Palm Beach County’s Business and Economy

Palm Beach County has been a national leader in economic growth in a post-pandemic world and is projected to remain that way well into the future. Palm Beach County saw private-sector employment increase by nearly 30,000 jobs over a 12-month period ending in July 2022. By 2029, it is expected to add more than 92,000 jobs, a growth rate of 13.9 percent, according to the Florida Department of Economic Opportunity.

With industries ranging from tech innovation to agriculture, a diverse workforce, an international port and airport, business and tax incentives, and a trusted public transit system, Palm Beach County sets the standard for business development. In fact, Chief Executive magazine rated Florida as the No. 2 best state for business for the eleventh consecutive year in 2022, due to the diversity of major industries and a dozen attractive business and tax incentives offered by the state, plus many others offered through counties.

Palm Beach County’s major industries include the traditional agribusiness and leisure industries that originally built the Palm Beaches, a dynamic clean tech and high-tech sector, rapidly growing medical and life sciences components, plus aviation and aerospace technologies. The county is an increasingly popular location for corporate headquarters relocations.

During a 12-month period in 2020 and 2021, 31 companies relocated or expanded operations in Palm Beach County, resulting in a capital investment of $152.3 million, according to the Business Development Board of Palm Beach County. During a five-year period through 2022, capital investment was $777 million, and economic impact exceeded $6.87 billion. Nearly 13,000 jobs were created during this period with average salaries of nearly $70,000.

Tech-sector growth in Palm Beach County supports a high-tech/green energy/biosciences startup corridor between West Palm Beach and Deerfield Beach. As a result of the activity in this sector, salaries are on the rise in a region where the IBM personal computer was created. More than 1,700 information technology (IT), telecommunications, and support companies employ more than 20,000 professionals with an average wage of $78,928 to bolster a state ranked in the top five nationally in high-tech establishments, export of high-tech products, and high-tech employment. While Silicon Valley is still best-known as a tech sector, the extravagant cost of living, crowded urban centers, high state sales taxes, and a personal income tax in California are driving software engineers and developers to other states.

Palm Beach County’s agribusiness has gone high-tech in this era. The county is a highly desirable location for businesses and job seekers because of its industry diversity: aviation/aerospace engineering and manufacturing; business and financial services; clean technology and energy; distribution and logistics; health care; private equity and hedge funds; information technology/telecom; life sciences; manufacturing; and equestrian and marine industries.

A Diverse Workforce

Palm Beach County provides businesses with a highly diverse and skilled talent pool. Many workers are drawn to the county by the exceptional job and business prospects. With no state income tax and a low sales tax, Floridians have among the highest retained incomes in the United States.

Palm Beach County is Florida’s third most populous, with about 1.5 million people and a projected population growth of 4 percent by 2026. Although the perception outside the state is that Florida’s residents are primarily retired and elderly, the median age in the Palm Beaches is 44. Workers in Palm Beach County have an above-average high school graduation rate of 88.8 percent, and 37.1 percent have a bachelor’s degree or higher. Those holding college degrees remain in high demand across the county, especially for those in STEM fields, making it an attractive option for both young graduates and more experienced mid-career and executive personnel.

Palm Beach County has a significant Hispanic population of 23.9 percent, presenting a tremendous advantage for businesses in international trade with Latin and Central America. Many firms in the region are planning to enter the highly anticipated Cuba marketplace when, and if, it re-opens.

Major Industries 

Agribusiness: The historical core of Palm Beach County’s economy is agribusiness, which extends from just outside the coastal cities west to Lake Okeechobee. Approximately 36 percent of the county’s acres are devoted to agriculture and ranching, comprising more than a third of the county.

Aviation | Aerospace | Engineering: The few small airstrips that became Florida’s World War II military installations have grown into a major industry, including commercial aviation, air cargo, air defense projects, and rocket engines. Some of the major firms located in the county include: Lockheed Martin Corporation; Sikorsky, a Lockheed Martin Company; Aerojet Rocketdyne; Pratt & Whitney; Collins Aerospace; and Northrop Grumman.

Financial Services: The presence of 2,895 hedge funds and private equity firms that employ more than 35,000 people and help serve 71,000 millionaire households in Palm Beach County help earn it the moniker of “Wall Street South.” With no individual state income tax, corporate gains tax, and top marginal taxes for individuals and estates, Florida is a highly attractive location for the affluent and the financial companies that serve them.

Clean Tech: Florida is No. 1 nationally in annual biomass production, No. 1 in net energy generation from biomass, and seventh in energy generation from renewable sources, including hydroelectric and solar. The state supports research and development in the industry through renewable tax incentives and support of research centers. Palm Beach County hosts more than 715 clean-tech businesses such as Blue Biofuels, Inc., SolarTech Universal, 4Ocean, and Enerfuel.

Distribution and Logistics: Palm Beach County is centrally located near Florida’s largest population centers and has convenient access to world markets via the port. The county is home to more than 15 distribution centers totaling more than five million square feet. These distribution centers take advantage of Intermodal Systems Highways, railroads, airports, and the Port of Palm Beach. Among the firms operating distribution centers here are Aldi, Amazon, American Tire, Cheney Bros., FedEx Corporation, Nestlé, Publix, Sysco, U.S. Food Service, and Walgreens.

Equestrian: With an estimated $600 million impact on the county, equestrian sports is a signature economic sector for the county. The National Polo Center –Wellington, owned and managed by the U.S. Polo Association (USPA), is one of the largest polo facilities in the United States. It is the site of the annual Winter Equestrian Festival, which runs from January to April, hosting competitions for hunters, jumpers, and equitation, and attracting more than 250,000 people and 6,500 horses to the event. With National Polo Center–Wellington, more than 10 USPA member clubs, and many private stables and horse farm communities, Wellington is considered the epicenter of polo in the U.S.

Health Care and Life Sciences: Palm Beach County’s health care industry is vital to the economy, providing more than 79,000 jobs at nearly 5,500 health care-related businesses. There are more than 700 life sciences companies in Palm Beach County primarily engaged in research and development or the manufacture of biotechnologies, medical devices, pharmaceuticals, and environmental and biological sciences. In the past five years, 50 life sciences companies have relocated to the county or expanded. Two renowned research institutes— the Herbert Wertheim UF Scripps Institute for Biomedical Innovation & Technology and Max Planck Florida Institute for Neuroscience—anchor what is dubbed the Palm Beach Life Sciences Cluster.

IT and Telecommunications: Palm Beach County is a national leader for IT and telecommunications. With more than $8 billion annually in IT research and development activities, Florida ranks fourth nationally in high-tech establishments, third in high-tech product exports, and fifth in high-tech employment. Palm Beach County is home to nearly 2,200 IT, telecommunications, and support companies employing nearly 20,000 professionals with an average wage of $94,354, according to the Business Development Board. The area is recognized as a prime place to locate technology firms and startups, a reputation that encompasses Deerfield Beach, just across the Hillsboro River from Boca Raton.

Manufacturing: Florida offers a sales tax exemption to manufacturers that purchase new equipment and machinery. Palm Beach County offers targeted industry incentives including sales and use tax exemptions, and tax credits and refunds for capital investment, R&D, and job creation. Currently, there are more than 23,670 manufacturing jobs in the county boasting an average salary of $88,101. The local workforce offers particular expertise in advanced materials, aerospace, biomedical, IT, defense, marine, and green technologies.

Marine Industry: With 37,000 registered boaters in the county, the marine industry has an economic impact of $4.7 billion, ranging from boat and equipment sales to the 22,000 jobs provided by the sector to the revenue generated by marinas, boatyards, and more. The annual, four-day Palm Beach International Boat Show, which attracts hundreds of exhibitors and more than 55,000 attendees from around the world.

Market Access to The Caribbean 

More than $7 billion worth of commodities move through the Port of Palm Beach each year. Unlike many U.S. ports, the Port of Palm Beach handles exports, with approximately 80 percent of its cargo exported, contributing to a positive trade balance. The majority of the exported cargo supports Caribbean island nations. All of the nearly 900,000 tons of raw sugar produced in the Glades area of the county ship through the port.

Business Taxes, Sales Tax, and Licensing

Florida requires certain businesses to obtain professional licenses through state examination boards located in various departments; for example, health care workers are licensed through the Florida Department of Health. A list of all businesses and professionals requiring a state license is available at myfloridalicense.com/dbpr.

An overview of the corporate business tax system is available at the Florida Department of Revenue, which also covers unemployment tax and taxes collected by the Department of Revenue. The department offers a startup kit for business owners at floridarevenue.com.

Florida charges a 7 percent sales tax on retail purchases and a use tax on certain leased/rented goods and services. Registration with the state is required, and taxes can be filed and paid online.

County Business Incentives

A wide array of state and local incentives are available to relocating and expanding enterprises. The Business Development Board of Palm Beach County provides support as experts in the tax abatement and grants processes. Every city in the county offers some incentives as well, including expedited permitting and/or cash incentives, as well as possible tax incentives. Learn more: bdb.org/relocation/incentives-by-city.

Job Growth

The Palm Beaches are adding more professional, business, and STEM sector–related jobs than other counties. With the construction of new homes and apartments, retailers and services are expected to follow the growing population, bringing new jobs. The Florida Department of Economic Opportunity projects that Palm Beach County will experience increased job growth annually through the end of the decade.

Palm Beach Business Associations & Networking Groups

Civic Organizations 

Junior League of the Palm Beaches

Palm Beach Civic Association

West Palm Beach Rotary Club

Entrepreneur Groups

Tech Hub South Florida

SCORE Palm Beach County

Florida Small Business Center at FAU

Networking/Business Referral Groups

Best of the Best Network

Business Executives Inc.

Executives’ Association of the Palm Beaches

Networking Professionals International Palm Beach County

Palm Beach Business Associates

The Palm Beach Toastmasters Club

West Palm Beach Business Referral Group

Professional Development and Consulting 

Business Network International – Palm Beach Elite

Gold Coast PR Council

Senior Executive Network

Women’s Groups

Executive Women of the Palm Beaches Foundation

Women’s Executive Club of South Palm Beach County

Young Professionals Groups

Palm Beach Young Professionals

Young Professionals of the Palm Beaches

Palm Beach County Area Chambers of Commerce