Unlocking Palm Beach County’s Economic Potential: The Role of the Business Development Board
Enhancing economic growth is crucial for all regions, and the role of business development boards is increasingly vital in achieving this goal. Palm Beach County’s Business Development Board (BDB) has been a catalyst for fostering a thriving business environment in the region. This article will explore the role of the Palm Beach County BDB in boosting economic growth and sustaining the county’s economic vitality.
Introduction
The Palm Beach County Business Development Board (BDB) is a public-private partnership established in 1982 to attract, retain and expand businesses in the County. It collaborates with local businesses, governments, and diverse communities to stimulate economic growth and help establish Palm Beach County as a business leader in South Florida. With three decades of active involvement in the business and economic development of Palm Beach County, the BDB has an impressive track record in attracting companies to the region and spurring economic growth.
Supporting Economic Development and Expansion
The BDB’s primary objective is to stimulate economic growth in the Palm Beach County region. This objective is achieved through a well-planned strategy that aims to enhance the county’s economic diversity and create an enabling environment for sustainable growth. The BDB works with local businesses and civic leaders to craft effective policies, programs and infrastructure that support economic development and expansion.
One example of BDB’s successful efforts is seen in the growth of healthcare and life sciences industry in the County. In 2019, the BDB worked with the Max Planck Florida Institute for Neuroscience to secure a significant expansion that will add over 100 scientists and support staff to its Palm Beach County operations. The result has been the establishment of a nationally recognized research hub that has brought more than $50 million in research funding to the County and created numerous high-paying jobs.
Helping Businesses Succeed
In addition to attracting new businesses to the region, the BDB works to help existing businesses in Palm Beach County succeed and grow. The Board has a Business Retention and Expansion Program dedicated to meeting the needs of businesses already operating in the county. Through this program, the BDB connects businesses with resources, tools and assistance to enable them to thrive and contribute to the economic growth of the region.
One example of BDB’s successful retention efforts is The Palm Beach Post, a daily newspaper that has been operating in the region since 1916. In the 2000s, The Post faced significant financial challenges like many traditional print media outlets. However, through carefully crafted retention strategies, the BDB worked with The Post to help the paper stay in Palm Beach County. These efforts included helping The Post relocate its print production and distribution to a new facility within the county while also connecting it with key business partners and resources. Today The Palm Beach Post remains an important business and employer in the region.
Providing Tailored Support Services
The BDB understands that businesses have unique needs and works to provide tailored support services that address those needs. For instance, the Board has a comprehensive talent development program that helps businesses train and retain employees essential to their success.
The program collaborates with workforce development agencies and post-secondary institutions to create a pipeline of qualified and skilled workers for businesses in the region. In other words, the BDB provides the necessary support and infrastructure for businesses to identify, attract and develop the talented workforce needed for long-term success.
Conclusion
The Palm Beach County Business Development Board plays a crucial role in boosting economic growth and strengthening the business environment in the County. The BDB’s success story is a testament to the importance of promoting public-private partnerships to stimulate economic growth and development. By fostering a business-friendly environment, supporting businesses in their growth and providing tailored support services, the BDB has become an economic development engine that has created jobs and enhanced the quality of life in the County.
