5 reasons to live and do business in Palm Beach County
Writer: Eleana Teran
January 2025 — Palm Beach has long been synonymous with luxury and leisure, but in recent years, the county has emerged as a thriving hub for business and investment. With an influx of wealth, a robust real estate market, a diversified economy, and strategic positioning, Palm Beach is attracting businesses and entrepreneurs looking to capitalize on its growth. Here are five reasons why Palm Beach is an ideal location for business expansion in 2025.
1. A surge in wealth migration
Wealth migration to Palm Beach is reshaping the region’s economic landscape. Between 2020 and 2021, the county gained approximately $7.03 billion in new taxable income from incoming residents, surpassing traditional affluent areas like Greenwich and Darien in Connecticut. The county has seen a significant influx of high-net-worth individuals relocating from states like New York and California, drawn by Florida’s tax advantages and the luxurious lifestyle the area offers. This migration is fueling business opportunities across various sectors, from financial services to hospitality.
With a growing concentration of wealthy residents, Palm Beach is experiencing a rise in demand for high-end services, private banking, and luxury real estate. As more executives and entrepreneurs establish roots in the region, they bring with them not only capital but also business expertise, expanding Palm Beach’s potential as a top-tier economic powerhouse.
2. A thriving real estate market
Palm Beach County’s real estate market continues to perform exceptionally well, with single-family home sales increasing 6.5% year-over-year in December 2024, according to the MIAMI Association of Realtors. Despite rising home prices — up 7.3% from the previous year — demand remains strong, reflecting the county’s desirability as a place to live and work.
In addition to residential real estate, commercial properties are seeing increased activity. The county’s total dollar volume of home sales rose 7.52% year-over-year, reaching $1.4 billion in December 2024. This growth signals strong investor confidence in Palm Beach’s market resilience and long-term economic stability. Moreover, Florida’s Live Local Act is encouraging developers to build more affordable housing, ensuring that the region remains attractive to a broad workforce.
3. Diversified economic sectors
Traditionally known for tourism and agriculture, Palm Beach’s economy is expanding into high-growth sectors, making it an increasingly diverse business environment. The county has become a hub for life sciences, information technology, corporate headquarters, financial services, and distribution logistics.
Palm Beach is home to leading institutions like Scripps Research and the Max Planck Florida Institute for Neuroscience, positioning it at the forefront of biomedical and healthcare innovation. More than 700 life sciences companies operate in the county, providing high-quality jobs and fostering research advancements. Technology parks like the Research Park at Florida Atlantic University play a key role in bringing those companies and providing resources to develop new technologies and products.
The information technology sector continues to expand as well, with over 1,700 IT, telecommunications and support companies, particularly in Boca Raton, a historic tech center attracting top-tier talent. Additionally, major corporations such as Carrier Global, ADT, and NextEra Energy have chosen Palm Beach as their headquarters, bolstering the region’s economic influence and fostering opportunities for business partnerships and supply chain growth.
4. The growth of “Wall Street South”
Palm Beach County has cemented its status as a premier financial hub, earning the nickname “Wall Street South.” Over the past 15 years, it has attracted over 200 financial firms, including major players like Goldman Sachs, J.P. Morgan, and Morgan Stanley. This migration has strengthened local employment and economic development, further raising the county’s profile in the financial sector.
The Palm Beach County Business Development Board is now expanding its initiative to attract financial companies from Boston and Chicago. CEO Kelly Smallridge noted that previous efforts in New York created significant social media buzz, and the goal is to replicate that success. The campaign aims to bring in hedge funds, private equity firms, and wealth management offices, reinforcing Palm Beach’s standing as a national financial hub.
These efforts to strengthen the financial industry expand to educational opportunities as well. Economic leaders credit the “Wall Street South” movement with influencing Vanderbilt University’s decision to establish a graduate campus in Downtown West Palm Beach. The influx of financial firms and their high-income employees has increased demand for premium office space, leading to developments like One Flagler and growing interest from tech-driven investment firms.
5. A high quality of life
Beyond its economic advantages, Palm Beach offers an unparalleled quality of life and a thriving business ecosystem that attracts top executives and entrepreneurs. The county has a strong labor force of 778,964. With an average salary of $74,801 and a median family income of $97,993, Palm Beach offers competitive earning potential for professionals and business leaders alike.
The region’s commitment to education and workforce development ensures a steady talent pipeline, with 75,000 higher education students enrolled in local institutions. Companies benefit from a strategic location with 47 miles of coastline, easy access to major transportation hubs, and growing infrastructure investments. Additionally, Palm Beach’s quality of life is enhanced by 107 parks covering 8,500 acres, 27 public beaches, and a range of cultural and recreational amenities that make it an attractive place for both businesses and employees to thrive.
For more information visit:
https://bdb.org/
