing Starts 5680.8 6263.5 6095.6 6055.4 6137.8 6263.3 6407.8 6529.9 6563.7 6673.8 6908.4 6897.0 6887.0 Single-Family

3528.2 3533.4 3698.2 3739.2 3766.6 3793.4 3866.6 3906.4 3941.8 3942.4 4091.2 4042.7 4032.2

Multifamily

2152.6 2730.1 2397.5 2316.2 2371.1 2469.9 2541.2 2623.5 2621.9 2731.4 2817.3 2854.2 2854.8