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Written by Janetssy Lugo on May 28, 2025
Miami Beach is seeking to attract businesses and high-paying jobs via an increase of $400,000 in its Job Creation Incentive Program.
Last week, city Commissioner Joseph Magazine offered a resolution directing the city administration to increase the budget line item for the Job Creation Incentive Program by $400,000 in the 2026 fiscal year budget. The increase aims to attract new businesses to the city.
“Something I’m very excited for here,” said Mr. Magazine. “We have collectively all decided who Miami Beach does not want to be as a city. We do not want to be that party ’til you drop, anything goes, spring break destination. But we also need to decide collectively what we do want to be as a city, and we can be a serious place for serious people to do serious business.
“We see some of the leading companies in the entire world being attracted to South Florida, and it’s time Miami Beach starts taking advantage of that,” he added. “One of the ways that a lot of entities in our surrounding areas have done so is through the creation of financial job incentives.”
Although the city already has such incentives, he said, the amount given to attract companies to bring high-paying jobs to the city is very small in comparison to neighboring cities.
“While there’s some nuance in there that are contingent,” said Mr. Magazine, “really, if you would bring high-paying jobs, well above the average median, a company would only get $600 per job that’s created in Miami Beach. That pales in comparison to some of our neighboring cities that could go up to $5,000 per job.”
The importance of diversifying the city’s economy beyond tourism and hospitality was highlighted.
“I think we want to essentially firmly plant a flag in the sand and say ‘This is what Miami Beach is looking to do,’” said Mr. Magazine. “We are out there looking to have companies and entities invest in Miami Beach, invest in our residents, bring the high-paying jobs that allow us to diversify our economy away from a dangerous concentration on hospitality and tourism, and I think it’s needed now more than ever.”
The resolution said the incentive program is to be modified “to include for employers who create a minimum of 20 new jobs in Miami Beach equal to $2,500 per employee for employees earning over 120% of Miami Beach’s median income … with a cap of $200,000 per year for up to four years for a single business.”
The modification, said Mr. Magazine, is seeking to pivot Miami Beach into a direction all will be proud of.
Mr. Magazine noted the “funding increase will be put in the 2026 budget, but the incentives will go into place immediately, so a company would be able to take advantage. However, the increase in funding will be part of the 2026 budget process.”
