PALM BEACH COUNTY, Fla. — Palm Beach County is locked in fierce competition with Texas, Tennessee, Virginia and the Carolinas for high-paying corporate jobs and headquarters, according to the county's top economic development executive who warns that the region's economic future depends on how quickly local governments adapt to changing business demands.
"There's very stiff competition for economic development projects throughout the United States. So, when these companies come in, we have one shot to pitch the Palm Beaches to make it to the shortlist," said Kelly Smallridge, president and CEO of the Business Development Board of Palm Beach County. "This is a competition, and as soon as they walk out our door, internal in the state of Florida, Miami, Jacksonville, Tampa are our biggest."
What companies want most: Talent and space
WPTV's Joel Lopez spoke with Smallridge to examine what drives corporate relocation decisions in today's competitive market. The answer, she said, isn't what many residents expect.
"People think that companies come here for the beaches and the lifestyle. Yes, that does help. But the first question they ask is draw a 5-mile radius around the building that I would ideally would like to locate to and tell me the skill sets of the residents in that area," Smallridge said. "Talent fuels companies. It is the number one factor in whether or not they're going to be competitive."
The Business Development Board serves as Palm Beach County's public-private economic development agency, helping recruit companies, retain existing employers and coordinate with municipalities across all 39 cities in the county.
From tourism hub to tech center
Smallridge, a Palm Beach County native who grew up in Palm Springs, said the organization was created more than 40 years ago, because residents wanted to diversify an economy once dominated by tourism, agriculture and construction.
"The residents came forward and said, 'It's too cyclical, very seasonal in nature. It's very low-paying,'" she said. "We want an entity that goes after high-quality, higher-paying jobs."
Today, the county's economy is driven increasingly by sectors like life sciences, aviation and aerospace, technology, manufacturing and financial services. The transformation has been dramatic: the average age in Palm Beach County has dropped from 75 to 48-49, with an average resident wage of $78,000.
Financial services lead growth
Currently, 19,077 financial services companies in Palm Beach County create 119,483 jobs with an average salary of $126,340, according to Business Development Board data.
"We are the creators of the Wall Street South Initiative and tangential to that, we've created this tech and innovation-based initiative," Smallridge said. "AI, cybersecurity, quantum computing is coming to the Palm Beaches."
The county's aerospace industry includes roughly 1,700 companies, serving as another major driver of growth. Local universities including Florida Atlantic University, Kaiser University, Palm Beach Atlantic University and Palm Beach State College are working to create workforce pipelines for these emerging sectors.
Available space determines winners
One factor repeatedly determines whether Palm Beach County lands corporate deals: available commercial real estate.
"Buildings, office buildings, industrial buildings are usually at the top of the list," Smallridge said.
That reality has helped cities like Boca Raton and West Palm Beach secure some of the county's biggest corporate relocations. Boca Raton currently has roughly 13 million square feet of office space, while downtown West Palm Beach has another 1.7 million square feet of Class A office space under development.
Current office space rankings show Boca Raton leading with 13.1 million square feet, followed by West Palm Beach with 9.5 million square feet and Palm Beach Gardens with 4.1 million square feet.
For industrial space, West Palm Beach leads with 2.8 million square feet, followed by Boca Raton with 850,000 square feet and Palm Beach Gardens with 556,000 square feet.
Schools, housing drive family decisions
Companies routinely ask for school ratings within a five-mile radius of proposed office sites, because employees want strong public school options for their children, according to Smallridge.
She acknowledged that school quality varies widely across Palm Beach County and influences where families choose to live.
Housing affordability is also becoming increasingly important, especially as companies recruit workers from outside South Florida. While executives may afford luxury communities, employers still need workforce housing options for their staff.
"What are the affordable housing options for our employees?" has become a routine question during corporate recruitment meetings, Smallridge said.
Speed and preparation matter most
Smallridge stressed that speed matters more than ever in economic development competition.
"I would suggest not to wait for the company to come to you," she said. "You need the process in order."
That includes having shovel-ready sites, clear zoning rules and expedited permitting systems already in place before companies begin evaluating locations.
"Expedited is very, very critical to winning the deal," she said.
The top questions executives ask when considering Palm Beach County relocation include site availability, permit speed, local talent for recruitment, school ratings and housing availability and affordability.
Regional benefits span municipal lines
Despite competition between cities, Smallridge emphasized that economic development benefits spill across municipal boundaries regardless of where companies physically locate.
"I never see a company locate to an area, hire everybody from that particular city, do all their business with small businesses in that city, send their kids to all the schools in that city," she said. "I see it spill out. There's a lot of movement."
She cited Oxygen Development, a large cosmetics manufacturer in central Palm Beach County, as an example of a company drawing 800 employees from multiple nearby communities, with the majority coming from Lake Worth Beach.
Warning against complacency
At the center of Smallridge's message was a broader warning: Palm Beach County can no longer rely solely on its beaches, weather and lifestyle to stay competitive.
"Just because we've had a great 5 to 10 years and we are living in somewhat of a bubble right now does not mean that we will be there in 10 years if we become complacent and sit where we are," Smallridge said. "We have to continue to maintain the very quality of life, the character and the charm that attracted everyone here, along with the balance of growth, good schools, good infrastructure. That all makes a difference to landing the deal and beating the other states."
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