In Palm Beach County, the pandemic has accelerated what was already an uptick of residents relocating to South Florida creating a surge in real estate sales, and increased residential and commercial development. This has created significant premium on prices due to a diminished inventory.
As of January 1, 2021, the county’s Property Appraiser has reported the taxable value for residential properties has increased 6.13 percent and commercial taxable value increased 2.8 percent with demand for office space rebounding. We continue to see increasing numbers in terms of the economic health of our county.
South County remains one of the county’s top growth areas. The state and county in partnership with the Palm Beach County Business Development Board have continued to provide incentives for business expansions that will result in the creation of over 100 jobs with salaries ranging from $60,000 to $95,000.
These businesses include ESports Play LLC and MPLT Healthcare with a projected economic impact of $98 million. Another new project of note is NewDay USA, one of the nation’s leading mortgage lenders, which will create 600 new jobs.
The pandemic didn’t interfere with the county’s Building Department which created an online system for permit submittals, significantly streamlining the process for the construction industry. The Building Dept. successfully generated over $2.2 billion in property improvements and is projecting over $2.5 billion in improvements for 2021. On a daily basis, they average over 900 inspections and issue between 200-400 permits.
A one million square-foot distribution warehouse was recently opened in unincorporated Palm Beach County. It was completed in about a year. The county’s Planning, Zoning, and Building Department’s expedited permitting program played a critical role in making the project happen. It is a testament to our commitment to working with the business community to accelerate the approval process and get businesses open. The new distribution center will create over 200 jobs including human resources, management, and finance, with salaries starting at $40,000 annually. The facility will have an economic impact of hundreds of millions of dollars for the county.
Moving forward, I will continue to support tax incentives for new and expanding businesses and work closely with the Palm Beach County Business Development Board in attracting businesses.
Years 2017-2021 (past 5 years)
- $3.2M in economic incentives from county
- $5.3M in total economic incentives (state, county and municipalities)
- Creating 687 new jobs
- Retaining 369 jobs
- $102M in capital investments
- $1.1B economic impact
Research Park at Florida Atlantic University has partnered with the county and in 2020 and 2021, the Board approved additional funding to support the Research Park’s initiative to create, Global Ventures, the only international soft landings center in South Florida. Global Ventures facilitates the growth of international companies to become sustainable contributors to our economy, creating high paying jobs. In 2020, 140 new jobs were created and they are currently hosting companies from Brazil, Ecuador, Netherlands and Canada