Today’s Number: $3.4 billion
Palm Beach County is welcoming a slew of new high-earning residents
According to Unacast, Palm Beach County is the #1 county for both people and income growth by a wide margin compared to counties studied in the state of Florida, welcoming 11,000 people during 2020. And those 11,000 people are well-heeled—they represent a new net income gain flow of $3.4 billion—far exceeding the gains of any other county in the U.S. studied by Unacast. Average per capita income flow incoming was $80,282. Palm Beach County is the #1 South Florida county considered an “emerging area” based on migration trends.
More evidence of the Great Migration from the Northeast: 41% of moves to the Palm Beach County, FL area were from the New York City area, the most in the state of Florida. The affluent county is home to more than 2,500 financial service firms with average salaries of nearly $80,000, according to the Business Development Board, Palm Beach County’s official economic development organization. This sector employs about 33,000 people just within the county and receives most relocations from New York City, Boston, Chicago, and Greenwich. Recent studies show the financial services sector has experienced a 7.4% year-over-year increase.
“Executives of companies relocating to Palm Beach County, FL are signing 8-to-10-year leases. This is not a temporary trend and right now, we are working with an additional 20 companies that plan to make announcements by the end of the year,” said Kelly Smallridge, President and CEO of the Business Development Board of Palm Beach County. “Executives are purchasing homes, enrolling their children in school and becoming involved in the community.”