Like much of corporate America, Palm Beach County companies hoard cash

Palm Beach County’s banks continue to grow more financially stable. (Getty Images)

Palm Beach County’s banks continue to grow more financially stable. (Getty Images)

U.S. businesses are clinging to their cash, according to a survey by the Association for Financial Professionals.

Companies “are taking a wait-and-see approach when it comes to cash deployment, likely because of concerns over political uncertainty at home and abroad,” Jim Kaitz, the group’s president, said Monday. “Absent a strategic priority, organizations are holding on to their cash.”

The trend holds true in Palm Beach County, where four of the five largest publicly traded companies showed more cash on their balance sheets in the middle of 2016 than at the beginning of the year. NextEra Energy, Office Depot, SBA Communications and Dycom Industries all boosted cash holdings. Only B/E Aerospace had less cash on hand at mid-year.

The details:

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