Martin County’s Economy Is Growing by Design
It takes a team effort to build a stronger economy.
We’re making major progress and couldn’t do it without their support.
Economic development isn’t exactly intuitive—even for accomplished business professionals—it is both science and art. It’s easy to think of it in the same way most of us think about business promotion. In this example, the business owner has a service or product and needs to attract customers. So, he or she brands, markets and networks while refining skills, acquiring staff and maximizing customer service with the goal of steady and sustainable growth.
Every economy needs steady, sustainable growth. But how we get there is where economic development strategy makes all the difference. That’s why we play to our strengths. That’s why the BDBMC leans into the local marine, aviation and advanced manufacturing sectors.
These legacy industries already account for a lot of innovation, employment and expansion opportunities. For one, a significant portion of companies in these industries can be described as “contributory businesses,” which is a fancy economic term for businesses that drive local economic growth by selling the majority of their goods and services outside the local market, and essentially importing outside money into the area.
Their products and services inject fresh capital into our marketplace and enlarge the economic pie (while not the only local industries that do so, they’re proven producers on this front).
So, when the BDBMC is successful—as we have been particularly over the last two years—in helping attract existing and expanding companies such as Power Systems Manufacturing, Catch Boatworks, WeeDoo Boats, Hinckley Yacht Services, Choice Waste of Florida and others to Martin County, our economy and taxbase gets stronger and opportunities increase.
Another significant trend? Existing and expanding businesses have fresh options on where to land. For years in Martin County, industrial business parks and other locations ideal for business operations remained few and full, with little to no vacancies … so Martin County’s ceiling was limited in terms of having available space to steer companies toward.
Today, we have plenty more industrial real estate options with great facilities available and in the pipeline.
Palm City Industrial Park features dozens of for sale, permit-ready lots on 58 acres ranging in size from 0.91 to 8.77 acres. South Florida Gateway Distribution Center in Stuart offers 1.2 million square feet. And Sands Commerce Center in Palm City is adding 417,000 square feet to its existing 1.4 million square feet.
The Village of Indiantown, which continues to prioritize commercial-industrial development, hosts some fascinating businesses at Venture Park.
Most recently, Ashley Capital is set to break ground later this year on Martin Commerce Park, which will feature 1.1 million square feet of light industrial. And the Newfield Workplace District plans to offer 2 million square feet of industrial space in the years to come.
As more employers move into these sites and make investments in equipment, the county gains fresh sources of recurring revenue from the commercial side as well as Tangible Personal Property taxes, tipping the balance away from the residential side. That enlarges the taxbase in ways that benefit homeowners.
A stronger economy doesn’t happen by accident. It takes innovators, risktakers, the right locations, economic climate and regulatory environment. With engaged and knowledgeable leaders to help attract, find, shape and inform those factors, the economy gets stronger on purpose.
And Martin County’s certainly is.
Learn more about how the Business Development Board of Martin County supports local businesses at www.BDBMC.org
