Kelly Smallridge, President & CEO, Business Development Board of Palm Beach County

Kelly Smallridge, president and CEO of the Business Development Board of Palm Beach County, spoke with Invest: about the county’s position as a financial hub and the multiple factors contributing to the area’s growth. She also discussed the organization’s role in workforce development and creating a unifying vision for the future of the county.

What were the key achievements and milestones for your organization over the last 12 to 18 months?

The Business Development Board has been leading the “Wall Street South” initiative and the marketing of Palm Beach County as a financial hub for the past 15 years. In the last 12 to 18 months, we have seen wealth coming into Palm Beach County through financial service firms that are relocating from Boston, Chicago, and New York, which has transformed the downtown West Palm Beach area. The Brightline train connection to Orlando has been a major asset. Additionally, new medical centers have elevated the standard of healthcare in the region, complementing the influx of wealth and financial activity.

How has this influx of people and talent shaped the community and business environment over the past year?

The influx of new residents from outside Florida has significantly increased housing demand, particularly among affluent buyers and young families. This growth has spurred the addition of new amenities across the region. CityPlace, for example, has undergone a major redesign, transforming the heart of West Palm Beach. To meet the needs of incoming families, existing private schools are expanding while new ones are entering the market. At the same time, public schools are enhancing their curricula to align with the expectations of these new residents. Nonprofit organizations are also experiencing notable growth, supported by the rising population and the increased flow of financial resources into the area.

Could you expand on the challenges and strategies in place to navigate potential headwinds? 

We face three primary challenges. The first is housing affordability. While the multifamily construction pipeline is strong, not everyone—particularly young families with children—wants to live in an apartment. To address this, Palm Beach County passed a $200 million housing bond to help close the gap for developers building workforce housing.

The second challenge is education. Long-standing efforts, such as task forces led by public and private school leaders are aligning curricula with workforce needs. To complement our existing academic institution is the upcoming arrival of Vanderbilt University, which will open a campus in downtown West Palm Beach in 2027. We’re especially excited about the MBA and graduate-level programs they plan to offer.

The third challenge is transportation. With more people comes more traffic, and offering a variety of mobility options is essential. Palm Beach County’s most recent 2025 Request for Proposals aims to develop a Countywide Transportation Master Plan that will serve as a comprehensive, long-term strategy for enhancing transportation and mobility across the county. The Master Plan will hopefully establish a multijurisdictional framework that will ensure safe and efficient connections for residents and visitors alike.

What factors make Palm Beach County a top destination for businesses and residents?

Palm Beach County stands out as a premier destination for both businesses and residents due to its exceptional quality of life and safe, welcoming communities. Despite experiencing significant growth, the area maintains a unique charm and character. Often referred to as the golf capital of the world, Palm Beach County also boasts a skilled workforce of 780,000 and convenient access to major markets like Fort Lauderdale and Miami. The region’s airport and private aviation facilities are well-suited for executive travel, attracting high-net-worth individuals from around the world. With 42 miles of pristine beaches, a vibrant arts and cultural scene, and a distinctive lifestyle that sets it apart from neighboring cities, Palm Beach County offers an unmatched environment to live, work, and thrive.

How has West Palm Beach worked to revitalize its downtown?

Downtown West Palm Beach has experienced a remarkable transformation—from rows of empty storefronts to a dynamic urban center filled with energy and activity. Today, it attracts a growing population of young professionals who live and work in the heart of the city. This vibrancy has been driven by intentional development, with amenities, restaurants, arts, and cultural venues thoughtfully built around the work environment.

Key industries such as financial services and healthcare continue to flourish. NYU recently announced plans for a 75,000-square-foot medical center, while Cleveland Clinic will open a pioneering research hospital—marking not only the first of its kind, but also the first hospital in downtown West Palm Beach in over a century. Tampa General Hospital and UHS have also expanded their presence, further strengthening the region’s healthcare landscape.

In addition, innovation is taking off through our aviation and aerospace sectors. Our development strategy isn’t just about erecting buildings—it’s about creating complete, connected communities through a holistic approach that supports sustainable, long-term growth.

What measures have you taken to strengthen the local talent pipeline?

One of our cornerstone efforts is the Academic Leaders Council, which brings together presidents from every college and university in the county. This council fosters collaboration between higher education and the business community to ensure that academic programs are aligned with current and future workforce demands.

We also convene a Public and Private Schools Task Force, comprised of superintendents, headmasters, and key academic leaders. This task force serves as a bridge between K–12 education and the private sector, encouraging early engagement with career pathways and enhancing curriculum to better prepare students for the opportunities available in our region.

To provide hands-on experience and exposure to real-world work environments, we host an Intern Series, connecting local students with leading companies for internships and mentorship opportunities.

Additionally, our annual Claim Your Future Showcase brings together more than 1,500 high school students to interact with executives from a wide range of industries. This immersive event introduces students to career opportunities available right here in Palm Beach County and inspires them to pursue those paths locally.

How has the economic landscape impacted businesses in the region, and what strategies are they employing to stay competitive?

Businesses are closely monitoring the rising cost of construction, which directly affects the region’s ability to expand workforce housing. When combined with the high cost of land, these expenses are often passed on to renters and homeowners, creating affordability challenges. Additionally, the escalating cost of insurance is placing further constraints on new development.

Despite national economic fluctuations, Palm Beach County has remained relatively resilient, avoiding major downturns or recessionary impacts. This stability has allowed local businesses to focus on long-term growth and innovation. Many are taking a forward-thinking approach by positioning themselves for emerging industries, including next-generation technologies like quantum computing. Through strategic planning and proactive investment, businesses here are staying competitive and preparing for the future.

How have sustainable initiatives progressed in the county?

Sustainability, climate change, and sea level rise are top-of-mind for Palm Beach County. Hurricanes are a concern for companies looking to move here due to the downtime, interruption, recovery, and the cost of insurance. Efforts are underway to incorporate more resilience and sustainability initiatives.

What is your vision for Palm Beach County over the next few years, and what role will the Business Development Board play in bringing that vision to life?

Our vision is to grow Palm Beach County into a thriving metropolis while preserving its unique charm and natural beauty. Rather than focusing on the sheer number of people and companies, we prioritize quality—attracting high-caliber businesses and talent that align with the character and long-term goals of our community. A key part of this vision is cultivating innovation-driven companies that are advancing cutting-edge technologies.