What Is Economic Planning in Homestead?

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!