Relocating and Expanding Companies Invest $100 Million in Palm Beach County through BDB Assistance

Past 12 Month Achievements Include Diverse Industries, More Skilled Jobs

Published Thursday, September 29, 2016

Palm Beach County continues to be a powerful magnet for companies seeking a talented workforce, high quality of life and favorable business climate, according to new figures released by the Business Development Board of Palm Beach County at its year-end luncheon.

Addressing a capacity crowd of business leaders at the Palm Beach County Convention Center, Business Development Board President & CEO Kelly Smallridge revealed that during the past 12 months the organization announced 27 relocation and expansion projects, creating 2,487 jobs and more than $100 million in capital investment. 

Here's a video including highlights from the luncheon:

"Palm Beach County's favorable business climate, excellent quality of life, growing business and transportation infrastructure and skilled workforce combine to make Palm Beach County the ideal place to headquarter and expand businesses. These numbers demonstrate the success of our strategy to build the county's long term stability through diversification of industries," said Smallridge.

The manufacturing sector accounted for the most projects – nine, with 481 jobs and $40.6 million of capital investment – followed by the life sciences industry with six projects, 350 jobs, and $36.5 million in capital investment.  Four IT/Telecommunications projects represented the most jobs and square footage:  a total of 1,011 jobs and 235,800 square feet.  The business and financial sector maintained strength, with two projects and 390 jobs.  Two healthcare projects created 107 jobs, and two aerospace projects represented 88 jobs.  The distribution and marine industries were represented with one project each.

Palm Beach County Administrator Verdenia Baker spoke at the Business Development Board's Fourth Quarter Luncheon, revealing that unemployment in Palm Beach County is at a nine-year low, and that the county has AAA bond ratings from all three rating agencies.  Baker cited increasing attractiveness of Palm Beach County's business infrastructure, including more direct flights at Palm Beach International Airport (PBIA), an upgrade in PBIA's bond rating, and enhancements underway at the Port of Palm Beach. 

For the complete report please visit www.bdb.org/media-center/publications/ and download the Annual Report.

About the Business Development Board of Palm Beach County

The Business Development Board of Palm Beach County is the official public/private economic development organization for Palm Beach County and Enterprise Florida.  Founded in 1982 as a not-for-profit corporation, its primary purpose is to attract and retain new industry, business investment, high quality jobs and workforce development through corporate relocations, expansions and international trade. During the past five years, the BDB has assisted companies that have created more than 12,600 direct jobs with average salaries greater than $67,000, resulting in more than $693 million in capital investment to Palm Beach County and an economic impact that exceeds $5.87 billion. For more information visit  bdb.org.

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/companies-invest-100-million-in-palm-beach-county-relocating--expanding-with-help-of-business-development-board-300335819.html

SOURCE Business Development Board of Palm Beach County

Investors

#1 Palm Beach County Board of County Commissioners Aerojet Rocketdyne Bank of America Bank United Baptist Health South Florida
Caler, Donten, Levine, Cohen, Porter & Veil, P.A. CareerSource Carrier DePuy Synthes Power Tools, a Johnson & Johnson Company Equestrian Center
Florida Crystals Corporation FPL Greenberg Traurig Gunster Hardrives, Inc.
HCA Palm Beach Hospitals Hedrick Brothers Construction Hospital for Special Surgery J.C. White JP Morgan Chase
LRP Publications Martens Group Minto Communities, LLC NCCI Nova Southeastern University
Palm Beach Aggregates, LLC Palm Beach Park of Commerce PNC Bank Pratt & Whitney (A United Technologies Company) Raymond James Financial Services/Boynton Financial Group, Inc.
RSM South Florida Business & Wealth Magazine South Florida Business Journal Stiles-Nicholson Foundation TD Bank
Tortoise Properties Wells Fargo & Company Wexford Capital