On February 2, 2023, Palm Bay City Council adopted the City of Palm Bay’s Economic Development Strategic Plan. The plan evaluates the City’s existing conditions and identifies strengths, weaknesses, opportunities, and threats, and further sets the foundation for the future economic growth and prosperity of the City, for the next five years. The goals outlined in the Plan set a roadmap for an economically viable community. The City will use the Plan as a road map for setting in place programs and initiatives to achieve these goals. The City’s Economic Development Strategic Plan provides the following seven (7) goals:

• Integrate Palm Bay’s residents into the City’s civic life.
• Increase educational attainment by eliminating workforce barriers.
• Develop spaces that further economic development.
• Use the City’s natural assets to spur economic development.
• Use the City’s high technology sector as a magnet to attract new talent, businesses, and investment.
• Diversify the City’s economic base.
• Strengthen the City’s commercial corridors.

Economic Development Strategic Plan
Addendum #1 – Compound Study