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

Short Term Outlook for West Palm Beach-Boca Raton-Delray Beach, FL (Division of Miami MSA) March 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 140.7 143.4 145.8 147.4 149.6 151.8 154.1 156.3 158.8 160.8 163.0 165.2 167.6 Pct Chg Year Ago -5.2 3.4 4.9 5.1 6.3 5.9 5.7 6.0 6.1 6.0 5.8 5.7 5.6 Wages and Salaries 47.8 48.9 49.6 50.2 50.9 51.6 52.2 52.8 53.5 54.2 54.9 55.6 56.3 Nonwage Income 92.9 94.5 96.2 97.2 98.7 100.2 101.9 103.5 105.3 106.7 108.1 109.6 111.3 Real Personal Income (12$) 106.9 108.2 109.5 110.3 111.6 112.7 113.9 115.0 116.2 117.2 118.2 119.2 120.3 Pct Chg Year Ago -10.3 -1.2 1.0 2.5 4.4 4.1 4.0 4.2 4.2 4.0 3.8 3.6 3.5 Per Capita Income (Ths) 93.6 95.2 96.6 97.4 98.6 99.7 100.9 102.0 103.3 104.3 105.3 106.4 107.6 Real Per Capita Income (12$) 71.1 71.9 72.6 72.9 73.5 74.0 74.6 75.0 75.6 76.0 76.4 76.7 77.2 Average Annual Wage (Ths) 74.2 75.3 75.8 76.3 76.9 77.5 78.1 78.8 79.5 80.2 81.0 81.8 82.6 Pct Chg Year Ago 6.1 4.3 3.7 3.4 3.6 3.0 3.0 3.3 3.4 3.5 3.7 3.8 4.0

Establishment Employment (Place of Work, Thousands, SA)

Total Employment 641.5 646.8 651.0 655.6 659.4 663.0 665.8 667.9 670.3 672.8 675.3 677.4 679.2 Pct Chg Year Ago 4.9 4.5 3.4 3.4 2.8 2.5 2.3 1.9 1.7 1.5 1.4 1.4 1.3 Manufacturing 20.5 20.5 20.4 20.5 20.4 20.5 20.5 20.6 20.6 20.6 20.6 20.6 20.6 Pct Chg Year Ago 3.6 4.4 1.6 0.2 -0.5 -0.2 0.6 0.6 1.1 0.7 0.5 0.2 -0.1 Nonmanufacturing 621.0 626.3 630.6 635.1 639.0 642.5 645.2 647.3 649.7 652.2 654.7 656.8 658.6 Pct Chg Year Ago 5.0 4.5 3.4 3.5 2.9 2.6 2.3 1.9 1.7 1.5 1.5 1.5 1.4 Construction & Mining 40.3 40.2 40.2 40.2 40.1 39.9 39.8 39.7 39.7 39.7 39.8 39.9 40.1 Pct Chg Year Ago 5.4 7.5 3.8 0.3 -0.4 -0.8 -1.0 -1.3 -1.0 -0.5 0.1 0.6 1.0 Trade, Trans, & Utilities 117.9 119.6 119.4 117.5 116.9 118.4 118.1 118.2 117.6 116.1 115.8 115.5 115.1 Pct Chg Year Ago 5.0 6.1 3.8 1.2 -0.9 -1.0 -1.1 0.6 0.6 -2.0 -1.9 -2.3 -2.2 Wholesale Trade 24.7 24.8 25.7 25.9 26.1 26.1 26.2 26.4 26.7 27.0 27.2 27.4 27.7 Retail Trade 77.7 79.0 77.5 75.3 74.3 75.9 75.4 75.3 74.1 72.0 71.4 70.8 70.0 Trans, Wrhsng, & Util 15.6 15.8 16.2 16.3 16.5 16.4 16.5 16.6 16.8 17.0 17.1 17.3 17.5 Information 10.0 10.0 10.1 10.2 10.3 10.5 10.3 10.1 10.2 10.3 10.4 10.4 10.5 Pct Chg Year Ago 7.5 5.0 1.0 3.7 3.3 4.1 1.7 -0.9 -1.5 -1.4 1.0 2.9 3.4 Financial Activities 45.7 46.0 46.8 46.7 46.8 46.2 46.0 46.1 46.4 46.8 47.0 47.2 47.5 Pct Chg Year Ago 3.8 6.2 5.9 2.8 2.2 0.4 -1.6 -1.2 -0.7 1.2 2.1 2.5 2.3 Prof & Business Services 121.8 121.4 122.5 122.6 123.5 123.3 123.8 125.0 126.7 128.1 128.9 129.7 130.7 Pct Chg Year Ago 2.4 3.5 2.0 0.5 1.4 1.5 1.1 2.0 2.6 3.9 4.1 3.8 3.1 Educ & Health Services 107.3 108.1 108.6 108.5 108.8 109.0 109.5 110.0 110.6 111.2 111.6 111.9 112.4 Pct Chg Year Ago 4.2 3.7 2.1 1.7 1.4 0.8 0.8 1.4 1.6 2.0 2.0 1.8 1.6 Leisure & Hospitality 86.2 87.8 88.7 94.4 96.8 99.1 101.3 101.4 101.2 102.1 102.7 103.1 102.7 Pct Chg Year Ago 13.1 3.3 4.6 13.6 12.2 12.9 14.2 7.5 4.6 3.0 1.3 1.7 1.5 Other Services 31.5 32.0 32.6 32.6 32.7 32.4 32.3 32.5 32.8 33.1 33.5 33.8 34.1 Pct Chg Year Ago 4.9 3.0 4.7 4.2 3.5 1.2 -0.7 -0.4 0.4 2.4 3.5 4.0 4.1 Federal Government 7.0 7.0 7.0 7.0 7.0 7.0 7.0 7.0 7.0 7.0 7.0 7.0 7.0 Pct Chg Year Ago 0.0 2.9 3.3 -1.6 -1.1 -0.7 -0.4 -0.3 -0.2 -0.2 -0.1 0.2 0.3 State & Local Government 53.1 54.1 54.7 55.5 56.2 56.8 57.1 57.3 57.5 57.8 58.0 58.3 58.6 Pct Chg Year Ago 1.1 4.7 3.7 6.3 5.9 5.0 4.3 3.2 2.3 1.8 1.6 1.7 1.8

Other Economic Indicators

Population (Ths) 1503.2 1506.5 1509.8 1513.5 1517.8 1522.2 1527.2 1532.3 1537.4 1542.5 1547.7 1552.9 1558.0 Pct Chg Year Ago 0.5 0.6 0.8 0.9 1.0 1.0 1.2 1.2 1.3 1.3 1.3 1.3 1.3 Labor Force (Ths) 754.0 758.8 761.9 764.7 766.8 769.4 771.7 774.0 776.0 778.7 781.3 784.2 786.7 Pct Chg Year Ago 4.4 3.0 2.4 2.0 1.7 1.4 1.3 1.2 1.2 1.2 1.2 1.3 1.4 Unemployment Rate (%) 3.7 3.4 3.2 3.0 3.0 3.1 3.1 3.2 3.2 3.3 3.3 3.5 3.5 Total Housing Starts 7096.1 7338.4 7779.2 8139.3 8534.2 8899.5 9189.0 9367.2 9487.8 9514.1 9522.5 9569.6 9590.1 Single-Family 4122.3 4363.6 4716.7 4987.2 5200.7 5386.0 5560.0 5740.7 5811.7 5851.7 5892.3 5900.5 5960.1 Multifamily 2973.8 2974.8 3062.5 3152.1 3333.4 3513.5 3629.1 3626.5 3676.2 3662.3 3630.2 3669.2 3629.9