What makes West Palm Beach, Florida an affluent city?

Located along the coast of South Florida, West Palm Beach is one of the most popular cities in Palm Beach County due to its picturesque setting, impressive real estate options, and plethora of fun attractions and recreational opportunities ideal for all ages.

West Palm Beach was officially incorporated as a city in 1894, making it one of South Florida’s oldest municipalities. Throughout the years, the area has transitioned from an agricultural town to a diverse coastal city attracting countless visitors and residents looking for a perfect place to call home.

On this page, we’ll take a look at some of the major factors that have contributed to West Palm Beach’s success as one of the finest vacation and residential destinations in South Florida.

The city’s robust economy

Some of the factors that have played a key role in bolstering West Palm Beach’s economy include:

• Population growth – West Palm Beach’s increasing population growth over the last decade is an indication that it has a lot to offer for new residents including jobs, a higher quality of life, and other benefits. The city is currently home to over 114,000 residents, making it the 22nd most populous city in Florida and the 244th most populous in the US.
• Employment – The increase in employment opportunities plays a vital role in West Palm Beach’s strong economy and is a major factor that helped attract more new residents.

Despite the pandemic, West Palm Beach currently boasts an annual job growth of more than 1% and an unemployment rate of less than 5%.

• Increased wages – Florida’s minimum wage is currently at $8.65 an hour. Although this is considered within the mid-range, it’s higher compared to the Federal minimum wage of $7.25 per hour.
>Business growth – One of the biggest factors in economic growth and development is business growth. Over the past several years, West Palm Beach has had many growing businesses across multiple industries.

Many entrepreneurs come to West Palm Beach to expand and develop their businesses, creating more employment opportunities for residents. In addition to the city’s high potential for business growth, the cost of doing business here is relatively lower, creating a win-win situation for investors.

• High employee productivity – Employee productivity is measured by Gross Metropolitan Product or GMP. This figure takes into account a specific metro statistical area’s market value of goods and services over a given period.

The metro area West Palm Beach is part of currently ranks among the highest in the US, with a GMP of $338.9 billion in 2021.

West Palm Beach’s high quality of life

In addition to its economy, another main factor that contributes to the success of a city is its government’s ability to provide a good quality of life for residents.

This is evident in the numerous offering, services, and amenities in West Palm Beach geared towards fulfilling that goal.

• Education – West Palm Beach is home to several highly ranked public, private, and charter pre-school, elementary, middle, and high school educational institutions.

Residents planning to enroll in higher education also have excellent universities and vocational institutions to choose from, both within and close to West Palm Beach.

• Healthcare – West Palm Beach has more than 30 hospitals that are all top-rated, ranging from general care services to specialized care.
• Safety – Maintaining a safe, family-friendly environment requires funding for the creation and implementation of proper programs. West Palm Beach has extremely reliable law enforcement and safety agencies in both the West Palm Beach Police Department and West Palm Beach Fire Department. The city also has an emergency plan in place in the event of hurricanes and floods.
• Transportation – A well-managed city excels at serving the transport needs of a rapidly growing population. West Palm Beach residents have easy access to a wealth of transit options including trains, shuttles, buses, and taxis. The city also has the West Palm Beach Trolley System, a convenient and free-to-use mode of transportation to get to the downtown area.

A vibrant business environment, robust economy and outstanding quality of life all combine to make West Palm Beach one of the best places to call home in South Florida.

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