Palm Beach County, FL - Business Development Board
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Economy Overview
Palm Beach County, FL
Florida Power & Light Company
Florida 33408
Emsi Q1 2021 Data Set | www.economicmodeling.com
Economy Overview
Contents
.Report
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.Economy
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.In-Demand
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Emsi Q1 2021 Data Set | www.economicmodeling.com
Economy Overview Report Parameters 1 County 12099 Palm Beach County, FL Class of Worker QCEW Employees, Non-QCEW Employees, and Self-Employed The informa on in this report pertains to the chosen geographical area. Emsi Q1 2021 Data Set | www.economicmodeling.com 1
Economy Overview
Economy Overview
1,520,156 692,505 $59.9K
Popula on (2020) Total Regional Employment Median Household Income (2018)
Popula on grew by 95,900 over
Jobs grew by 35,365 over the last Median household income is $350
the last 5 years and is projected to
5 years and are projected to grow below the na onal median
grow by 69,856 over the next 5
by 37,919 over the next 5 years. household income of $60.3K.
years.
Takeaways
As of 2020 the region's popula on increased by 6.7% since 2015, growing by 95,900. Popula on is expected to increase by
4.6% between 2020 and 2025, adding 69,856.
From 2015 to 2020, jobs increased by 5.4% in Palm Beach County, FL from 657,140 to 692,505. This change outpaced the
na onal growth rate of 3.1% by 2.3%. As the number of jobs increased, the labor force par cipa on rate decreased from
57.3% to 55.2% between 2015 and 2020.
Concerning educa onal a ainment, 22.9% of Palm Beach County, FL residents possess a Bachelor's Degree (2.9% above the
na onal average), and 9.1% hold an Associate's Degree (0.5% above the na onal average).
The top three industries in 2020 are Restaurants and Other Ea ng Places, Private Households, and Educa on and Hospitals
(Local Government).
Labor Cost
Popula on Force of
(2020) (2020) Jobs (2020) Living GRP Imports Exports
Region 1,520,156 707,961 692,505 115.9 $91.19B $88.30B $62.35B
Na on 330,768,968 160,016,553 163,214,648 100.0 $20.80T $0 $9.84T
Emsi Q1 2021 Data Set | www.economicmodeling.com 2Economy Overview
2020 Labor Force Breakdown
Popula on
A Total Working Age Popula on 1,283,533
A Not in Labor Force (15+) 575,572
A Labor Force 707,961
1,520,156 A Employed 669,299
Popula on
A Unemployed 38,662
A Under 15 236,623
Educa onal A ainment
Concerning educa onal a ainment, 22.9% of Palm Beach County, FL residents possess a Bachelor's Degree (2.9% above the
na onal average), and 9.1% hold an Associate's Degree (0.5% above the na onal average).
% of Popula on Popula on
A Less Than 9th Grade 5.9% 65,798
A 9th Grade to 12th Grade 5.7% 64,378
A High School Diploma 23.6% 264,619
A Some College 18.4% 206,356
A Associate's Degree 9.1% 101,929
A Bachelor's Degree 22.9% 256,984
A Graduate Degree and Higher 14.4% 161,442
Emsi Q1 2021 Data Set | www.economicmodeling.com 3Economy Overview Historic & Projected Trends Popula on Trends As of 2020 the region's popula on increased by 6.7% since 2015, growing by 95,900. Popula on is expected to increase by 4.6% between 2020 and 2025, adding 69,856. Timeframe Popula on 2015 1,424,256 2016 1,450,890 2017 1,470,344 2018 1,482,876 2019 1,496,770 2020 1,520,156 2021 1,537,349 2022 1,552,409 2023 1,566,071 2024 1,578,631 2025 1,590,013 Emsi Q1 2021 Data Set | www.economicmodeling.com 4
Economy Overview Job Trends From 2015 to 2020, jobs increased by 5.4% in Palm Beach County, FL from 657,140 to 692,505. This change outpaced the na onal growth rate of 3.1% by 2.3%. Timeframe Jobs 2015 657,140 2016 676,257 2017 687,044 2018 699,942 2019 707,617 2020 692,505 2021 702,638 2022 711,284 2023 718,885 2024 725,518 2025 730,424 Emsi Q1 2021 Data Set | www.economicmodeling.com 5
Economy Overview Labor Force Par cipa on Rate Trends Timeframe Labor Force Par cipa on Rate 2015 57.65% 2016 58.04% 2017 58.45% 2018 58.13% 2019 58.12% January - September 2020 54.60% October 2020 54.93% November 2020 54.65% December 2020 55.16% Emsi Q1 2021 Data Set | www.economicmodeling.com 6
Economy Overview Unemployment Rate Trends Palm Beach County, FL had a December 2020 unemployment rate of 5.46%, increasing from 5.11% 5 years before. Timeframe Unemployment Rate 2015 5.11% 2016 4.67% 2017 4.19% 2018 3.64% 2019 3.27% January - September 2020 8.28% October 2020 5.99% November 2020 5.85% December 2020 5.46% Emsi Q1 2021 Data Set | www.economicmodeling.com 7
Economy Overview
Popula on Characteris cs
264,885 564,472 695,419
Millennials Re ring Soon Racial Diversity
Palm Beach County, FL has Re rement risk is high in Palm Racial diversity is high in Palm
264,885 millennials (ages 25-39). Beach County, FL. The na onal Beach County, FL. The na onal
The na onal average for an area average for an area this size is average for an area this size is
this size is 308,611. 440,070 people 55 or older, while 597,039 racially diverse people,
there are 564,472 here. while there are 695,419 here.
80,824 3.75/1,000 21.26/1,000
Veterans Violent Crime Property Crime
Palm Beach County, FL has 80,824 Palm Beach County, FL has 3.75 Palm Beach County, FL has 21.26
veterans. The na onal average for violent crimes per 1,000 people. property crimes per 1,000 people.
an area this size is 83,130. The na onal rate is 3.53 per 1,000 The na onal rate is 19.79 per
people. 1,000 people.
Emsi Q1 2021 Data Set | www.economicmodeling.com 8Economy Overview
Place of Work vs Place of Residence
Understanding where talent in Palm Beach County, FL currently works compared to where talent lives can help you op mize site
decisions. For example, the #1 ranked ZIP for employment ranks #26 for resident workers. The top ZIP for resident workers is
33411.
Where Talent Works Where Talent Lives
2020 2020
ZIP Name Employment ZIP Name Workers
33431 Boca Raton, FL (in Palm Beach
… county)
45,818 33411 West Palm Beach, FL (in…
Palm Beach36,800
county)
33406 West Palm Beach, FL (in…
Palm Beach32,858
county) 33414 Wellington, FL (in Palm …
Beach county)
32,283
33487 Boca Raton, FL (in Palm Beach
… county)
31,818 33463 Lake Worth, FL (in Palm …
Beach county)
26,851
33410 Palm Beach Gardens, FL…
(in Palm Beach
30,315
county) 33458 Jupiter, FL (in Palm Beach
… county) 26,094
33401 West Palm Beach, FL (in…
Palm Beach29,395
county) 33467 Lake Worth, FL (in Palm …
Beach county)
25,928
Emsi Q1 2021 Data Set | www.economicmodeling.com 9Economy Overview
Industry Characteris cs
Largest Industries
Industry Jobs Na onal Average
Health Care and Social Assistance
Retail Trade
Government
Accommoda on and Food Services
Other Services (except Public Administra on)
ve and Support and Waste Management and Remedia on Services
Professional, Scien fic, and Technical Services
Construc on
Finance and Insurance
Real Estate and Rental and Leasing
Arts, Entertainment, and Recrea on
Wholesale Trade
Manufacturing
Transporta on and Warehousing
Educa onal Services
Management of Companies and Enterprises
Informa on
Agriculture, Forestry, Fishing and Hun ng
U li es
Mining, Quarrying, and Oil and Gas Extrac on
0 20,000 40,000 60,000 80,000 100,000
Emsi Q1 2021 Data Set | www.economicmodeling.com 10Economy Overview
Top Growing Industries
Industry Jobs Growth
Health Care and Social Assistance
Construc on
Professional, Scien fic, and Technical Services
Transporta on and Warehousing
Administra ve and Support and Waste Management and
Remedia on Services
Real Estate and Rental and Leasing
Manufacturing
Arts, Entertainment, and Recrea on
Educa onal Services
Government
Finance and Insurance
Agriculture, Forestry, Fishing and Hun ng
Management of Companies and Enterprises
Mining, Quarrying, and Oil and Gas Extrac on
0 2,000 4,000 6,000 8,000
Emsi Q1 2021 Data Set | www.economicmodeling.com 11Economy Overview
Top Industry LQ
Industry LQ
Arts, Entertainment, and Recrea on
Real Estate and Rental and Leasing
Other Services (except Public Administra on)
Administra ve and Support and Waste Management and
Remedia on Services
Retail Trade
Accommoda on and Food Services
Construc on
Agriculture, Forestry, Fishing and Hun ng
Professional, Scien fic, and Technical Services
Health Care and Social Assistance
Management of Companies and Enterprises
Finance and Insurance
Wholesale Trade
Informa on
Educa onal Services
U li es
Government
Transporta on and Warehousing
Manufacturing
Mining, Quarrying, and Oil and Gas Extrac on
0.00 1.00
Emsi Q1 2021 Data Set | www.economicmodeling.com 12Economy Overview
Top Industry GRP
2020 Gross Regional Product
Finance and Insurance
Professional, Scien fic, and Technical Services
Health Care and Social Assistance
Government
Retail Trade
Real Estate and Rental and Leasing
Wholesale Trade
Administra ve and Support and Waste Management and
Remedia on Services
Construc on
Manufacturing
Accommoda on and Food Services
Informa on
Management of Companies and Enterprises
Other Services (except Public Administra on)
Arts, Entertainment, and Recrea on
Transporta on and Warehousing
U li es
Educa onal Services
Agriculture, Forestry, Fishing and Hun ng
Mining, Quarrying, and Oil and Gas Extrac on
$0.000 $2.000B $4.000B $6.000B $8.000B $10.00B
Emsi Q1 2021 Data Set | www.economicmodeling.com 13Economy Overview
Top Industry Earnings
2020 Earnings Per Worker
Management of Companies and Enterprises
U li es
Finance and Insurance
Mining, Quarrying, and Oil and Gas Extrac on
Informa on
Professional, Scien fic, and Technical Services
Manufacturing
Wholesale Trade
Government
Real Estate and Rental and Leasing
Health Care and Social Assistance
Construc on
Transporta on and Warehousing
Administra ve and Support and Waste Management and
Remedia on Services
Educa onal Services
Arts, Entertainment, and Recrea on
Agriculture, Forestry, Fishing and Hun ng
Retail Trade
Other Services (except Public Administra on)
Accommoda on and Food Services
$0 $50,000 $100,000 $150,000
Emsi Q1 2021 Data Set | www.economicmodeling.com 14Economy Overview
Largest Industries
Industry Jobs Na onal Average
Health Care and Social Assistance
Retail Trade
Government
Accommoda on and Food Services
Other Services (except Public Administra on)
ve and Support and Waste Management and Remedia on Services
Professional, Scien fic, and Technical Services
Construc on
Finance and Insurance
Real Estate and Rental and Leasing
Arts, Entertainment, and Recrea on
Wholesale Trade
Manufacturing
Transporta on and Warehousing
Educa onal Services
Management of Companies and Enterprises
Informa on
Agriculture, Forestry, Fishing and Hun ng
U li es
Mining, Quarrying, and Oil and Gas Extrac on
0 20,000 40,000 60,000 80,000 100,000
Emsi Q1 2021 Data Set | www.economicmodeling.com 15Economy Overview
Business Characteris cs
138,102 Companies Employ Your Workers
Online profiles for your workers men on 138,102 companies as employers, with the top 10 appearing below. In the last 12
months, 10,287 companies in Palm Beach County, FL posted job pos ngs, with the top 10 appearing below.
Top Companies Profiles Top Companies Pos ng Unique Pos ngs
County Of, Palm Beach 5,121 The ADT Corpora on 2,798
School District of Putnam County
…Florida
4,449 Nextera Energy, Inc. 1,873
Nextera Energy, Inc. 3,237 Robert Half Interna onal Inc. 1,780
Florida Atlan c University 2,427 Cleveland Clinic 1,698
Office Depot Inc. 1,595 Tenet Healthcare Corpora on 1,659
Palm Beach County 1,506 HCA Holdings, Inc. 1,368
Palm Beach State College 1,495 Club Staffing, Inc. 1,280
Publix Super Markets, Inc. 1,337 Kforce Inc. 1,117
Keller Williams Realty, Inc. 1,033 R N Network Inc 1,105
Wells Fargo & Company 1,028 Integrity Healthcare Inc 1,007
Emsi Q1 2021 Data Set | www.economicmodeling.com 16Economy Overview
Business Size
Percentage Business Count
A 1 to 4 employees 36.4% 24,903
A 5 to 9 employees 28.2% 19,307
A 10 to 19 employees 21.5% 14,738
A 20 to 49 employees 10.5% 7,214
A 50 to 99 employees 2.0% 1,358
A 100 to 249 employees 1.1% 731
A 250 to 499 employees 0.2% 128
A 500+ employees 0.1% 51
*Business Data by DatabaseUSA.com is third-party data provided by Emsi to its customers as a convenience, and Emsi does not endorse or warrant its
accuracy or consistency with other published Emsi data. In most cases, the Business Count will not match total companies with profiles on the summary
tab.
Emsi Q1 2021 Data Set | www.economicmodeling.com 17Economy Overview
Workforce Characteris cs
Largest Occupa ons
Occupa on Jobs Na onal Average
Office and Administra ve Support
Sales and Related
Food Prepara on and Serving Related
Transporta on and Material Moving
Management
Building and Grounds Cleaning and Maintenance
Healthcare Prac oners and Technical
Business and Financial Opera ons
Construc on and Extrac on
Healthcare Support
Personal Care and Service
Educa onal Instruc on and Library
Installa on, Maintenance, and Repair
Protec ve Service
Produc on
Computer and Mathema cal
Arts, Design, Entertainment, Sports, and Media
Community and Social Service
Legal
Architecture and Engineering
Farming, Fishing, and Forestry
Life, Physical, and Social Science
Military-only
0 20,000 40,000 60,000 80,000
Emsi Q1 2021 Data Set | www.economicmodeling.com 18Economy Overview
Top Growing Occupa ons
Occupa on Jobs Growth
Management
Transporta on and Material Moving
Construc on and Extrac on
Business and Financial Opera ons
Healthcare Prac oners and Technical
Healthcare Support
Community and Social Service
Installa on, Maintenance, and Repair
Personal Care and Service
Educa onal Instruc on and Library
Life, Physical, and Social Science
Protec ve Service
Architecture and Engineering
Computer and Mathema cal
Legal
Arts, Design, Entertainment, Sports, and Media
Farming, Fishing, and Forestry
0 2,000 4,000 6,000 8,000 10,000 12,000
Emsi Q1 2021 Data Set | www.economicmodeling.com 19Economy Overview
Top Occupa on LQ
Occupa on LQ
Legal
Building and Grounds Cleaning and Maintenance
Personal Care and Service
Protec ve Service
Farming, Fishing, and Forestry
Sales and Related
Food Prepara on and Serving Related
Office and Administra ve Support
Construc on and Extrac on
Healthcare Prac oners and Technical
Business and Financial Opera ons
Management
Healthcare Support
Installa on, Maintenance, and Repair
Arts, Design, Entertainment, Sports, and Media
Community and Social Service
Transporta on and Material Moving
Educa onal Instruc on and Library
Computer and Mathema cal
Architecture and Engineering
Life, Physical, and Social Science
Produc on
Military-only
0.00 1.00
Emsi Q1 2021 Data Set | www.economicmodeling.com 20Economy Overview
Top Occupa on Earnings
2019 Median Hourly Earnings
Management
Computer and Mathema cal
Architecture and Engineering
Legal
Life, Physical, and Social Science
Business and Financial Opera ons
Healthcare Prac oners and Technical
Educa onal Instruc on and Library
Arts, Design, Entertainment, Sports, and Media
Community and Social Service
Installa on, Maintenance, and Repair
Military-only
Protec ve Service
Construc on and Extrac on
Office and Administra ve Support
Produc on
Transporta on and Material Moving
Sales and Related
Healthcare Support
Building and Grounds Cleaning and Maintenance
Personal Care and Service
Farming, Fishing, and Forestry
Food Prepara on and Serving Related
$0.00 $10.00 $20.00 $30.00 $40.00
Emsi Q1 2021 Data Set | www.economicmodeling.com 21Economy Overview
Top Posted Occupa ons
Unique Average Monthly Pos ngs
Healthcare Prac oners and Technical
Sales and Related
Office and Administra ve Support
Management
Computer and Mathema cal
Food Prepara on and Serving Related
Business and Financial Opera ons
Transporta on and Material Moving
Healthcare Support
Installa on, Maintenance, and Repair
Personal Care and Service
Architecture and Engineering
Building and Grounds Cleaning and Maintenance
Arts, Design, Entertainment, Sports, and Media
Legal
Protec ve Service
Educa onal Instruc on and Library
Construc on and Extrac on
Produc on
Community and Social Service
Life, Physical, and Social Science
Farming, Fishing, and Forestry
Military-only
0 1,000 2,000 3,000 4,000 5,000 6,000
Emsi Q1 2021 Data Set | www.economicmodeling.com 22Economy Overview
Underemployment
Jobs Requiring Ed. Level Popula on at Ed. Level
No Formal Educa on Required
High School Diploma or Equivalent
Some College, Non-Degree Award
Associate's Degree
Bachelor's Degree
Graduate Degree and Higher
0% 10% 20% 30% 40%
Emsi Q1 2021 Data Set | www.economicmodeling.com 23Economy Overview
Largest Occupa ons
Occupa on Jobs Na onal Average
Office and Administra ve Support
Sales and Related
Food Prepara on and Serving Related
Transporta on and Material Moving
Management
Building and Grounds Cleaning and Maintenance
Healthcare Prac oners and Technical
Business and Financial Opera ons
Construc on and Extrac on
Healthcare Support
Personal Care and Service
Educa onal Instruc on and Library
Installa on, Maintenance, and Repair
Protec ve Service
Produc on
Computer and Mathema cal
Arts, Design, Entertainment, Sports, and Media
Community and Social Service
Legal
Architecture and Engineering
Farming, Fishing, and Forestry
Life, Physical, and Social Science
Military-only
0 20,000 40,000 60,000 80,000
Emsi Q1 2021 Data Set | www.economicmodeling.com 24Economy Overview
Educa onal Pipeline
In 2019, there were 20,796 graduates in Palm Beach County, FL. This pipeline has grown by 7% over the last 5 years. The highest
share of these graduates come from Liberal Arts and Sciences/Liberal Studies, "Business Administra on and Management,
General", and Registered Nursing/Registered Nurse.
Graduate Trend (2015 -
School Total Graduates (2019) 2019)
Florida Atlan c University 8,087
Palm Beach State College 7,388
Lynn University 841
Palm Beach Atlan c University 831
Everglades University 493
Florida Career College-West Palm Beach 450
Southeastern College-West Palm Beach 327
Boca Beauty Academy 308
HCI College 289
South University-West Palm Beach 287
Cer ficate Associate's Bachelor's Master's or Higher
Emsi Q1 2021 Data Set | www.economicmodeling.com 25Economy Overview
In-Demand Skills
Top Hard Skills Na onal Average
Merchandising
Selling Techniques
Nursing
Accoun ng
Basic Life Support
Restaurant Opera on
Audi ng
Customer Experience
Cardiopulmonary Resuscita on (CPR)
Advanced Cardiovascular Life Support (ACLS)
0 5,000 10,000 15,000 20,000
Emsi Q1 2021 Data Set | www.economicmodeling.com 26You can also read
