October 2019, PALM BEACH COUNTY, FL – Business activity in Palm Beach County was prominent in the October issue of Florida Trend, including the surge of financial firms flocking the county, as well as recent companies that have relocated to and expanded in Palm Beach County through the Business Development Board’s economic development efforts. There were also more than 80 companies that invest in the BDB’s economic development efforts highlighted throughout the magazine.
Palm Beach County Benefits From the 2017 Federal Tax Cut
Around 2013, as high northern states elected to ding their residents for more taxes, the Palm Beach County Business Development Board began knocking on the doors of financiers who lived part time in the county to sell them on relocating their operations to Florida. Interest accelerated when when the 2017 federal Tax Cut and Jobs Act limited state and local tax deductions for high-income individuals. Kelly Smallridge, President and CEO of the board, says the effort has resulted in 70 financial services firms moving to Palm Beach County in the last five years, and the board is working with 15 more. “Wealth management firms seem to top the list, along with private equity and family offices,” she says.
Along with putting offices here, some financial firms have made investments, although the firms themselves don’t draw a cause-and-effect on their decisions. Dell Computer founder Michael Dell’s MSD Capital, which opened an office in West Palm Beach, for example, this year bought the 1,047-room Boca Raton Resort & Club from Blackstone for $875 million.
(Source: Original Text is From Florida Trend Magazine)
Around the Southeast
Two recent BDB-facilitated projects were highlighted throughout the publication. “Sports equipment maker Fluorotek USA plans to add nearly 75 employees to its existing 25 at its new facility in Riviera Beach. It makes custom bumper plates for weightlifting,” stated the magazine. It also highlighted CYIENT Defense Services, an engineering firm that will create 200 jobs with average salaries of $85,000 at its 30,000 sq. ft. facility in Jupiter.
BDB Members Highlighted
More than half of the banks on Florida Trend’s list of the 25 “Biggest Bank Holding Companies in Florida” invest in the BDB’s economic development efforts. BDB members on the list include Bank of America, Wells Fargo, SunTrust, JPMorgan Chase, Raymond James Bank, BB&T, Regions Bank, Bank United, TD Bank, Fifth Third Bank, PNC Bank, CenterState Bank, and Centennial Bank. On Florida Trend’s list for “Biggest Accounting Firms in Florida,” BDB members included RSM US, MBAF, Carr, Riggs & Ingram, BDO US, Berkowitz Pollack Brant, Marcum, Daszkal Bolton, Caler, Donten, Levine, Cohen, Porter & Veil, and EisnerAmper.
More than 65 leaders from the Palm Beaches made Florida Trend’s annual list, “Florida 500”, a list comprised of the most influential business leaders in the state of Florida. Over 30 of these leaders are BDB members and 13 of them are BDB Board of Directors.
It’s apparent that Palm Beach County’s economy is hot and will continue to grow for years to come. In fact, the BDB recently announced 34 companies relocating to or expanding in Palm Beach County, creating 2,725 high salary jobs for Palm Beach County residents. All 34 companies have one thing in common; they have relocated or expanded using the BDB’s complimentary services. Whether it’s expedited permitting, making the right local connections, finding commercial or industrial space, or applying for grants that the company wasn’t aware of, the BDB is the economic development engine for Palm Beach County and will continue to share everyone’s success as much as possible.