West Palm Beach-Boca Raton-Boynton Beach................145

Short Term Outlook for West Palm Beach-Boca Raton-Delray Beach, FL (Division of Miami MSA) December 2021 Forecast

2021:Q4 2022:Q1 2022:Q2 2022:Q3 2022:Q4 2023:Q1 2023:Q2 2023:Q3 2023:Q4 2024:Q1 2024:Q2 2024:Q1 2024:Q2

Personal Income (Billions $)

Total Personal Income 136.4 136.8 138.6 140.5 141.8 143.2 144.8 146.5 148.2 149.9 151.5 153.2 154.9

Pct Chg Year Ago Wages and Salaries

6.3 -7.8 0.5 2.7 4.0 4.7 4.4 4.3 4.5 4.7 4.7 4.6 4.5 45.1 45.8 46.4 46.7 47.1 47.5 47.9 48.4 48.8 49.2 49.7 50.3 50.8 Nonwage Income 91.2 90.9 92.3 93.8 94.8 95.7 96.8 98.2 99.4 100.7 101.8 102.9 104.0 Real Personal Income (12$) 105.3 105.2 106.1 107.0 107.6 108.1 108.8 109.6 110.3 111.0 111.7 112.3 113.0 Pct Chg Year Ago 1.5 -11.4 -2.5 0.5 2.2 2.8 2.5 2.4 2.6 2.7 2.7 2.5 2.4 Per Capita Income (Ths) 91.1 91.2 92.3 93.3 94.0 94.6 95.4 96.3 97.1 97.9 98.6 99.4 100.2 Real Per Capita Income (12$) 70.4 70.2 70.6 71.1 71.3 71.4 71.7 72.0 72.3 72.5 72.7 72.9 73.1 Average Annual Wage (Ths) 70.4 70.8 71.1 71.4 71.7 72.0 72.4 72.8 73.3 73.8 74.3 75.0 75.6 Pct Chg Year Ago 1.2 1.2 1.2 1.4 1.9 1.8 1.8 2.0 2.2 2.4 2.7 3.0 3.2

Establishment Employment (Place of Work, Thousands, SA)

Total Employment 638.5 645.2 649.7 651.7 654.1 656.9 659.7 661.5 662.9 664.8 666.6 668.4 669.6 Pct Chg Year Ago 5.3 5.5 5.0 3.7 2.4 1.8 1.5 1.5 1.3 1.2 1.0 1.0 1.0 Manufacturing 20.3 20.2 20.2 20.1 20.2 20.3 20.3 20.2 20.2 20.2 20.1 20.1 20.0 Pct Chg Year Ago 3.2 2.2 2.8 0.2 -0.1 0.0 0.4 0.7 0.0 -0.4 -0.8 -0.8 -0.8 Nonmanufacturing 618.3 625.0 629.5 631.6 633.9 636.6 639.4 641.3 642.7 644.6 646.5 648.3 649.6 Pct Chg Year Ago 5.3 5.6 5.1 3.8 2.5 1.9 1.6 1.5 1.4 1.2 1.1 1.1 1.1 Construction & Mining 38.5 38.3 38.1 37.8 37.7 37.4 37.2 37.1 37.1 37.2 37.3 37.3 37.4 Pct Chg Year Ago 1.0 0.2 1.9 -2.3 -2.3 -2.3 -2.2 -1.9 -1.4 -0.5 0.2 0.6 0.8 Trade, Trans, & Utilities 116.6 116.0 115.6 115.0 113.3 112.7 114.4 113.8 113.8 112.8 110.8 110.3 109.7 Pct Chg Year Ago 4.3 3.4 2.4 0.5 -2.9 -2.9 -1.0 -1.0 0.5 0.1 -3.1 -3.1 -3.6 Wholesale Trade 24.8 25.1 25.6 26.5 26.7 26.9 26.8 26.9 26.9 27.2 27.6 27.8 28.0 Retail Trade 76.5 75.3 74.2 72.3 70.3 69.4 71.3 70.7 70.6 69.2 66.6 65.8 64.9 Trans, Wrhsng, & Util 15.3 15.5 15.7 16.2 16.3 16.4 16.3 16.2 16.3 16.4 16.6 16.7 16.8 Information 10.4 10.6 10.6 10.8 10.7 10.8 10.9 11.0 11.1 11.3 11.3 11.3 11.3 Pct Chg Year Ago 11.5 13.2 12.1 6.9 3.1 2.2 2.6 1.1 3.5 4.0 4.0 3.5 2.0 Financial Activities 44.5 45.4 46.6 47.5 47.6 47.8 47.4 47.3 47.3 47.6 48.0 48.3 48.6 Pct Chg Year Ago 1.3 2.9 7.5 7.8 6.8 5.2 1.7 -0.6 -0.5 -0.3 1.4 2.3 2.7 Prof & Business Services 117.4 121.8 122.4 121.7 121.7 122.3 121.8 122.0 122.8 124.2 125.9 126.9 127.8 Pct Chg Year Ago -0.2 2.3 4.4 3.0 3.7 0.4 -0.5 0.2 0.9 1.5 3.4 4.1 4.1 Educ & Health Services 108.1 108.6 111.5 111.7 110.7 110.7 110.0 109.8 109.8 110.5 111.2 111.9 112.2 Pct Chg Year Ago 6.5 5.4 6.8 4.9 2.4 1.9 -1.4 -1.7 -0.8 -0.2 1.1 1.9 2.1 Leisure & Hospitality 90.1 90.6 89.5 90.2 94.6 96.7 99.3 101.7 101.7 101.5 101.8 101.6 101.4 Pct Chg Year Ago 22.7 19.1 5.3 5.3 5.0 6.8 11.0 12.7 7.5 5.0 2.5 -0.1 -0.4 Other Services 31.5 31.9 32.9 33.8 34.0 34.2 34.0 34.0 34.2 34.5 34.9 35.2 35.5 Pct Chg Year Ago 6.3 6.0 5.9 8.5 7.8 7.2 3.4 0.7 0.5 0.9 2.5 3.5 4.0 Federal Government 6.8 6.8 6.8 6.8 6.7 6.7 6.8 6.8 6.8 6.8 6.8 6.8 6.8 Pct Chg Year Ago -5.4 -4.0 -0.9 -0.3 -0.4 -0.3 0.0 0.2 0.4 0.5 0.5 0.6 0.7 State & Local Government 54.3 55.1 55.7 56.2 56.9 57.4 57.7 57.9 58.0 58.2 58.4 58.6 58.8 Pct Chg Year Ago 0.3 4.8 8.0 6.3 4.8 4.2 3.6 2.9 2.0 1.5 1.2 1.2 1.2

Other Economic Indicators

Population (Ths) 1496.5 1499.3 1502.5 1505.8 1509.4 1513.4 1517.5 1522.0 1526.7 1531.4 1536.2 1541.1 1546.0 Pct Chg Year Ago 0.3 0.5 0.7 0.8 0.9 0.9 1.0 1.1 1.1 1.2 1.2 1.3 1.3 Labor Force (Ths) 758.6 765.5 769.3 771.3 773.0 774.4 776.2 777.6 779.0 780.4 782.3 784.4 787.1 Pct Chg Year Ago 7.4 6.0 4.4 3.1 1.9 1.2 0.9 0.8 0.8 0.8 0.8 0.9 1.0 Unemployment Rate (%) 4.5 4.3 4.0 3.8 3.7 3.6 3.6 3.6 3.6 3.6 3.6 3.7 3.7 Total Housing Starts 7571.4 7974.0 8100.4 8511.9 8812.7 9038.2 9139.5 9233.3 9307.6 9234.2 9125.1 9116.1 9025.3 Single-Family 4822.9 4996.9 5143.1 5275.4 5436.9 5516.9 5533.9 5606.4 5645.6 5561.4 5513.5 5551.3 5526.7 Multifamily 2748.6 2977.2 2957.3 3236.5 3375.8 3521.3 3605.5 3626.9 3662.0 3672.8 3611.6 3564.8 3498.6