Writer: Gabriela Enamorado
Regional Review is a year-end series from Capital Analytics that looks at key developments throughout the year and sets the stage for what’s to come in the near future.
2 min read December 2023 — In Palm Beach County, businesses continue to flourish in “Wall Street South.” But keeping the momentum going and creating new growth opportunities will be key over the next year and beyond.
The county has emerged as a thriving financial hub center over the last several years, along with other bustling industries that contribute to the growth that Palm Beach is experiencing. Besides financial services, Palm Beach’s booming industries, from life sciences and healthcare to tourism and real estate, have attracted businesses and families across the United States. Home to 75 corporate headquarters, Palm Beach is the backyard of top-performing companies and organizations such as ADT, Cancer Treatment Centers of America, Sun Capital Partners, and Office Depot. In August 2023, Revere Payments, which operates under global payment technology company Metrics Global Inc., moved from Las Vegas to Palm Beach Gardens, which is expected to create 100 jobs in the area over the next three years.
The area is anchored by a robust tourism industry that remained strong this year. In 2Q23, The Palm Beaches saw 2.3 million visitors, up 4.5% from the same period last year.
Tourism has played a role in driving more individuals and families to ultimately relocate to the region known for its pro-business and favorable tax environment. A fast-growing county, the population is expected to grow to over 1.56 million by 2025. This growth has contributed to a growing affordable housing crisis, similar to other high-demand markets across the country. Affordable and workforce housing has been a challenge for the county as housing prices continue to rise. According to FAU researchers, homebuyers in the Tri-County area could be paying a nearly 40% premium for a property. This has been at the forefront of many Palm Beach leaders’ agendas, with the “Housing for All” plan viewed as one of the ways leaders are tackling the issue.
The Housing for All areas of focus are funding, financing, planning and regulatory reform, neighborhood revitalization, community development and racial equity. In addition to the “Housing for All” plan, Palm Beach County commissioners have approved a $200 million housing bond. This bond will help builders get loans at low interest rates. It will provide funds needed to construct workforce and affordable housing which will include condos, apartments and single-family homes.
Aside from housing, transportation is another area of focus in the county. Palm Beach boasts an efficient transportation system, including the Brightline, with a station in West Palm Beach that can take commuters to downtown Fort Lauderdale in 30 minutes and to downtown Miami in 60 minutes. In the summer of 2023, West Palm Beach launched a new citywide transit pilot program in partnership with on-demand shuttle service Circuit, called rideWPB. It’s another initiative to improve mobility around the city and builds upon the success of the Circuit WPB DDA program that was established in September 2021.
Healthcare is also making waves in Palm Beach County with many top healthcare institutions providing cutting-edge research and technology. There are currently 5,496 healthcare companies situated in Palm Beach County. Many developments in the healthcare and education space are turning Palm Beach into an industry cluster, such as NYU Langone’s continued expansion of facilities in the county. There are plans for NYU Langone to move into a custom-built complex that is being proposed at 324 Datura St.
Another development underway at Jupiter Medical Center is a new five-story 92-bed patient tower that was approved by the Town of Jupiter. This will be a $110 million project that is projected to be completed by May 2025. This tower will include support facilities, a pharmacy and administrative offices.
“Palm Beach County is business friendly and not only looks out for business but also residents. We want to maintain the quality of life we have here that emphasizes balance,” Verdenia Baker, county administrator of Palm Beach County, told Invest:. “We want to continue to retain existing businesses while diversifying with new, and innovative businesses.”
