Survey: Palm Beach businesses optimistic about economic outlook

Kaufman Rossin and Business Development Board release first-ever survey report highlighting executive insights

Palm Beach County, FL – Kaufman Rossin, the largest independent CPA and advisory firm in Florida, today announced the release of the first-ever Palm Beach County Executive Survey report, in partnership with the Business Development Board of Palm Beach County.

More than 500 business owners, CEOs and other decision-makers took part in the inaugural survey, which will serve as a benchmark in future years.

Kelly Smallridge, President and CEO of the Business Development Board of Palm Beach County, emphasizes, “Palm Beach County boasts a dynamic and expanding business community. As the official public/private economic development organization for the county, it is crucial for us to seek valuable feedback from our stakeholders. This enables us to identify successful strategies and explore opportunities for providing additional support, ultimately fostering the thriving success of local businesses.”

Three clear themes came through in the survey data:

• Commercial real estate demand looks solid, with 65% predicting they’ll maintain their current needs and 29% expecting an increase. Survey respondents indicate that 68% of the workforce are operating fully on-site and 18% in hybrid mode, which is expected to remain the same for the near future.
• Businesses are planning to hire and invest in their people. Salaries, recruitment, benefits, training and physical premises are key areas where spending is targeted to increase. Housing affordability for employees and access to talent are concerns.
• The general climate is optimistic. While most think the health of their businesses is strong, 63% predict the health of their business will be better or much better next year.

As a part of South Florida’s business community for six decades, Kaufman Rossin recognizes the importance of gathering insights like these about the changing dynamics of the region. “What makes Palm Beach stand out is the dramatic evolution in the market. There has been a transformation over the past five years with the buildup of industry and influx of business and population,” said Rick Slater, Kaufman Rossin Managing Principal for Palm Beach & Broward. “We have a great tax structure and economic development ethos, and the feedback we received in this survey reinforces that businesses in Palm Beach are well-suited for further growth.”

Read the full survey results at https://group.kaufmanrossin.com/survey-2023-palm-beach-county-development-board.html

About the Kaufman Rossin Group:

At the Kaufman Rossin Group, it’s our business to make joy your bottom line. With 60 years of experience and clients all over the globe, we provide professional services to businesses and their leaders, serving entrepreneurs, public companies, non-profits and individuals. The Group includes Kaufman Rossin CPAs and Advisors, one of the top 100 accounting and advisory firms in the U.S., along with Kaufman Rossin Wealth, Kaufman Rossin Insurance Services, and Kaufman Rossin Alternative Investment Services. We bring technical mastery, collective intelligence and integrity to our work for every client. But it’s the listening, innovating and caring of our more than 600 team members that bring joy to clients – they give us 4.9 stars! It all starts with our joy-at-work, people-first culture, which has won us repeat honors as a Best Place to Work. Learn more at kaufmanrossin.com.

About Business Development Board:

The Business Development Board of Palm Beach County is the official public/private economic development organization for Palm Beach County.  Founded in 1982 as a not-for-profit corporation, our primary purpose is to attract and retain new industry, business investment, high quality jobs and workforce development through corporate relocations, expansions and international trade. During the past five years, the BDB has assisted more than 140 companies that have created or retained more than 13,110 direct jobs with average salaries greater than $80,000, resulting in more than $1.12 billion in capital investment to Palm Beach County. The BDB’s highest level investor partners include Focus Financial Partners, Carrier, Florida Power & Light, Good Greek Relocation Services, Kaufman Rossin, LRP Media Group, HSS, Moss Construction, SpinaOrourke + Partners, Stiles Nicholson Foundation, Suffolk Construction, Tortoise Properties, Tortoise Realty Group, TPA Group and Wexford Real Estate Investors (WREI). Additional information can be found at the BDB’s website, BDB.org.