Recent Report Confirms Steady Growth in Palm Beach County
In recent articles, I have shared the news about the population surge in Florida in general and how that growth is transforming West Palm Beach and Palm Beach County in particular.
The articles offered detailed overviews of the Sunshine State’s growth: Florida is now the third most populous state in the U.S. primarily because 350,000 to 375,000 people move there each year. This population boom has impacted West Palm Beach specifically; it is now home to nearly 1.5 million residents and approximately 54,000 businesses.
Now comes a recent report from Real Property Research Group, Inc. (RPRG), “Preliminary Market Assessment, West Palm Beach, Palm Beach County, Florida,” that — despite the dry title — is chock full of fascinating details confirming the upward growth trends in Palm Beach County. Although RPRG’s report was created to provide analysis for one specific real estate project in the area, it serves as a detailed snapshot of the area.
“Palm Beach County’s economy has been very strong over the past 12 years with net at-place employment growth each year other than 2020 and 2021. While the county temporarily lost roughly 61,000 jobs in 2020 and 2021 as a result of the COVID-19 pandemic, [it has] more than recouped these losses with the addition of 82,275 jobs in 2022 for a net increase of 14.8 percent …more than triple the national rate of job growth.”
In the first three quarters of 2023 alone, according to the report, there was a net growth of nearly 12,000 new jobs. RPRG’s has been evaluating properties across the U.S. on behalf of lenders, building companies, developers, agencies, and other real estate professionals for more than 20 years. For its Palm Beach County report, which was released in June, the firm combed through U.S. Census data, HUD data, and other sources.
Among the RPRG’s findings:
- Palm Beach County’s labor force has increased in nine of the last ten years, experiencing a net gain of 122,551 workers between 2012 and 2023
- Residential permit activity has been robust in Palm Beach County since 2011, averaging about 5,556 units permitted each year since 2011
- The 2024 median income for Palm Beach County is $77,663
- The unemployment rate for the county decreased from a pandemic-related 8.8 percent in 2021 to its current 3.3 percent.
The post-pandemic economy in the Palm Beach area has captured widespread attention. According to one recent New York news article, “While Miami may grab headlines with blingy condo towers and island enclaves, the bigger urban transformation post-COVID is happening 70 miles north in West Palm Beach.”
The article goes on to report that “between 2020 and 2021 new residents to [Palm Beach County] brought $7.03 billion in new taxable income — more than any other place in the U.S., according to the Economic Innovation Group.”
As the press coverage and the RPRG findings both suggest, West Palm Beach and Palm Beach County have both experienced noteworthy population and job growth in the last decade. Although past performance is never an indication of future returns, investors seeking real estate opportunities may want to keep their eye on activity in Florida's largest county.
If you're seeking real estate investment opportunities in the West Palm Beach area, you should know that the Avestix Group Real Estate Fund includes an allocation towards West Palm Beach multifamily construction. Learn more about the Avestix Real Estate Fund.
