Palm Beach County may not be on the same level as Wall Street, but that hasn’t stopped financial firms from relocating to the South Florida Area. West Palm Beach in particular has become a hub not just for financial firms, however, but for all businesses to move to. This is creating a small network effect where more businesses moving creates value for other businesses that move close by. According to the Palm Beach County Business Development Board (BDB), the total economic impact from companies that the BDB has helped move exceeds $6 Billion, with over $750 million in capital investment in the past five years.
There are a multitude of reasons for the moves to Southeast Florida but primary among them is the tax environment. There is no state income tax in Florida. With a sales tax rate of 6% statewide and an additional 1% for the county, Palm Beach County is a very tax friendly place to live- especially compared to the personal taxes currently being paid by many who work on Wall Street or in other highly taxed states.
Additionally, there is a lifestyle benefit associated with the move to the South Florida area. It is becoming a coveted location to both work and live. Some of that is due to the weather and the beaches, which make outside activities possible year-round. Some is due to the quality of public schools which is a benefit to families with children. It also speaks to the quality of the labor talent pool.
Whether you own a business or are looking to make a move, consider Palm Beach County as your destination. (We are partial to Boca Raton!)