What Is Economic Planning in Miami?

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Have you ever given thought to the growth in Miami? Have you wondered how it’s possible for tourism to boom and for families to thrive? Are you curious to know the answer to your question, “What is economic planning in Miami?”

Many residents don’t really know what the Economic Development Council does or even why it exists. If you live in Miami or are considering a business start-up here, this will provide you with the basics of economic planning and help you understand a bit more about what the EDC does. 

What Exactly Is Economic Planning? 

Economic planning is the act of making major economic decisions under the guidance of a specific authority. These decisions are based on existing and potential resources and how those apply to the needs of people.  

All economic planning has some basic yet essential features: 

  • Centralized planning authority
  • Survey of available resources
  • Aims and objectives
  • Series of targets on various productions such as agricultural and industrial
  • Proper allocation of a proposed outlay
  • A definite time limit for completion of a plan
  • Mutual consistency between production targets and sectors

Why Does South Miami-Dade Have an Economic Development Council?

Before we answer, “What is economic planning in Miami?” Let’s talk about how the Economic Development Council came to be. 

The Economic Development Council (EDC) in South Miami-Dade was put into place after the devastation of Hurricane Andrew. The goal was to reach the most southern areas of the county in an effort to improve and advance the quality of life for all residents and businesses. 

What Impact Does the EDC Planning Have? 

The EDC has a clear mission to support and advocate for residents as well as existing and new businesses. This means the implementation of projects that will sustain and boost the economic growth of South Miami-Dade. 

Our focus includes the creation of new jobs, improvements to transportation, education, and local infrastructure, with their priority being the ability of the community as a whole to succeed. 

Would You Like More Information Regarding, “What is Economic Planning in Miami?” Contact the Economic Development Council Today!

We have 20,000 businesses and 600,000 residents in South Miami-Dade, and this means a very bright future for our community! If you’d like to learn more about what we do or the new / existing projects we’re currently working on, please contact us today!

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!

4 Reasons to Work in Miami-Dade Communities South of “The Magic City”

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When choosing a new career, you likely are mostly thinking of the actual work you will be doing. However, it is also worth considering the location of a potential job. Here are some reasons that you should work in Miami-Dade communities south of the city. 

1. Sun, Sun, Sun When You Work in Miami-Dade

Miami-Dade makes achieving a good work-life balance easy. This is because the area offers so many great recreational opportunities. The sun and sand are likely right near your workplace. So, you can easily soak up some rays on your lunch break or visit the beach after work. 

2. Inspiration

It is easy to get stuck in a rut when you’re uninspired with where you live and work. However, this area is so full of life that it is difficult to feel the same malaise that you may feel in another city. This area has many vibrant cultures and entertainment opportunities. 

3. Foodie Opportunities

If you do take your lunch break at the beach, you should know that there are plenty of amazing culinary options in Miami. This is largely thanks to the big Latin influence in the Miami area. Find delicious Cuban, Venezuelan, and Mexican food steps away from your office. Miami also has a big food truck scene, and you can find flavors from all over the world.  

4. Many Exciting Career Fields to Choose From

While tourism and transportation are some of the biggest fields in this area, there are several other great types of jobs available to you in the Miami Dade area. Entertainment, creative work, banking, construction, technology,  business, and many other fields are hiring in this area.

Discover Just How Fun It Can Be to Work in Miami-Dade

Consult the Economic Development Council of South Miami-Dade if you want even more reasons to work in Miami or south of the city, especially if you’re interested in moving your business to the area. We love South Miami-Dade, and we think that you will too! Set up an appointment to learn more by calling 305-378-9470.