The Economic Development of Homestead, Florida: A Comprehensive Guide, Part 2 of 2

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If you haven’t already read part one of this two-part guide on the economic development of Homestead, Florida, check it out here!

The Importance of Small Businesses in Homestead

Small businesses are a major contributor to the economy of Homestead and the surrounding area. Small businesses provide jobs and other essential services to the community, and they help to create an overall sense of economic stability. According to the US Small Business Administration, small businesses are responsible for creating two out of every three jobs in the city, and they account for more than 60% of all new hires in the past three years. Economic development in Homestead, Florida has a long history of supporting small businesses.

The Florida Small Business Development Center provides resources, such as loan and leasing programs, to businesses seeking to start or expand in areas like Homestead. The office also offers free business counseling and workshops to help local business owners put their ideas into action.

The Homestead Business Community

The Homestead business community is made up of a diverse range of companies, from small independent businesses to large corporate operations. Major employers in the city include Florida Power and Light, Homestead Hospital, Wal-Mart, and Home Depot. The city is also home to a plethora of successful small business owners, ranging from small independent businesses to larger corporations.

The Future of Homestead’s Economy

The economic outlook in Homestead, Florida is bright. The city’s geographic location, near the Everglades and the Florida keys, has made it a popular destination for eco-tourism and retirees, which has led to significant economic growth in recent years.

Additionally, the city is actively encouraging economic development with a number of strategic initiatives designed to attract new businesses and create jobs. These include tax incentives, small business development initiatives, and investments in infrastructure. With these efforts, the city of Homestead looks to continue its economic growth into the future.

Homestead, Florida is an up-and-coming city with a rich history of economic development. The city’s location, near Miami and the Florida Keys, has made it a popular destination for tourists and retirees, driving significant growth in its tourism and real estate industries. Moreover, the city has also attracted a number of new businesses and industries, from large corporate operations to small independent businesses. The city of Homestead is actively encouraging economic development through a number of initiatives, and the future looks bright for the city’s economy.

Want to Learn More About Economic Development of Homestead, Florida?

Contact the Economic Development Council of South Miami-Dade today to learn more about business incentives, economic planning, why you should live and work in Homestead, and why it’s a great place to visit!

The Economic Development of Homestead, Florida: A Comprehensive Guide, Part 1 of 2

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Located at the southern tip of Florida just outside Miami, Homestead is a dynamic and growing city with a population exceeding 80,000. This two-part guide explores Homestead’s economic evolution—from its early 20th-century roots as a railroad town to its current role as a gateway to South Florida’s natural attractions and economic opportunities.

A Brief History of Homestead

Homestead was established in 1904 by the Model Land Company, a subsidiary of the Florida East Coast Railway, during the railroad’s extension to Key West. In 1913, it became the second incorporated municipality in Dade County, following Miami (1896) and preceding Florida City (1914). Homestead marked its centennial in 2013 with a series of public celebrations honoring its historical significance in the region.

Economic Foundations & Growth

Homestead’s early economy was built on agriculture and real estate speculation, spurred by the railroad’s arrival. Fertilizer suppliers and a local bottling plant supported the area’s early agricultural activity, helping lay the groundwork for future growth.

Today, Homestead’s economy is far more diverse. Agriculture remains a key sector, but the city has also experienced strong growth in residential development, retail, and tourism—fueled by its strategic location near Miami, the Everglades, and the Florida Keys.

Key employers include Homestead Hospital, Homestead-Miami Speedway, Turkey Point Nuclear Generating Station, Publix Supermarkets, the City of Homestead, and local public schools. Another major presence is Homestead Air Reserve Base. Originally established in 1942 as Homestead Army Air Field, it transitioned to the U.S. Air Force in 1953. In 1992, after Hurricane Andrew caused extensive damage, the base was rebuilt as an active Air Force Reserve Station that now employs more than 2,500 people.

The Importance of Small Businesses in Homestead

While regional franchises and institutional employers shape part of the local landscape, small businesses are the economic backbone of Homestead. They provide critical jobs, services, and investment, and they foster community resilience and innovation.

The Florida Small Business Development Center (SBDC) offers essential resources for local entrepreneurs, including financing guidance, leasing support, business counseling, and workshops. These programs help aspiring and existing business owners grow sustainable operations that contribute meaningfully to the local economy.

The Future of Homestead’s Economy

Homestead is well-positioned for continued growth. Its proximity to the Everglades and the Florida Keys supports eco-tourism, and the city continues to attract retirees, outdoor enthusiasts, and investors. Agriculture still plays a vital role, and new development continues to reshape the city’s economy and identity.

To support this momentum, Homestead has implemented strategic initiatives aimed at attracting new businesses while preserving its character. These include infrastructure improvements, small business support programs, and economic incentives designed to foster long-term prosperity.

With a growing population, thoughtful planning, and unique access to both natural wonders and urban resources, the future of Homestead’s economy is bright.

Want to Learn More About Economic Development in Homestead, Florida?

Contact the Economic Development Council of South Miami-Dade to explore business incentives, economic planning resources, and the many reasons Homestead is a great place to live, work, and visit.

Check out the next part of this two-part series here!

What Is Economic Planning in Homestead?

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Any municipality wants to make sure that they have the resources needed to create a thriving environment for those who live in, work in, and visit the area. Economic planning in Homestead is the key to ensuring that there is a happy, healthy future for its residents, as well as those who come for work and / or recreation.

What Is Economic Development Planning Exactly?

In the simplest terms, it’s what it sounds like: a plan for the economy. A resource allocation mechanism, economic planning helps ensure that the right resources are in place in order for a community to grow and thrive so that the economy is vibrant and strong.

Also referred to as an economic development plan, an economic plan identifies necessary strategies, develop programs, set policies, and more in order to achieve the development objectives. This is typically laid out in a document called a strategic economic development plan.

Economic development plans affect governing bodies from the federal level all the way down to local municipalities. Economic plans are typically reviewed on an annual basis but cover a longer term. The development strategy may cover a period of time as little as one to three years and as long as five or more years. Since events such as a pandemic happen that can completely change a local, regional, state, or federal economic plan, they should be reviewed as necessary to ensure that they’re practical and feasible.

The old saying, “If you fail to plan, you can plan to fail,” is true, so economic planning is done in order for success. When an economy is thriving, its people are able to make better choices in regards to their work, housing, transportation, and other areas of life, which ultimately leads to increased happiness and improved wellbeing.

 

To Learn More About Economic Planning in Homestead, Contact the Economic Development Council of South Miami-Dade

Contact us today to learn more about economic planning in Homestead and other South Miami-Dade communities! We would love to share our plan with you to help make Homestead and nearby areas a better place to live, work, and play!

How to Start a Company and Get Local Business Funding in Homestead / Miami

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Starting a business can be a truly exciting and fulfilling venture. It can also be complex and time consuming. The key to success is knowing the steps you should take to get your business up and running and where to find funding resources to get local business funding in Homestead / Miami. 

Here’s What to Do First if You Want to Get Local Business Funding in Homestead / Miami

Funding your business will likely be the most important financial decision you’ll ever make. Your choices for funding can also affect how you structure and conduct your business. Before you get local business funding in Homestead / Miami,  there are several steps you need to take:

1. Do Market Research and Analysis

This is what you need to get an idea of whether or not your business will be successful. It should include demand, market size, economic indicators, location, market saturation, and pricing. 

2. Create Business Plan

Consider this the road map to your success. Your business plan is the foundation of your business and should be written as a guide for each stage of your business. If you’re unsure how to write one, there are many templates online you can find for free. 

3. Calculate Start-Up Costs

Before you seek funding, you need to know how much you need, right? Your start-up expenses might include but aren’t limited to office space, equipment, utilities, marketing materials, website development, and legal representation. 

4. Establish Business Credit

It’s much more difficult to get funding if you haven’t established personal and business credit with an above-average credit history. You should also monitor your credit regularly. 

So, How Do I Get Local Business Funding in Homestead / Miami?

Miami has vast resources for funding. There are specific resources for minorities and women, grant and loan programs, and general business resources. 

Once you have determined how much of your own money you can invest in your business, you should contact the Miami-Dade Management and Budget Division for a complete list of potential funding sources. 

If You’d Like More Information About Business Funding for Homestead / Miami, Contact the Economic Development Council for S. Miami-Dade!

We are happy to answer your questions about local business funding and lead you to valuable resources. Contact us at 305-378-9470. We look forward to hearing from you!

3 Top Reasons to Live in Homestead Near Miami

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Finding the right place to live is very important to your overall happiness and development. With a population of nearly 69,000 people, Homestead is home to many people who are highly satisfied with where they live. Here are the top reasons that to live in Homestead near Miami.

1. Homestead Offers a Small-Town Feel With the Conveniences and Amenities of the Big City Nearby

One reason people want to live in Homestead near Miami is the proximity to the beach. The weather tends to be pretty predictably hot in this area. So, you can enjoy some sun while taking a dip in the delightful water. Imagine living in a house where the beach is your backyard!

But, it’s not just the beach. Just 30 miles from downtown Miami, you have nearly limitless amenities!  If you want to stay close, you can head to the Coral Castle or Fruit and Spice Park.

There are plenty of outdoor activities, including camping, fishing, and birdwatching in and around the area. There are also several fun indoor activities for you to do including going to clubs, art centers, and restaurants. As a result, Homestead is very popular with young people.

2. Homestead Near Miami Has More Affordable Homes

As of April 2022, the median price of homes in Homestead was about $395,000. This price is much lower than the median price of homes in Miami at $430,299 and fort the state of Florida, which is $410,000. You can also rent cheaper than you can in Miami if you are not ready to buy.

3. The Area Offers Diversity

No matter your ancestry, culture, or customs, you will feel comfortable in the Homestead area, as people from all over the world call Homestead home. This not only helps you feel welcome but also can introduce you to new experiences with other cultures too!

There Are So Many Reasons to Live in Homestead Near Miami, Including Economic Growth

This area is growing, and there has never been a better time to live and work in South Miami-Dade! To learn more about economic development in the area, contact us today!

 

5 Best Places to Live in South Miami-Dade

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Are you interested in living in South Miami-Dade with its thriving neighborhoods and communities, but you’re not quite sure which place is right for you? Here are the top five places to live in South Miami-Dade!

Cutler Bay

One of the county’s newest municipalities, Cutler Bay has been growing at a rapid rate due to its active population and business-minded community, offering various residential neighborhoods to suit anyone’s needs.

Cutler Bay is set apart from the rest because of its Youth Council Committee, a student committee working with the city council in order to give the youth of today a voice.

Florida City

The southernmost municipality, Florida City is a gateway to the Florida Keys and Everglades.

Florida City holds benefits such as family-friendly Miami suburbs and agricultural land combined with hotels and restaurants for the tourist in you. Home to the Miami-Dade College’s Homestead Campus, Florida City is suitable for all ages seeking to live, work, or play.

Homestead

Small-town charm meets big city dreams in Homestead, welcoming both business and family types. One of Miami-Dade’s oldest cities, Homestead has had time to blossom into what it is today, rich in history while offering convenient modernity.

If that’s not enough to entice you, check out the Cybrarium, a futuristic library that contains books, video games, workshops, virtual reality, and more!

Palmetto Bay

Palmetto Bay has created the perfect environment for families to flourish with its ample school services, beautiful neighborhoods, parks, and more! From recreational amenities to outperforming schools, Palmetto Bay is the place to be for starting and raising a family.

Pinecrest

One of the most beautiful residential areas in South Florida, Pinecrest is an upscale haven that has grown around Pinecrest Gardens, a wildlife attraction transformed into a community park. With some of the highest rated public schools, Pinecrest is another excellent choice for the family type!

Whether You Want to Work, Play or Live in South Miami-Dade, We’re Here for You!

The Economic Development Council of South Miami-Dade is ready to help every step of the way, whether you wish to play, work, or live in South Miami-Dade. For further information, contact us at 305-378-9470.

Are Biotech Jobs in Homestead / Miami Expected to Increase?

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Miami is known as a bustling city with plenty of opportunities in various fields. So, are Biotech jobs in Homestead / Miami increasing? Here is what you need to know about these jobs in the South Miami-Dade area. 

What Is Biotech?

Biotech, or biotechnology is a field that harnesses biology for use in technology. For example, biomolecular processes may be used to create products that can improve our health and the health of the planet. Biotechnology can be used in the creation of antibiotics, wine making, and cell therapies for cancer treatment. 

Is Demand for Biotech Jobs Increasing? 

The field of biotechnology is extremely prominent in the United States of America. Biotech sales and demand continue to increase, and this is reflected in increased demand for jobs that relate to biotechnology. 

As we learn more about how biology plays a role in our daily lives, there are more ways in which biotechnology can have an impact. As a result, more jobs are created in this industry, and this is a growing sector. Many jobs in other industries are also interacting or overlapping with the biotechnology field. 

Is That Demand Increasing for Biotech Jobs in Homestead/ Miami?

So, the biotech space is booming in general, but what about in Homestead / Miami specifically? There are several large biotechnology companies in the Miami area that are growing. 

These companies are looking for people in the area to fill a growing number of positions. Additionally, some companies have remote work opportunities that would allow you to live in Homestead / Miami if you don’t have to commute. 

Want More Biotech Jobs in Homestead / Miami? Let Us Help Connect You With Resources!

To learn more about biotech jobs in this area, contact the Economic Development Council of South Miami-Dade. We would love to provide you with more information! Contact us at 305-378-9470 today!