Palm Beach County Becomes Magnet for Corporate Growth as Global Companies Expand Footprint

Global companies have begun establishing beachheads in Palm Beach County, according to economic development officials.

The county, which includes 39 cities and towns, has more attracted more than 460 corporate subsidiary and regional offices in the last few years, according to a recent county economic report.

County officials say a favorable tax environment along with A-rated public schools – including 118 private and faith-based schools, has brought in such big names as ADT, SBA Communications, ModMed, Shoes for Crews, Office Depot, and more.

They join Carrier Corp., Chromalloy, Hollander Sleep Products, Orangetheory Fitness, and Pratt & Whitney and Northrop Grumman.

That has meant an addition of about 11,000 people a year to the county, officials said.

This is in addition to a surge in financial institutions to the area in the last few years, including such names as BlackRock, Citadel, Goldman Sachs, Elliott Management, Point 72 and Siris Capital.

Only last year, NewDay USA said it will open new headquarters in West Palm Beach. Rob Posner, NewDay USA’s CEO, said in an interview that, “This area has one of the best talent pools in the country.”

Additionally, Tomson Broadcast has opened a West Palm Beach manufacturing facility in the last few months.

Aby Alexander, USA Thomson Broadcast’s president, said in an interview “When I went to our headquarters in Parks and said I was looking for a few engineers to join me in West Palm Beach, everyone in the room raised their hands.”

And, ProCaps, an international pharmaceutical company based in Latin America, has just acquired an 86,000-square-foot production facility in nearby Riviera Beach. Company officials said that will increase capacity to .9 billion capsules a year.

“We truly believe our new facility in Florida is strategically positioned to improve our supply chain efficiency and the cost of distribution for our products in terms of proximity to customers, especially for the NAFTA (North Atlantic Free Trade Area), the largest pharmaceutical marked worldwide,” the company said in a statement.

And, SurGenTec, a medical device manufacturer was established in California, but its co-founders moved to Florida, where they are expanding the company in Palm Beach County.

“The beautiful weather, favorable location and endless activities are not the only perk for mem but also help attract top talent from across the U.S., co-founder Andrew Shoup, said in a local magazine interview.

Kelly Smallridge, president and CEO of the Palm Beach County Business Development Board, said in a statement that in the past year, the board had assisted 33 companies that had either re-located or expanded in the county, That, she said resulted in attracting 2,500 high-salary jobs and a capital investment of more than $300 million.

The board listed recent corporate development growth:

A company called KruseCom re-located from New Jersey to a 30,000-square foot facility at the nearby Airport Logistics Park, creating 30 new jobsHotelPallner added 10,000-square-feet with average salaries of $80,000.

HotelPlanner added a 10,000-square-foot global headquarters in West Palm Beach, bringing in 50 new jobs.

MyBambu created 82 new jobs in downtown West Palm Beach, adding 82 new jobs. The company will be a financial leader in the Hispanic community.

Percepto, an Israeli company, established its first American assembly and manufacturing facility in Palm Beach County. The company will manufacture drones and create 100 new jobs at an 11,000-squarwe-foot plant.

And, Electric Power of California also opened a new corporate headquarters in West Palm Beach, making smart home batteries.

Smallridge and other officials say they are a number of reasons for the growth, among them that Florida has no state income tax and that there is considerable room for more commercial or industrial growth.