How Targeted Economic Growth in Miami Can Improve South Miami-Dade

Navigating the world of economics and how it can improve your county can be tricky, but it’s a necessity. What is targeted economic growth in Miami, and how can it benefit our area? Here’s what you need to know.

What Is Targeted Economic Growth in Miami Exactly?

Targeted economic growth refers to the growth that a city aims to see each year. It considers both planned and actual economic growth. Essentially, it’s how much a city expects to see in growth and how they budget for the following year.

Many factors affect the outcomes of this targeted growth. This includes the size of a location and the population, the amount of domestic product produced and how diverse the products are, whether your city is well connected for ease of transportation of these goods, and other key indicators.

Policies and outside changes affect this as well. For example, if one industry experiences a collapse or a reduced demand, it affects the entire industry as a whole.

How Can It Improve Economic Growth in Miami?

It’s important to meet these goals in order to prevent an economy from becoming stagnant or, worse, regressing. Why? It helps to meet the demands of a city and its population, maintain infrastructure, and even build new infrastructure to keep up with a growing population.

When economic growth is low and targets aren’t met, it can be devastating. Not only will it be difficult or impossible to maintain infrastructure and a budget for a city to survive, but these aspects can start to decay.

That being said, when it’s met and surpassed, a city is given the opportunity to flourish and keep its people as well as its infrastructure, businesses, and other elements happy, maintained, and growing. This is why it’s important to get involved, make a plan for growth, and ensure that there’s contribution.

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The Economic Development Council of South Miami-Dade is committed to our strategic economic development plan, ensuring targeted economic growth in Miami and helping our community to not just survive, but thrive and become better each year! Contact us today to learn more!

How to Live in Miami / Village of Palmetto Bay: 4 Ways to L-I-V-E Your Best Life!

It might seem odd to ask how to live somewhere, but the truth is not everyone knows! If you are planning a move to Florida or if you’re already a resident, here’s how to live in Miami / Village of Palmetto Bay. The secret is to live with intention.

1. Lifestyle

Does your lifestyle lean towards a thriving nightlife with clubs and a modern art scene? Do you prefer a quiet life with coffee shops and parks? Either way, you’re in good shape if you live in the city of Miami or the Village of Palmetto Bay. Only a half hour in distance between the two, you can easily access whatever it is you enjoy.

2. Investing

Most residents in the Village of Palmetto Bay are homeowners, while 70% of Miami residents rent. Whether you desire to own property or rent a beachside condo, you should invest in a home that makes you happy and meets all your needs.

3. Value

How to live in Miami / Village of Palmetto Bay means placing value on your community and getting involved. You can make a difference! Choose a cause you care about then decide which skills you want to contribute. Volunteer your time or donate to the cause. When you value your community, it shows how proud you are to live there.

4. Education

Education is often a priority when it comes to choosing a place to live. You might have children in school, or maybe you’re an adult wishing to continue your education. 

Miami-Dade has one of the largest school districts in the country. The Village of Palmetto Bay is well known for its outstanding public schools. Miami has numerous educational opportunities for college-age kids and adults. Regardless of your needs, education is top notch in Miami / Village of Palmetto.

Want More Information on How to Live in Miami / Village of Palmetto Bay? Contact the South Miami-Dade Economic Development Council!

A priority of the EDC is the success of our businesses and residents, no matter if it’s work, play, or lifestyle. If you’ve got questions about Miami / Village of Palmetto Bay, please contact us today. We’re happy to help!

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

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!

How to Find Local Business Funding in Cutler Bay / Miami

The saying, “You have to spend money to make money,” is oftentimes true, especially when starting or running a business. The question is, how do you find local business funding in Cutler Bay / Miami? Here’s how you can find funding and make your financial choices carefully!

  • Consider the Amount of Funding You Need

Before you can find the financial solution that suits your business’ needs and goals, you need to know how much funding you’re going to need. Take the time to calculate an approximate of your business expenses. This can include rent, product manufacturing, and more.

  • Look for Investors

Investors are a popular way to receive funding. Investors, well, invest in your company. In turn, they’re offered either an active role in your company or ownership share. Contrastly, you can be your very own investor in a way by self-funding.

Self-funding often involves tapping into your 401k or savings accounts, or turning to friends and family for help by leveraging personal finances. However, you take on all of the risk.

  • Opt for a Small Business Loan

If your goal is to stay in complete control of your business yet still receive financial aid, a small business loan might be right for you. Banks and credit unions offer these small business loans, so make sure to look around and find the best terms for your loan.

Additionally, prepare materials like financial projections, an expense sheet, and a business plan for the next five years. This increases your chances of securing a loan.

  • Use Crowdfunding

Crowdfunding is similar to investors in that you receive funds from multiple people. However, with crowdfunding they don’t receive ownership nor expect financial return. Instead, they receive a gift or incentive from your business, such as the products or services you intend to sell.

For More Help on How to Find Local Business Funding in Cutler Bay / Miami, Let the EDC Help!

It’s not easy to find local business funding in Cutler Bay / Miami, but The Economic Development Council of South Miami-Dade can help! Contact us today to learn more about resources to help your small business flourish!

Where Are the Best Neighborhoods to Live in Miami?

Interested in moving to Miami and not sure where to settle? Luckily, Miami is so much more than beautiful beaches and pristine golf courses. It’s also full of idyllic neighborhoods with a little something for everyone. Let’s take a look at the best neighborhoods to live in Miami!

What Should You Know Before Moving to Miami?

Miami is, without a doubt, a bustling city. It’s the third most populated city in the Eastern US with a lifestyle that attracts thousands of residents and tourists yearly. Miami is known for its diversity and rapid growth, as well as opportunities for adventures, education, employment, and a fresh start. 

Where Are the Best Neighborhoods to Live in Miami?

All neighborhoods in Miami have something to offer, and it’s not difficult to find one that exactly matches your lifestyle. Some of the top Miami neighborhoods are:

  • Coral Gables: Parks, waterfront views, galleries, museums, and some of the best private schools are found in Coral Gables. You’ll find charming Mediterranean architecture, and being a resident means you’ll discover the beauty of simply being outdoors.
  • Brickell / Downtown Miami: If you’re searching for a trendy area with a booming international hub, then you’ll find that in Brickell and Downtown Miami. While there is no direct beach access, you can access the sand and sea easily with public transportation. This is an excellent choice for anyone who works and plays hard.
  • Pinecrest: If what you are seeking is a quiet residential village feel, then take time to look at Pinecrest. This is an area that appeals to anyone with a desire for palm tree-lined streets, big homes, and a healthy lifestyle. This is an area filled with stunning parks and beautiful Florida foliage.
  • Edgewater and Lynwood: These neighborhoods offer convenience and Live in Miamiare only a stone’s throw from downtown Miami’s nightlife. In Edgewater and Lynwood, you’ll find a thriving art scene, local eateries, and boutiques. Newly built residential areas and skyscrapers make these areas a great choice for young professionals.

One of our goals here at EDC South Miami-Dade is to improve the area so that life, work, and play in and around Miami perfectly suits your needs and lifestyle. Contact us today for more information on the best neighborhoods to live in Miami and our plans to make life in South Florida better for all!

What Is Economic Planning in Miami?

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!

Are Biotech Jobs in Homestead / Miami Expected to Increase?

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!

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

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!