ECONOMY OVERVIEW
Small Business is one of the cornerstones of the Palm Beach County economy.
Tech startups are also driving into the county. Modernizing Medicine, is one example. The quicklygrowing medical records firm employs 500 in the county and plans to hire another 800 employees in the near future. Real estate is a perennial driver of the Palm Beach County economy, and recent developments in tax law, among other factors, have helped to sustain the county’s long-running real estate boom. The new $10,000 cap on the State and Local Income Tax (SALT) deduction has led to the flight of many high-income individuals from states with hefty income tax rates to the 0% income tax haven of Florida. These affluent new residents will arrive in a Palm Beach County that is in the midst of a decadelong shortage of new home construction, meaning many may have to rent space in one of the luxury apartment buildings or condos that are being constructed at a steady pace in the county. On the commercial side, things are very much the same, with vacancy rates and supply of office and industrial space remaining at record lows. In addition to the wealth of flourishing industries in Palm Beach County, there are several other indicators of good economic health, including the county’s bond rating. Nationwide, 3,100 counties were analyzed by the three major rating agencies, Moody’s Investors