West Palm Beach-Boca Raton-Boynton Beach................149

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

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

Personal Income (Billions $)

Total Personal Income 146.2 148.0 150.9 151.8 152.6 153.6 154.8 156.7 158.3 160.1 162.0 164.2 166.2 Pct Chg Year Ago 5.2 5.9 6.1 5.9 4.4 3.8 2.6 3.2 3.7 4.2 4.7 4.7 5.0 Wages and Salaries 51.6 52.2 52.5 52.8 52.8 52.9 52.9 52.9 53.2 53.5 53.9 54.3 54.8 Nonwage Income 94.6 95.8 98.4 99.1 99.8 100.8 101.9 103.8 105.1 106.6 108.1 109.9 111.4 Real Personal Income (12$) 108.5 108.5 109.6 109.4 109.4 109.6 109.9 110.9 111.6 112.4 113.3 114.3 115.1 Pct Chg Year Ago -1.1 -0.5 0.3 1.1 0.8 1.0 0.3 1.3 2.0 2.6 3.1 3.1 3.2 Per Capita Income (Ths) 97.2 98.3 100.0 100.5 100.8 101.3 101.8 103.0 103.8 104.7 105.7 106.9 108.1 Real Per Capita Income (12$) 72.2 72.0 72.6 72.4 72.3 72.3 72.3 72.8 73.2 73.6 73.9 74.4 74.8 Average Annual Wage (Ths) 76.8 77.5 78.0 78.6 79.3 80.0 80.6 81.3 81.9 82.7 83.3 84.0 84.6 Pct Chg Year Ago 7.6 6.3 3.2 2.8 3.2 3.2 3.4 3.3 3.3 3.4 3.3 3.3 3.2

Establishment Employment (Place of Work, Thousands, SA)

Total Employment 669.5 670.6 669.8 668.3 663.5 658.3 653.1 649.1 646.2 645.0 644.2 644.1 645.5 Pct Chg Year Ago 6.4 4.0 2.4 1.2 -0.9 -1.8 -2.5 -2.9 -2.6 -2.0 -1.4 -0.8 -0.1 Manufacturing 21.1 21.2 21.3 21.1 20.8 20.7 20.4 20.1 19.9 19.6 19.4 19.3 19.3 Pct Chg Year Ago 3.7 3.0 2.1 -0.4 -1.3 -2.7 -4.3 -4.4 -4.7 -5.1 -4.9 -4.0 -2.8 Nonmanufacturing 648.4 649.4 648.5 647.2 642.6 637.7 632.7 628.9 626.4 625.4 624.7 624.8 626.2 Pct Chg Year Ago 6.5 4.0 2.5 1.3 -0.9 -1.8 -2.4 -2.8 -2.5 -1.9 -1.3 -0.7 0.0 Construction & Mining 39.7 39.7 39.0 38.4 37.6 37.2 36.8 36.5 36.2 36.1 36.0 36.1 36.2 Pct Chg Year Ago 2.5 1.2 -1.4 -4.4 -5.4 -6.3 -5.7 -5.0 -3.6 -2.8 -1.9 -1.0 -0.2 Trade, Trans, & Utilities 123.2 122.3 122.0 120.6 121.2 120.0 119.7 118.4 116.4 115.5 114.7 113.7 113.2 Pct Chg Year Ago 6.2 2.9 1.3 -1.5 -1.7 -1.9 -1.9 -1.9 -3.9 -3.7 -4.2 -4.0 -2.8 Wholesale Trade 24.8 25.0 25.0 25.2 25.1 25.0 25.1 25.3 25.5 25.7 25.9 26.0 26.1 Retail Trade 80.3 79.2 78.9 77.3 78.2 77.1 76.7 75.2 72.9 71.8 70.7 69.5 68.8 Trans, Wrhsng, & Util 18.1 18.2 18.2 18.2 17.9 17.8 17.9 17.9 18.1 18.1 18.1 18.2 18.2 Information 11.6 11.8 12.0 12.3 12.0 11.7 11.4 11.3 11.3 11.2 11.1 11.1 11.2 Pct Chg Year Ago 19.0 11.0 10.9 11.3 4.0 -0.7 -5.4 -7.7 -6.0 -4.0 -2.9 -1.8 -0.8 Financial Activities 47.0 47.2 47.0 47.2 46.5 46.5 46.7 47.1 47.7 48.1 48.5 48.8 49.0 Pct Chg Year Ago 4.9 1.9 0.9 -0.2 -1.0 -1.4 -0.8 -0.3 2.5 3.5 3.9 3.7 2.8 Prof & Business Services 128.2 127.8 126.0 122.7 116.6 111.4 107.0 103.7 101.4 99.8 99.5 100.1 101.2 Pct Chg Year Ago 4.9 2.0 -0.6 -3.8 -9.1 -12.8 -15.1 -15.5 -13.0 -10.5 -7.0 -3.5 -0.1 Educ & Health Services 104.5 105.0 105.6 105.8 106.0 106.3 107.0 108.2 109.2 110.0 110.5 110.9 111.0 Pct Chg Year Ago 1.9 0.8 1.4 1.0 1.4 1.3 1.3 2.2 3.0 3.5 3.3 2.6 1.6 Leisure & Hospitality 97.8 99.0 99.8 102.9 105.5 107.1 106.2 105.2 105.0 104.9 104.4 103.5 103.5 Pct Chg Year Ago 18.9 15.4 10.8 13.0 7.9 8.1 6.4 2.2 -0.5 -2.0 -1.8 -1.6 -1.4 Other Services 32.5 32.9 32.9 33.0 32.6 32.6 32.7 33.0 33.3 33.7 33.9 34.2 34.3 Pct Chg Year Ago 5.5 5.8 4.6 3.9 0.4 -0.9 -0.6 0.2 2.1 3.4 3.7 3.5 2.8 Federal Government 6.5 6.4 6.4 6.4 6.3 6.3 6.4 6.4 6.4 6.4 6.4 6.4 6.5 Pct Chg Year Ago -5.4 -5.3 -5.9 -6.4 -2.6 -1.6 -0.6 0.2 1.0 1.0 1.1 1.1 1.1 State & Local Government 57.3 57.3 57.7 58.0 58.3 58.6 58.9 59.2 59.4 59.6 59.8 60.0 60.1 Pct Chg Year Ago 4.9 2.0 2.7 3.2 1.7 2.3 2.2 2.2 2.0 1.7 1.5 1.3 1.1

Other Economic Indicators

Population (Ths) 1504.4 1506.2 1508.2 1511.0 1514.0 1516.8 1519.5 1522.2 1525.2 1528.4 1531.7 1535.2 1538.4 Pct Chg Year Ago 0.4 0.6 0.6 0.6 0.6 0.7 0.7 0.7 0.7 0.8 0.8 0.8 0.9 Labor Force (Ths) 750.2 749.2 751.3 753.0 754.5 756.8 758.8 760.1 761.3 762.6 764.0 765.4 767.2 Pct Chg Year Ago 2.7 1.3 1.5 1.1 0.6 1.0 1.0 0.9 0.9 0.8 0.7 0.7 0.8 Unemployment Rate (%) 2.6 2.8 3.1 3.6 4.2 4.7 5.1 5.4 5.6 5.7 5.8 5.8 5.7 Total Housing Starts 8248.2 7340.6 7510.6 6798.7 6700.1 6690.9 6816.1 6888.4 7107.8 7291.6 7391.3 7393.2 7396.3 Single-Family

4371.9 3993.1 4094.2 3928.0 3942.1 4072.3 4202.0 4292.1 4438.0 4545.7 4602.3 4626.4 4612.1

Multifamily

3876.3 3347.5 3416.5 2870.8 2758.0 2618.6 2614.1 2596.3 2669.8 2745.8 2789.0 2766.9 2784.2