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May 19, 2020 - Palm Beach County has been dealt a new set of circumstances with COVID-19, but the BDB’s Financial Services Task Force forecasted the economic development opportunities to be bright. The group, comprised of local finance leaders with a shared passion to further grow the industry, talked economic development efforts, the status on office space in the pipeline, and enhanced marketing techniques.
Chris Roog of City of West Palm Beach shared the continuation on construction projects bringing more class A office space to the county. The transformation of West Palm Beach’s Clematis Street to support restaurant openings has brought back the charm that companies in the Flagler Financial District enjoy.
Overall, local financial firms have remained in Palm Beach County and many are expected to join them in late summer from not only the Northeast U.S., but also from California. It’s also been speculated that many wealthy “snowbirds” have prolonged their stays while “Wintering in Palm Beach”, learning that the county has much more to offer than just a second home. For example, Billionaire Ken Griffin of Citadel set up shop in a temporary office space in Palm Beach. The BDB plans to change it to permanent.
In fact, economic development efforts have not stopped because of COVID-19. The BDB shared with the group a recent report which cited that 20 companies have announced the relocation to or expansion in Palm Beach County, creating more than 2,000 high salary jobs, occupying nearly 500,000 sq. ft., creating a capital investment of more than $45 million.
The group also discussed the BDB’s comprehensive ad campaign targeting CEOs in the Northeast and its status. It received more than a million impressions just during the months of January and February. The task force agreed that ramping up efforts in the summer months would be beneficial to the migration of the firms fleeing South. Chair of the task force, Marty Cass of BDO, validated the importance of messaging with the BDB’s comprehensive ad campaign.
The group plans to launch aggressive efforts this summer to welcome new companies to Palm Beach County’s favorite tax climate and proven top-notch health care system.