Target Industry Feasibility Study: A Path Forward for Palm Coast’s Economic Growth

The City of Palm Coast has teamed with ABLE Operations Economic & Workforce Analytics to conduct a comprehensive Target Industry Feasibility Study, a crucial step toward mitigating risks and maximizing the city’s potential for economic development. The study evaluates current conditions, identifies promising industry clusters, and outlines strategic recommendations to drive sustainable growth over the next decade.

“The Target Industry Feasibility Study provides us with a clear roadmap for Palm Coast’s economic future and reinforces our goal of attracting advanced manufacturing jobs to the city,” said Craig McKinney, Economic Development Manager for the City of Palm Coast. “By aligning our growth strategies with the region’s emerging trends, particularly in aviation, aerospace, and defense, we can attract the businesses and talent that will diversify our economy, create quality jobs, and enhance our community’s long-term success.”

At the heart of the study are seven key industries identified as prime candidates for Palm Coast’s economic future. Of these, five are positioned to experience significant growth in the coming years: Aerospace, Advanced Manufacturing, Information Technology and Clean Technology, Logistics & Warehousing, and Hospitality.

Demographic Shifts and Economic Trends

A pivotal element of the study is Palm Coast’s demographic and economic profile, which shows a population growth rate of 27% between 2010 and 2022. This population boom offers an opportunity to shift the city’s economic base, transitioning from a reliance on residential tax revenues to a more diversified commercial and industrial tax base. In tandem with this growth, Palm Coast has seen a 60% increase in median household income, a strong indicator of rising affluence that could be leveraged to attract high-skill businesses and retain talent.

The study highlights the importance of focused efforts to attract new industries and broaden the economic base, ensuring long-term resilience and stability for the region. Flagler County’s economy is already on a positive trajectory, driven by strong sectors like hospitality, education, and healthcare. With targeted efforts to attract diverse industries, Palm Coast plans to further expand its economic footprint, creating a more robust, well-rounded economy that benefits all residents and positions the region for sustained growth and prosperity.

Strategic Location and Partners Brings Opportunities

Palm Coast’s strategic location on Interstate 95 between Jacksonville and Brevard County offers significant advantages. The region is well-served by major highways, ports, and airports, making it an attractive hub for logistics and commerce. Additionally, Palm Coast’s relatively affordable housing market continues to draw new residents and businesses seeking value-driven living and operational costs.

Additionally, the diverse options for higher education and skills training in the region provides Palm Coast with an exceptionally strong platform for pitching their workforce to potential investors. “When promoting workforce multipliers like Daytona State College, Flagler Technical College, Embry Riddle Aeronautical University, Jacksonville University, and the University of North Florida, these schools place Palm Coast in the center of the best opportunities for education and upskilling in the First Coast” says McKinney.

He continues, “The City of Palm Coast is poised for a bright economic future. With a clear strategy in place, the city is well-positioned to capitalize on our growth potential, attracting industries that will create high-quality jobs, drive innovation, and elevate the community’s quality of life. By continuing our efforts to foster a collaborative environment and investing in key infrastructure and workforce development, Palm Coast will unlock new opportunities for residents and businesses alike.”