3 min read October 2023 — Invest: spoke with Verdenia Baker, county administrator of Palm Beach County, and discussed how “Wall Street South” is evolving to reflect innovation, industry demands and population influx. “We want to maintain the quality of life we have here that emphasizes balance,” she said.
What have been your key takeaways from the past year?
We continue to offer a dynamic blend of people and culture for our coastal and inland communities. We are one of the largest counties east of the Mississippi River, spanning from the Atlantic Ocean to Lake Okeechobee as we live in a very diverse community: from retirees to young families. We are constantly evaluating and working to improve our county and extend a warm invitation to all walks of life. Our economy is thriving as well, from the service industry to wealth management. We are big on technology and are continuing to build on that platform moving forward.
This rate of growth and record-breaking tourism won’t be sustainable long term, but we’ve exposed many people to our community who we believe will return. We are seeing more relocations of young families and executives. It is our hope this trend continues.
What is your assessment of the business landscape in Palm Beach County?
Palm Beach County continues to work with the public and private sectors as we continue to diversify. Traditionally, we used to be known primarily for agriculture, tourism, and construction but we are so much more now. Currently, we’ve grown our aeronautics and healthcare industries. We also earned the title Wall Street South. We are looking to further advance IT, especially automation and artificial intelligence. The county continues to collaborate with the education community to ensure we are educating and training a deep pipeline of talented graduates for these companies to hire.
How is the county making housing more affordable for residents?
As you know, we are growing rapidly and the housing market has a lower inventory of homes available, which is driving up costs and rental prices also. We recognize this is a crisis and have to address it if we want to remain a sustainable community. So, we are always investing federal and state dollars into housing and continue to advance our affordable/workforce housing program. Residents voted to tax themselves up to $200 million in general obligation bonds to increase the number of affordable/workforce housing units, whether it is through ownership or rental.
We want to avoid gentrification in our community so when we are working with developers, it is always top of mind. We have to ensure we’re building in neighborhoods and adding density that affordable/workforce housing is included. It is important to educate the community so they are in an eligible position to acquire or rent those units. Our economic development department works to rehab existing units as well, using federal and state dollars. We place a deed restriction on the units so they remain affordable in the foreseeable future.
How has Florida’s continued growth shaped the current state of the tourism industry across the state, and more specifically in Palm Beach County?
We are seeing record-breaking numbers in tourism across the state, we are no different here in Palm Beach County. We anticipate experiencing another record-breaking year in tourism. In having the best of everything, Enjoy Palm Beach County’s 47 miles of pristine shoreline, exquisite shopping and fine dining. We are inclusive and welcome everyone to visit us.
What are some of the new industries Palm Beach is seeking to grow?
Two decades ago, we started to increase our recruitment in the life science industry and that work continues. We’ve brought in a couple of teaching hospitals that have partnered with the Scripps Research Institute of Florida and Max Planck, which demonstrates how these industries continue to grow and collaborate. Our agriculture community is still strong, embracing new technology that saves water and land space and working with the University of Florida to evolve these methods. We also want to grow a well-educated vocational workforce because many seasoned experts are retiring in trades like plumbing and roofing, so we are providing more opportunities for young people looking for that experience. We partner with various schools and set up internships in a variety of fields that are in high demand right now. IT will be a continued focus to ensure Palm Beach County is on the forefront of technological advancements. AI is very interesting to the county and we are looking for new ways to integrate it into our programs and services.
Why should companies look at Palm Beach County as a place to open or relocate?
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. We have a nationally award-winning parks system as well as beautiful beaches. We make sure to bring in cultural events to feed and nurture our population through jazz and various cultural events. We also work with museums and other cultural institutions to provide programming for all. We have the best of everything and businesses thrive here. We highly encourage entrepreneurship because they hire our residents as well.
What is your outlook for the next two to three years?
We look forward to increasing the number of hotel rooms. I envision a second major hotel for our Convention Center, which will also expand soon after the hotel is complete. We want to continue to retain existing businesses while diversifying with new, and innovative businesses.
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