31 Companies Strengthen Roots in Palm Beach County
September 30, 2021 – PALM BEACH COUNTY, FL – Today, the Business Development Board (BDB), Palm Beach County’s official economic development organization, announced 3,028 high salary jobs at the “End of Year Economic Development Luncheon”, sponsored by BDO.
The BDB reported that 31 companies relocated to or expanded in Palm Beach County within one year, occupying 1,017,302 sq. ft. of commercial or industrial space. The companies represent a new capital investment of $152.3 million. In fact, 71 percent of the jobs created are from out-of-state companies new to the market. Diversifying the economy, the top five sectors include financial services, life sciences, manufacturing, corporate headquarters, and distribution / logistics.
BDB members who invest in economic development received a comprehensive overview of all 31 companies at the annual event. Five of those companies include:
- NewDay USA opened a second headquarters in West Palm Beach with plans to create 600 new jobs in a 50,000 sq. ft. office.
- Virtu Financial, originally based in New York, opened an office in Palm Beach Gardens creating 55 new jobs.
- FINFROCK selected Belle Glade for a new 140,000 sq. ft. precast concrete manufacturing facility located on 94 acres with plans to employ 200 people. This will create $45.4 million in capital investment.
- Vetio Animal Health announced a 35,000 sq. ft. manufacturing facility located in Jupiter, adding 40 new jobs as it expands developments in animal health. This expansion is in addition to the current footprint of 40,000 sq. ft. and 100 employees.
- France-based Thomson Broadcast will open a new 9,000 sq. ft. manufacturing facility in West Palm Beach with plans to create 50 jobs by the end of 2021.
There is no sign of slowing down. A 2021 Unacast study stated that Palm Beach County is the #1 County in the State of Florida for growth and the #1 location where New Yorkers relocated to during the year 2020.
More facts that prove continued growth:
- The National Association of Realtors® (NAR) ranked Palm Beach County in the top 10 areas in America for the busiest commercial real estate market.
- The World Property Journal ranked West Palm Beach in the top 10 performing commercial real estate markets in the Nation.
- CareerSource Palm Beach County stated Palm Beach County’s unemployment rate is 4.8 percent, which has been below both the 5.7 percent national rate and Florida’s 5.1 percent rate for 11 consecutive months.
- According to BDO, the tax saving scenarios are favorable when compared to competing locations such as New York, California, Massachusetts, Illinois, Connecticut and New Jersey.
Chart courtesy of BDO
“The majority of the companies are corporate relocations from other states such as New York and California,” said Kelly Smallridge, President and CEO of the Business Development Board. “Our efforts not only created 3,028 new jobs, but also bring new opportunities for suppliers of business and professional services such as architects, contractors, bankers, attorneys, and accountants, as well as families who will purchase homes and enroll their children into public and private schools.”
Frank Baker, Co-Founder of Siris Capital Group, shared why he made the move to Palm Beach County at the BDB’s annual event today:
The BDB’s business recruitment efforts are led by the BDB Board of Directors, a group of experts who guide the organization’s strategy. At today’s annual event, the BDB welcomed a new incoming Chair, Harvey Oyer. It also hosted the Co-Founder of Siris Capital Group, Frank Baker, a Wall Street icon who recently made the move to Palm Beach.
As growth continues, the BDB and its 300+ like-minded investors have big plans for the 2021 – 2022 fiscal year, which starts Oct. 1. It will continue to assist companies with real estate searches, expediting the permitting process, connections to private schools, assistance in forming workforce pipelines, and any resources that would help close the deal and continue growing the economy.
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About the Business Development Board: The Business Development Board of Palm Beach County is the official public/private economic development organization for Palm Beach County and Enterprise Florida. Founded in 1982 as a not-for-profit corporation, our primary purpose is to attract and retain new industry, business investment, high quality jobs and workforce development through corporate relocations, expansions and international trade. During the past five years, the BDB has assisted companies that have created more than 12,822 direct jobs with average salaries greater than $69,062, resulting in more than $777 million in capital investment to Palm Beach County and an economic impact that exceeds $6.87 billion. The BDB’s highest level investor partners include Carrier, Florida Power & Light, LRP Media Group, Moss Construction, Stiles Nicholson Foundation, Suffolk Construction, Tortoise Properties, and Wexford Capital. Additional information can be found at the BDB’s website, BDB.org.