What Barriers Do EDCs Such as the Economic Development Council of South Miami-Dade Often Face?

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Even with well-planned strategies, things don’t always go accordingly. There are challenges all local governments face, and the Economic Development Council of South Miami-Dade isn’t immune. Here are some of the top barriers all EDCs may face. 

Population Growth Rates

Population growth can be random, and depending on the circumstances, it can be negative. It can put a strain on existing resources and lead to difficulty in obtaining new resources. 

Lack of Human Resources

Education, agriculture, healthcare, and technology are just a few components that are needed to create a vital society, but not all communities have these in place. The Economic Development Council of South Miami-Dade places great value on its continuous improvement of available human resources. 

Unpopular Investment Destinations

Not all environments are attractive to potential investors or businesses, and economic development relies on investors. Weak economic projects lead to a decline in employment opportunities and a lack of support for a community. 

Lack of Transportation Services

Many residents of South Miami-Dade don’t realize the importance of a solid transportation network. Without it, industrial and economic competitiveness is negatively impacted. A good transportation network is needed to lower the cost of moving people and freight. 

Inability to Find Innovative Solutions

As an example, many societies are dependent on oil. When alternative means are examined and put in place, it reduces the overall oil bill. Innovative solutions to traditional means improve economies. Innovation leads to higher productivity and greater output of goods and services. 

Are You Interested in Learning More About the Economic Development Council of South Miami-Dade?

Since 1993, the EDC has worked diligently to improve and advance the quality of life for all residents and businesses of South Miami-Dade. Our key priorities include supporting business expansion, creating new jobs, and improving local infrastructure.

To stay up to date on the latest EDC news, you’re invited to subscribe to our newsletter. 

For questions about current measures to improve our economy, or if you are interested in learning more about what we do, please contact us today at 305-378-9470. We look forward to hearing from you!

What Is Economic Planning in Florida City, Miami?

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Learning about the economics in your city can be pretty confusing, but knowledge is power, especially when it comes to developing your community so it can flourish. What is economic planning in Florida City, Miami? Here’s what you need to know!

What Is Economic Planning in Florida City Miami? What Does It Do?

If you’re wondering what economic planning is exactly, you’re not the only one. Exploring the world of economics can be intimidating and confusing initially, however once you break it down, it becomes easier than ever to keep up with economic news and how it benefits your city.

Put simply, economic planning refers to a resource allocation model that uses an iteration process to obtain its solution. There are various forms of economic planning, meaning that many of them are used at once depending on the approach and specific procedures required.

Ultimately, economic planning intends to achieve faster growth within the community and its economy.

What Does Economic Planning Go Towards in My Community?

It’s only natural to want to know how these mechanisms benefit your community, especially when it comes to tricky, nuanced areas like economics. The truth is there are many ways economic planning helps communities like Florida City to grow and thrive. For example, economic planning is used to stabilize the economy. This, in turn, it stabilizes rents, wages, interest rates, and more.

Additionally, economic planning factors in businesses, both big and small, schools, healthcare, and neighborhoods, to name a few. With this planning, it makes it easier to allocate resources in a sustainable fashion that also encourages further growth, which means more resources to improve community satisfaction both long term and short term.

Have More Questions About Economic Planning? Let Us Help!

The Economic Development Council of South Miami-Dade is here to assist with questions like, “What is economic planning in Florida City, Miami?” Whether you’re looking to invest, partner with us, or simply learn more about the economics in your community, we’re here to help provide resources and education.

Contact us today to find out more about economic planning and how it affects you, plus find out how you can join our newsletter!

Is There an Economic Development Administration in Miami?

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The Economic Development Administration (EDA) plays a critical role in providing resources and assistance for economic development efforts across the entire nation. So, is there an Economic Development Administration in Miami? If so, how can they help you? Read on to learn more!

What Is the EDA?

The EDA is an agency in the United States Department of Commerce responsible for providing grants, technical assistance, and additional resources to economically challenged communities.

By doing this, the EDA’s goal is to promote commercial and industrial growth, as well as generate new employment and retain existing employment. This is achieved through multiple investment programs.

The Economic Development Administration offers and employs American rescue plans, funding opportunities, several programs, and even more resources to promote innovation, competitiveness, growth, and success both in America and, subsequently, worldwide.

Is There an Economic Development Administration in Miami? Who Are They?

The Economic Development Council of South Miami-Dade is proud to serve Florida residents and honor the Economic Development Administration’s mission. The EDC was established in 1993 after Hurricane Andrew, with the board members witnessing and empathizing with the needs of South-Miami Dade residents.

The EDC works hard to support the local economy, indiscriminately committed to their mission to boost economic success, assist in small business goals, and discover monetary incentives. The Economic Development Council of South Miami-Dade attracts, expands, and retains a diverse range of businesses, just as diverse as the people they improve the quality of lives of with higher wages, better jobs, and job retention.

While there may be other councils in South Florida that share a similar goal, The Economic Development Council of South Miami-Dade is proud to say they make big changes by focusing on small businesses and communities, ranging from retail to healthcare, in the South Miami-Dade area.

See We Can Help You at The Economic Development Council of South Miami-Dade!

When you ask, “Is there an Economic Development Administration in Miami,” the Economic Development Council of South Miami-Dade is happy to provide answers! Our commitment towards education, funding, and supplying resources to our communities never rests.

Contact us today to learn more about how we help both big and small with flourishing economic development to achieve a better community for all!

Why Is an Economic Development Council in South Miami-Dade Important?

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In order for any community to survive, it must be free of barriers that hinder economic growth. It helps to have organizations such as the Economic Development Council in South Miami-Dade to clear the path and make it possible for residents and businesses to succeed.

What Are the Benefits of Having an Economic Development Council?

It all comes down to economic growth. A thriving economy means:

  • Higher incomes: Economic growth means the residents of South Miami-Dade can consume more goods and services while enjoying a quality standard of living.
  • Employment opportunities: Positive economic growth allows businesses the ability to create more job opportunities.
  • Public services: The South Miami-Dade Economic Development Council has been able to fund improvements in healthcare and education due to a positive economic growth.
  • Investments: Economic growth encourages firms to invest in the future economic growth of South Miami-Dade.
  • Economic development: Promoting economic development in South Miami-Dade means creating sustainable economic growth. This leads to continued improvement to standard of living and prosperity. 

The Economic Development Council in South Miami-Dade provides our community with choices. While some communities are restricted in their abilities and opportunities, ours is more diverse with sustainable companies and a workforce of residents who are hard-working, educated, skilled, and resilient.

How is the Economic Development Council Funded?

The EDC is funded strictly through businesses and organizations that have an interest in bolstering South Miami-Dade with various projects and initiatives. These endeavors fall in line with our vision for the community to, “Harness sustainability and resiliency through economic development, infrastructure improvements, education and skilled workforce.”

If You’d Like to Learn More About the Economic Development Council in South Miami-Dade, Give Us a Call!

Our residents and businesses are always our top priorities! We’d be happy to share more information with you about the EDC and what we do. To learn more, contact us today. 

To stay up to date on the South Miami-Dade EDC and our collaborations with Miami-Dade County Regulatory and Economic Resources Planning Division, Small Business Development Center, and other partners, we invite you to subscribe to our newsletter!

How Is Economic Growth Measured?

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Wondering what you should pay attention to in terms of determining whether the economy is strong or not? How is economic growth measured? In this article, we’ll cover the three most valuable measurements of economic growth, gross domestic product (GDP), gross national product (GNP), and the consumer price index (CPI).

What Exactly Is Gross Domestic Product?

Gross domestic product (GDP) is the dollar amount of products and services produced in a given year. In other words, it is an instantaneous rate or snapshot of the state of a nation’s economic activity at any given time. It measures how much goods and services are being circulated in an economy. Putting that definition into simple terms, we can say that GDP measures a country’s economic wellbeing.

What Is Gross National Product?

Gross national product (GNP) measures the total value of goods and services produced in a country during a specified period. It includes all income earned by residents of that country, as well as income generated by foreign investments made in the country. It is an important indicator of the health of an economy because it represents the total value of the goods and services supplied to domestic residents.

What Is the Consumer Price Index?

The consumer price index (CPI) is an indicator of inflation in the economy. This measures how much prices have changed over time for consumers. The CPI is also used to indicate how well the economy is doing. When inflation increases, people buy more. They think prices will continue to rise, stimulating demand and driving economic growth.

Want to Learn More About Long-Term Economic Growth? EDC Is Here to Help!

EDC is committed to enhancing and advancing the quality of life. This is done through fostering company growth, creating jobs, and implementing initiatives that foster sustainability and resiliency through economic development.

Get in touch with us at 305-378-9470 or use our contact form if you want assistance or advocacy for your company’s needs or if you wish to spread the word about projects that will improve the vitality and stability of the South Miami-Dade area.

Economic Development Council of South Miami-Dade Glossary: Helpful Info to Learn More

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This is not an exhaustive list by any means, but here are common terms you may hear or read about from the Economic Development Council of South Miami-Dade.

Change: One of the nine key economic concepts, this relates to economic growth and is the numerical percentage value of all goods and services that a nation produces during a specific time period compared to a previous time period.

Choice: Also one of the nine key concepts, this represents the options a consumer has to choose from when it comes to goods, resources, and services. Choice is an indicator of economic well-being (see definition below.)

Costs and Benefits: This is a numerical value that represents how cost-effective an operation, procedure, product, program, or service is to help decision makers determine whether it is beneficial. This number is calculated through a cost-benefit analysis.

Economic Development: Activities, operations, policies, procedures, programs, services, and other processes that help improve the quality of living and well-being for a prosperous community. Economic development helps retain and increase jobs by incentivizing businesses and other means, as well as upgrade infrastructure, enhance public safety, and improve education.

Economic Well-Being: Another of the nine key concepts, this means that people in the community have their basic needs met, that there is a healthy distribution of income, and that there is an ability to access goods and services according to needs of the people within the community.

Efficiency: One of the nine key concepts, this is the optimization of resources and is achieved when waste is minimized (or altogether eliminated) in an economy by goods, services, and everything involved in their production being properly distributed.

Equity: Another of the nine key concepts, this is the concept of economic fairness and refers to taxation, income distribution, and opportunity.

Interdependence: One of the nine key concepts, this refers to the transactions amongst two or more businesses, communities, people, organizations, or other groups of goods and / or services to meet each others’ needs.

Scarcity: Another of the nine key concepts, scarcity is the central concept and is also known as paucity. In economics, it refers to the gap between available finite resources and the potential need for them. 

Sustainability: And the final of the nine key concepts, this is the practice of supporting economic growth in the long term without having a negative impact on cultural, environmental, and / or social well-being.

To learn more about economic development in our communities, please contact us today!

Our team at the Economic Development Council of South Miami-Dade would love to hear from you. We’re happy to answer your questions or address your comments and look forward to engaging with you!

What Is the Difference Between Economic Growth and Economic Development in Miami-Dade?

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You’ve likely heard the buzz words ‘economic growth’ in relation to inflation in the news. But, you’re not quite sure what is means and whether it’s the same as economic development. So, what exactly is the difference between economic growth and economic development in Miami-Dade? Here’s a quick overview.

What Is Economic Growth?

Economic growth is defined as an increase in economic goods and services production over a period of time. According to Investopedia, “In simplest terms, economic growth refers to an increase in aggregate production in an economy. Often, but not necessarily, aggregate gains in production correlate with increased average marginal productivity. That leads to an increase in incomes, inspiring consumers to open up their wallets and buy more, which means a higher material quality of life or standard of living.”

What Is Economic Development?

Economic development actually includes economic growth. Additionally, economic development also includes changes in areas such as living standards, improved healthcare, greater economic diversification, quality infrastructure, and improved educational standards. Generally, it is a way to understand elements of improved quality of life. 

The goal of looking at economic development is to gain a more comprehensive understanding of the quality of living in an area rather than just looking at numbers. Theoretically, an increase in economic growth should lead to improved economic development. However, that is not always the case. 

Several circumstances can lead to increased economic growth without economic development. Some of these circumstances include high amounts of military spending, poor city planning, corruption, and environmental problems that damage the quality of life. 

There are quite a few ways to measure economic development, including a human development index, or HDI. This HDI includes data on life expectancy, education, and income to quantify quality of life and wellbeing. 

To Learn More About Economic Growth and Development in Miami-Dade, Contact Us!

South Miami-Dade has experienced tremendous economic growth AND economic development and only continues to improve in both.This area has a lot to offer, and you can be part of it all. To learn more, contact us today!

Why Infrastructure Matters to the Economy in South Miami-Dade

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Discussing matters such as infrastructure and the economy can be confusing to the average consumer, but it’s important that you understand the link between the two. Here’s what you need to know about the impacts of infrastructure on the economy in South Miami-Dade and why you should care.

How Does Infrastructure Affect the Economy in South Miami-Dade?

Infrastructure is, essentially, the backbone of society. Infrastructure is the fundamental facilities and systems that support sustainable functionality of businesses, households, and more. Roads, water supply, telecommunication, electrical grids, and more are part of infrastructure.

Investing in infrastructure is crucial for society to not only survive, but thrive and even flourish. This investment is just as important for the economy in South Miami-Dade, stimulating the economy and, more or less, paying for itself.

Stimulation of the economy is equally as crucial, prompting necessary production and allocation of both goods and services to the population of South Miami-Dade, creating fulfilled needs and lives in general.

What Does This Mean for You?

Why should infrastructure matter to you? A solid infrastructure in conjunction with a booming economy is necessary for a safe, functional society, opening up resources, sustainable living, and so much more for everyone.

Getting involved in your local infrastructure, be it investing or volunteering, makes your community even better. Who doesn’t want that? But, how can the average consumer get involved? It’s as simple as being active and involved in your community.

Infrastructure efforts are not in vain. With such rapid changes in our society, economy, and cities, opportunities for infrastructure improvements and developments are growing just as rapidly, offering a chance for safer roads, cleaner water and energy, improved telecommunication, and more.

Whether it’s that annoying pothole in the road or clean energy, involvement and investment in infrastructure matters now more than ever.

Looking for Further Information? Call the EDC of South Miami-Dade!

The Economic Development Council of South Miami-Dade is committed to not only improving quality of life, but advancing it as well. This means advocating for mandatory infrastructure improvements for a thriving economy. If you have any questions or you wish to get involved, contact us at 305-378-9470.

Why Economic Growth in Miami Is Expected to Continue, Even Post-COVID

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With the pandemic came fear and worry for millions of people in the US. Staggering job losses, homelessness on the rise, some even struggling to get food as a result. While many cities are still coping with the devastating effects of COVID-19, economic growth in Miami is set to fully succeed in the wake of this unprecedented situation. It’s due to an incredibly resilient economy.

So, what’s changed?

Florida has seen a surge in population growth. According to data provided by the US Census, the population in Florida grew 14.6% during 2010 to 2020. The state itself has attracted financial and banking services, and salaries are beginning to rise.

Due to the Pro-Business Environment in the State and in Miami-Dade, The Area Isn’t Just for Retirees Anymore

The sunny climate has long been a goal for many retirees, but now it’s a pull for families and individuals. With the pandemic came the rise of remote jobs and also the fact that Florida doesn’t have state income taxes. This trend has steadily become the norm, which means employees can live anywhere in the world they choose, and they are choosing Miami.

But also, many businesses are incorporating in Florida and creating new jobs because of the state’s tax structure. Tax rates are very business friendly compared to other states, allowing for companies to flourish.

Real Estate and Transportation Continue Improvements Despite COVID

During the pandemic, Miami remained mostly open while the rest of the US was shutting down. Instead of vacationing, people were choosing to actually relocate to the area, causing an increase in real estate opportunities.

Additionally, transportation developments are on the rise. A new rail system, underground transportation tunnels, and even talks of flying jet taxis are components that are drawing people and jobs to Miami.

What Does This Mean for Economic Growth in Miami?

Miami’s reputation as a new and upcoming technology hub is reaching million-dollar companies across the country. Many have already moved to Miami or opened branch offices there.

It all adds up. New businesses, expansion with existing businesses, an upswing in population growth, real estate, and improved transportation mean a better quality of life for everyone in Miami. It’s easy to see why all of this would mean a monumental boon for the economy!

Let the Economic Development Council of Miami-Dade Be Your Guide to Post-COVID Miami

Exciting opportunities are on the horizon, and we’re here to help you understand their impact on economic growth in Miami! Have questions? Contact us today at 305-378-9470!