National Economic Development Week Puts Focus on the Positive Growth in Polk County Communities
The week of May 11-17 has been designated Economic Development Week by the International Economic Development Council (IEDC). The week spotlights the vital more that businesses play in driving economic growth, supporting community services and enhancing opportunities for residents and communities.
Economic development is the intentional practice of improving a community’s economic well-being and quality of life through initiatives that create jobs, foster inclusive growth, and build a resilient economy. By celebrating Economic Development Week, we can spotlight the vital contributions of economic developers in driving sustainable growth and enhancing community prosperity.
It is also a time to specifically celebrate our local economic development councils, large and small. Their work, often done in the background, greatly influences our cities, counties, and region.
Economic Development In Polk County
Polk County experienced an incredible year of growth and economic development opportunity in 2024. Through constant collaboration and effort, job creation and investment numbers saw a drastic increase. During this robust past year, industrial project success totaled as follows:
- Capital investment: $840 million
- Total new and retained jobs: 1,024
- Total new project square footage: 2.48 million
- Average annual wage of projects: $68,698
- Total new projected annual payroll: $64 million
Commerical and Industrial Sectors Fuel Services
Economic development is often viewed through the lens of job creation, investment attraction and rising property values. But at the core of sustainable growth is a more interconnected reality. Business growth within the commercial and industrial sectors directly drives the revenue needed to fund essential services for local communities. This dynamic plays a critical role in support the needs of Polk County’s growing residential base and shaping the long-term livability of our cities.
Last year Polk County collected over $78M in commercial and industrial taxes which is a 38% increase since 2020. As taxable values continue to increase funding for essential service will continue to grow for local governments.
Attractive Growth
Population growth is also a magnet for businesses that want to locate here. “Add in things like Polk’s central location and access to 11 million consumers within 100 miles of anywhere in Polk County. It’s a major driver of what’s next in our path for economic development,” said CFDC President & CEO Sean Malott.
Despite the increase in jobs and average wages, 50% of the local workforce is leaving Polk County to work, he said. He added that it’s easy to drive to Hillsborough, Lake or Orange counties for a job. The labor shed offers employers opportunity to localize their workforce.
Additionally, Polk County’s population growth has also led to a 7.9% growth in working age residents now calling Polk home.
But the standard of living in Polk County is high, Malott said. “The businesses that are growing and expanding here, investing here, are interested in that for their workforce.”
Talent Assets
There are many reasons to locate in Polk County. The total employment in the county has reached a record 283,027, almost 12% growth since 2020.
“The biggest incentive in our market is the workforce and people who are here that a company can hire,” Malott said. “When a company is looking at Polk County, the first thing they are doing is assessing whether they can find the people to hire for their operation. If they can’t find the people, there is no incentive we can offer to get them into the market. They have to believe they can find and train the people.”
The CFDC partners with the county’s seven institutions of higher education to help facilitate connections with businesses. “We rely on our partners to train and upskill people to be ready for the next set of job opportunities,” Malott said. “Employers are focused on educating their workforce to help promote them and put them into new positions.”
Growing Industry
Much of the county’s growth activity involves the manufacturing sector.
The number of manufacturing companies in Polk County has grown 18% over the last five years (JobsEQ). It’s also had 6.1% GDP growth in the last 10 years.
“We welcome high-quality companies like these that contribute so much to our community, including high-wage jobs that help raise the bar for everyone,” Malott said.
Recognizing Economic Development Week
As we recognize Economic Development Week, Polk County’s continued momentum underscores a number of valuable characteristics. It has the strength of a well-aligned economic strategy, pro-business policies, and a competitive industrial landscape. The measurable impact—from record-breaking capital investment to substantial job creation and wage growth—demonstrates the value of targeted business programs and the importance of infrastructure, workforce readiness, and strategic location.
Polk County is not only attracting industry leaders. It is also setting the stage for long-term, scalable growth and the attraction of quality jobs. For companies seeking a market with proven performance, strong workforce assets, and room to expand, Polk County stands out as a prime destination for investment and innovation.
