Palm Beach
County _Your
Corporate
Choice
For additional information on relocating your
facility to Palm Beach County, contact:
BUSINESS DEVELOPMENT BOARD
of Palm Beach County, Inc.
222 Lakeview Avenue, Suite 1200
West Palm Beach, FL 33401
561-835-1008 FAX 561-835-1160
email: [email protected]
website: www.bdb.org
Enterprise Florida, Inc. Partner
Welcome to business in Palm Beach
County. For the last two decades, we
have experienced rapid economic
growth, positioning us as a top site for
building corporate wealth. The caliber
and diversity of companies residing here
demonstrate our attractiveness to
growing industries. Geographically, the
county provides access to vast
populations within Florida, the
Southeastern U.S. and key overseas
markets. The new century is an exciting
and rewarding time to be active in this
southern corporate hotspot. Join the
many regional and international
companies who’ve made their move to
our progressive corporate address!
Palm Beach
County — Your
Corporate Choice
Palm Beach County
Rates As First:
We’re number one in income, annual wages,
pager manufacturing, vitamin manufacturing,
agricultural sales and more.
West Palm Beach/Boca Raton rated #1 in
both Top 20 Large Cities nationally and
Top 5 Southeast Cities by Entrepreneur
magazine:
• #1 in Florida and #3 in nation for per
capita income at $38,772
Geographic Highlights:
• The 2,034 square miles in Palm Beach
County make it the largest County in
both Florida and the Southeastern USA.
• With a population of more than 1 million,
it is the 60th most populous of the
nation’s 316 metro areas.
• The “Gold Coast” encompassing Palm
Beach, Broward and Dade Counties is
home to nearly 5 million people.
• #1 in national job creation for seven
months in 1999
• Palm Beach County spans the
coastline from Jupiter to Boca Raton
and from the Atlantic Ocean west to
Lake Okeechobee.
• #1 in Florida for average annual wages
at $31,876
Business Atmosphere:
• #1 nationwide producer of sugar cane
• #2 nationwide for number of golf
courses
• #4 nationwide in lowest business
failure rates
• #5 nationwide in economic growth
• The County’s economy is healthy and
features impressive job growth.
• Palm Beach County’s property tax rate
is one of the 3 lowest of all 67 counties
in Florida.
• Palm Beach is the only county in
Florida awarded the “AA+” bond rating
by Agency Fitch IBCA.
• Net budget cost per capita is down
17% for the county since 1990.
• Major employers include Office Depot,
Wackenhut Corp., Motorola, Siemens,
NCCI and Pratt & Whitney.
P A L M
B E A C H
C O U N T Y — Y O U R
C O R P O R A T E
C H O I C E
Marketplace/Industrial
Statistics:
• Per capita personal income for the
county ranked 3rd in the U.S. in 1997
at $38,772.
• Population increased 80% during
1980-99, adding 460,000 new residents.
• Palm Beach County is ranked 12th
nationwide for metro market growth
from 1990-98.
• Employment grew 3.4% per year
between 1993-1997, substantially
above the 1.9% U.S. average.
• Palm Beach ranks third of Florida’s
67 counties in total real property value,
at more than $78 billion.
• Tourism is one of the largest local
industries, with an annual economic
impact of $2 billion per year. However,
several other industries play key roles
in the economy, including Agribusiness,
Communications and Information
Technology, Medical/Pharmaceutical
Manufacturing, Aerospace and
Engineering, and Business/Financial
Services.
• Palm Beach County is, in terms of agricultural sales, the largest county east
of the Mississippi River. It ranks 6th in
total crops sales in the United States.
Aerospace Framework:
• Palm Beach County is a world leader
in cutting edge technology for space
propulsion, which is so specialized that
it only happens from a couple other
locations globally. One of the foremost
resources in our area for the aerospace
industry is our rocket engineering
capability. Pratt & Whitney’s gas turbine
RD 180 engine is produced locally,
and the RL10 and RL50, produced in
Hartford, Connecticut, are tested
locally. The private test facilities, which
accommodate both rocket and military
jet engines, are another unique
advantage for the industry in Palm
Beach County.
• Palm Beach County has a strong
supplier/vendor base with numerous
subcontractors that support aerospace.
Specialty machine shops supply
aerospace-grade fasteners and
components, and provide tooling and
machining services.
• The industry has a commitment to the
local area. Pratt & Whitney is investing
new dollars into additional test stand
equipment, and demand for space
propulsion engineering and support
personnel is expected to grow over the
next several years. This will keep the
County a leader in the space industry,
in step with Florida counterparts
Lockheed Martin and Honeywell.
• There is a strong import market in
the County as well. Russian rocket
engines are imported and tested in
Palm Beach County before being
released into the U.S. marketplace.
For more information on Palm Beach
County’s space propulsion business,
access www.pratt&whitney.com and
go to the space propulsion area.
P A L M
B E A C H
C O U N T Y — Y O U R
C O R P O R A T E
C H O I C E
Transportation:
Rail Access:
Road access is excellent, with extensive
additional improvements currently under
construction. The County has built more
than 240 lane miles of road since 1990
and resurfaced more than 375 lane miles.
• The Florida East Coast Railway
Company (FEC) services the Port’s
docks and piers through the Port’s
industrial rail switching operations. It is
the only facility in South Florida
operating a rail system with pier-side
box, hopper and intermodal cars
operating 24 hours a day. Located on
Port property are six miles of trackage
to accommodate intermodal transfers
and handling. 100 rail car unit-trains
can be assembled for double-stack
operations without aerial obstructions.
Port Access:
• Palm Beach County is fortunate to
have the Port of Palm Beach located in
Riviera Beach. It is the 4th busiest
container port in Florida and the 19th
busiest in the continental U.S. In FY
1998, 189,890 TEUs were handled. By
the end of FY 2010, this volume will
reach 550,000 TEUs per annum, per
the Master Plan projections. In addition
to intermodal capacity, the Port is a
major modal point for the shipment of
bulk sugar (domestic usages),
molasses, neo-bulk, cement, utility
fuels, water, perishable products,
breakbulk and various grades of
aggregate materials.
• All essential federal agencies with
oversight for international trade and
passenger flow are located in the
Maritime Office Building, the Port of
Palm Beach’s current HQ facility.
U.S. Customs, Immigration and
Naturalization Services, U.S.
Department of Agriculture laboratory
and U.S. Border Patrol have offices
with extensive staffs.
• The Port of Palm Beach has also
received designation as a Foreign
Trade Zone (FTZ#135). FTZs can only
be utilized by firms that import goods
from overseas destinations and those
that import and re-export the same
goods overseas. FTZs cannot be
utilized by domestic manufacturers
of those industries that produce and
sell domestically. In addition, the Port
sits in the middle of an Enterprise
Zone in Riviera Beach. Various local
governmental grants and tax
abatements accrue to businesses
relocating into such zones.
Airport Access:
• Palm Beach International Airport
(PBIA) serves the air transportation
needs of nearly 6 million passengers
each year, and transports more than
15,000 tons of air cargo annually. It is
the 58th busiest airport in the U.S.,
and creates an economic impact of
more than $1.9 billion. More than 30
airlines offer non-stop service to 49
cities nationwide.
• Today, PBIA is undergoing a runway
expansion to accommodate larger
planes, which will be able to transport
an additional 800 passengers per day,
on both domestic and international
flights. Expansive highway access
ramp improvements are also underway
to accommodate increased traffic flow.
PBIA is a catalyst to the County’s longterm plans for economic growth and
diversification.
P A L M
B E A C H
C O U N T Y — Y O U R
C O R P O R A T E
C H O I C E
Business Incentives:
Both the State of Florida and Palm Beach
County offer attractive incentives to
relocating and expanding companies.
Elected officials have demonstrated their
commitment to economic development
through the adoption of incentive
packages based on creation of high wage
jobs and total economic impact of the
project. Following is a list of incentives
available on a state and local level:
• By constitution, no Florida state
personal income tax.
• No state-level property tax.
• No inventory or goods-in-transit tax
in Florida.
• $5,000 corporate income tax
exemption.
• $25,000 homestead tax exemption.
• Tax exemption on pollution control
equipment.
Qualified Target Industry
Tax Refund Program (QTI):
This program provides a tax refund of
up to $5,000 per new job created in
Florida through the expansion of existing
businesses or the location of newly
relocated companies. To qualify, a
company must create at least 10 new
jobs (10 percent increase for expanding
companies), pay an average of at least
115 percent of the county average, have
a significant impact on the community
and have a 20% matching contribution
from the county.
Quick Response Training:
This state-administered program provides
effective training that is specifically
tailored to meet the requirements of the
company. Training is provided by quality
institutions, such as school districts,
universities, community colleges,
technical centers and other certified
trainers. Grants normally range from
$500 to $800 per person trained.
Economic Development
Transportation Fund:
Administered by the State of Florida, this
grant program provides up to $2 million
for the construction or improvement of
transportation infrastructure such as
roads and traffic signals.
Sales Tax Exemptions:
Possible exemptions from sales tax
include:
• Electricity — Charges for electricity
used directly, and exclusively, at a
fixed location to operate machinery
and equipment that is used to
manufacture, process, compound or
produce items of tangible personal
property for sale; or to operate
pollution-control equipment, recycling
equipment, maintenance equipment or
monitoring-of-control equipment used
in such operations.
• Manufacturing/processing Equipment —
Certain new businesses are eligible for
a sales tax exemption for manufacturing
or processing equipment. For expanding
businesses, partial exemptions are
possible. Equipment and machinery
used in recycling are exempt.
• Silicon Technology/Research &
Development — A sales tax exemption
is provided for machinery and
equipment used in silicon technology
production, research and development.
Capital Investment
Tax Credit:
This program provides a corporate
income tax credit for capital investments.
Aviation, aerospace and silicon technology
industries are eligible if they create at
least 100 new jobs and have an initial
capital investment of more than $25 million
of machinery and equipment. The credit
is available at a rate of five percent each
year for a period not to exceed 20 years.
P A L M
B E A C H
C O U N T Y — Y O U R
Additional Sales and Use
Tax Exemptions:
Food, medicine, boiler fuels, containers/
packaging/materials in a final product,
research and development costs, cogeneration of electricity, and the motion
picture/television industry are exempt.
High Impact Grant:
Performance grants for high-impact
projects, including silicon technology, are
available. To be eligible, a high impact
business must create 100 new jobs and
have a capital investment of $100 million.
A research and development facility may
qualify with 65 jobs and $75 million
investment.
Florida’s Job Siting Act:
This act provides a consolidated
procedure for major projects to obtain all
environmental permits and land-use
approvals within 90 days of receipt of a
completed application.
Industrial Revenue bonds:
IRB financing is available to assist
manufacturers with property acquisition,
construction, machinery/equipment and
certain soft costs. The maximum for an
IRB issue is $10 million. The Business
Development Board facilitates the
issuance procedure.
Tax Exempt Financing:
The Florida Development Finance
Corporation (FDFC) provides tax-exempt
financing for small manufacturers.
Financing may be used for the purchase
of land, buildings and capital equipment.
Loans of $500,000 to $2.5 million are
available. Borrowers are included in a
larger pooled bond issue. Shared costs
allow participation by many small
borrowers who would otherwise find it
uneconomical to seek tax-exempt
financing. FDFC is affiliated with Enterprise
Florida, the business/government
partnership dedicated to guiding the
development of Florida’s economy.
C O R P O R A T E
C H O I C E
P A L M
B E A C H
C O U N T Y — Y O U R
C O R P O R A T E
C H O I C E
Quality of Life:
Arts/Culture:
The County’s quality of life has enticed
many local and national businesses to
relocate offices or open branches in
Palm Beach County. Area residents enjoy
a wide range of indoor and outdoor
activities:
An assortment of cultural venues include
the Kravis Center for the Performing Arts,
where you’ll find Broadway musicals
like Cats and performers like Bill Cosby.
The Mars Music Amphitheater hosts more
than 30 national concerts a year in a
covered, open-air environment. You’ll
also discover the Norton Museum of Art,
12 music and dance companies and
hundreds of art and antique galleries
throughout the county.
Attractions:
Year-round attractions include Lion
Country Safari, a 500-acre preserve with
more than 1,200 wild animals, a petting
area, walking trails, auto trails and even
overnight cabins for adventurous souls.
The Lake Okeechobee Scenic Trail offers
more ecotourism opportunities just a
short drive from the downtown area.
Golf:
Tennis:
The abundance of sports facilities in the
county includes over 150 golf courses,
many of them world class. You’ll find
courses by Fazio, Nicklaus and other top
competitors. Palm Beach County is also
headquarters to the Professional Golfers
Association on PGA Blvd. It’s a regular
golfer’s paradise.
1,100 tennis courts dot the landscape in
Palm Beach County, and winter
weekends offer great weather for playing.
International competitions like the Lipton
tournament are only a short drive away in
Miami, and the world-famous Williams
sisters, Venus and Serena, live right here
in Palm Beach Gardens.
Equestrian:
Baseball:
International polo headquarters and the
Palm Beach Polo Club hold their world
cup season in Palm Beach County from
January through March each year. The
Winter Equestrian festival draws families
of competitors to dressage and show
competitions, a favorite for seasonal
spectators. Palm Beach County has an
extensive recreational equestrian
community with over 5,600 acres in
equestrian use.
The brand new Roger Dean Stadium
opened for spring training in 1998,
serves as host for the Montreal Expos
and St. Louis Cardinals. You can catch
games all season with the local Jupiter
Hammerheads, and each Friday be
entertained by impressive displays of
fireworks after the games. It’s a treat the
whole family can enjoy.
Beaches/Fishing:
Miles of pristine sandy beaches, 47 miles
to be exact, offer unsurpassed offshore
racing, deep sea fishing, water-skiing,
scuba diving, treasure hunting, picnicking
and even surfing when it’s windy.
Additionally, hundreds of miles of
intracoastal waterway and freshwater
rivers mean you’re never too far to soak
your feet or rent a canoe.
Palm Beach County – Snapshot
GENERAL INFORMATION
Area in Square Miles: (land area)
Normal Daily Maximum
Normal Daily Minimum
Average Temperature
Average Annual Precipitation
Pop. Density (persons per sq m):
2,034
83°F
67°F
75°F
62 in.
521
COUNTY POPULATION
1980
1990
2000 (est)
576,863
863,518
1,059,753
POPULATION PROJECTIONS
(2005)
(2010)
(2015)
1,155,000
1,244,000
1,337,000
AGE BREAKDOWN 2000
(0-14):
(15-24):
(25-44):
(45-64):
(65+):
184,657
103,339
276,973
247,734
247,050
SALES - 1999
Gross Sales
Taxable Sales
$29.2 billion
$16.2 billion
MEETING FACILITIES
Motels
Hotels
Number
154
58
Rooms
5,938
9,082
Number
15
2,941
793
Beds
3,588
MEDICAL
Hospitals
Doctors of Medicine
Dentists
PER CAPITA PERSONAL INCOME - 1997
Palm Beach County
$38,772
Florida
$24,799
United States
$25,288
AVERAGE LABOR STATISTICS - 1999
Labor Force
534,884
Employment
507,915
Unemployment
26,969
Unemployment Rate
5.0%
AVERAGE EMPLOYMENT BY INDUSTRY - 1999
% of
Industry
Employment Total
Total Nonagricultural
500,500
Construction
28,300
5.7%
Manufacturing
32,100
6.4%
Durable Goods
23,300
4.7%
Nondurable Goods
8,800
1.8%
Food & Kindred Products
3,200
0.6%
Paper, Printing, Publishing
4,200
0.8%
Transportation & Public Util.
16,600
3.3%
Trade
126,600 25.3%
Wholesale Trade
25,800
5.2%
Retail Trade
100,900 20.2%
Building Materials
3,300
0.7%
General Merchandise
10,100
2.0%
Food Stores
20,000
4.0%
Automotive Dealers
8,900
1.8%
Apparel & Accessory
7,500
1.5%
Furniture, Equip.
5,500
1.1%
Eating & Drinking
34,500
6.9%
Misc. Retail
11,200
2.2%
Finance, Insurance, Real Est.
36,100
7.2%
Depository institutions
7,900
1.6%
Nondepository institutions
3,700
0.7%
Real Estate
10,800
2.2%
Services
205,700 41.1%
Hotels & Other Lodging
10,400
2.1%
Personal Services
5,700
1.1%
Business Services
63,700 12.7%
Health Services
48,600
9.7%
Total Government
55,100 11.0%
Total Federal Government
5,800
1.2%
Total State Government
8,400
1.7%
Total Local Government
40,900
8.2%
Palm Beach
County _Your
Corporate
Choice
For additional information on relocating your
facility to Palm Beach County, contact:
BUSINESS DEVELOPMENT BOARD
of Palm Beach County, Inc.
222 Lakeview Avenue, Suite 1200
West Palm Beach, FL 33401
561-835-1008 FAX 561-835-1160
email: [email protected]
website: www.bdb.org
Enterprise Florida, Inc. Partner