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!