Palmdale, CA Economic Overview
Palmdale is a city in the center of northern Los Angeles County, often referred to as “one of Los Angeles County’s best-kept secrets.” Palmdale is separated from the City of Los Angeles by the San Gabriel Mountains and lies just 60 miles north of the City. Palmdale is an upper middle-class community, with a median household income of $54,921, and home to over 169,000 residents. The City was the first to incorporate in the Antelope Valley in 1962, and occupies an abundant land area of 104 square miles in the high desert, at an elevation of 2,600 feet. Over the past 25 years, Palmdale has consistently been ranked in the top 25 fastest growing cities in the U.S. The Los Angeles County Assessor’s office has also recently ranked Palmdale in the top 5 of the 88 cities in Los Angeles County—ahead of even Manhattan Beach. Palmdale commercial real estate is surrounded by a comfortable hometown feel, complimented by strong family orientation, excellent education system, and abundant business opportunities in a safe environment.
Palmdale’s main industry clusters are found in aerospace and defense, transportation and logistics, and healthcare. Aerospace has a prominent presence in Palmdale, which is often considered the “aerospace capital of the United States.” It’s been highly involved in the research, development, final assembly, flight testing and service modifications of the Space Shuttle, B-1 Lancer, X-15, and B-2 Spirit, among others that have been used in the U.S. Air Force, NASA, and worldwide airlines. USAF Plant 42, where most of its aerospace projects occur, is home to major operations of Boeing, Lockheed Martin, and Northrop Grumman. A number of world class corporations and manufacturing firms have made Palmdale home, helping to diversify the local economy. Advanced manufacturing has grown stronger in the area, due to the City’s more affordable land, proximity to Palmdale airport, and special tax breaks. Palmdale hosts the Antelope Valley Enterprise Zone and the Palmdale Federal Foreign Trade Zone, which are special zoning areas within the city, and businesses are given various state and federal tax breaks and municipal grant incentives to relocate to the area. Palmdale’s largest employers are Lockheed Martin, Northrop Brumman, and Antelope Valley Mall.