Yes Palms do grow out and up.
They are fibrous. If you slice one into a round slice, and look at it, it looks like they said, dots. You can let it dry, and put FG resin on it, and it makes a nice piece of interesting wood. I have seen some that were done that way in the V.I.'s. You can slice it length wise, and FG it, and make a table, bench, plaque, etc. Cabbage palm (Sable Palm) the State tree of Florida, is quite tasty. Like Roger said, the heart is what you eat. We used to cook it like cabbage, with onions, and bacon. I like it raw also. AKA Swamp Cabbage. You have to be careful where you harvest it down here, as it is protected. So I have been told.
Wayne