Palm Beach draws tech firms as wealthy flee high‑tax states
Palm Beach, Florida, is seeing a surge of tech companies and wealthy executives as high‑tax states lose residents, with ServiceNow pledging a $1.8 billion impact and 850 new jobs.
Palm Beach County is rapidly attracting technology firms and affluent executives, driven by Florida’s tax advantages and new office space. This shift matters because it signals a broader migration of wealth and jobs from high‑tax states to the South.
Luxury real‑estate expert Margit Brandt told Fox News Digital that Palm Beach "has changed from a place where people come to retire to a place that people come to build." But the headline numbers - a projected $1.8 billion economic impact and more than 850 jobs over five years - come from ServiceNow itself, the company announcing the plan, not from an independent study.
What we know
According to the Fox News article, Palm Beach County, Florida, is being described as a growing technology and financial hub. The region, long known as a retirement enclave, is now attracting "wealthy Americans" seeking alternatives to high‑tax states such as New York and California. The article cites Internal Revenue Service data for 2022–2023 that show taxpayer losses in many California and Northeastern counties while the Southeast, including Florida, recorded gains.
Brandt highlighted several factors drawing businesses: a favorable tax climate, ample space for expansion, and new infrastructure. She pointed to areas like Wellington and western Palm Beach County, noting "we have tons of room to grow." The article also mentions that ServiceNow, a California‑based software firm, announced in September 2025 that it will create a regional innovation hub and artificial intelligence institute in West Palm Beach. ServiceNow plans to occupy up to 200,000 square feet at the 10 CityPlace development, a project backed by billionaire real‑estate investor Stephen Ross’s Related Ross.
"The tech has particularly been exciting for Palm Beach County," Brandt said.
The article provides demographic context: the U.S. Census Bureau estimates Palm Beach County’s population at 1.58 million as of July 2025, a 5.6 % increase since April 2020. New schools, hospitals, and other infrastructure are cited as supporting the influx of families and companies.
What they are not saying
The piece does not include any commentary from local government officials, economic analysts, or independent researchers to verify ServiceNow’s projected impact. It also lacks data on how the influx may affect housing affordability or public services, leaving readers without a full picture of the consequences of this rapid growth.
Sources
Photo: Alain Garcia / Pexels (illustrative)