Lake Placid, surrounded on all sides by deep, fresh-water lakes, is a fisherman’s paradise. Monster bass, catfish and panfish abound in the area waters. The town has, in recent years, acquired national fame due to a mammoth catfish that lives in Lake June, one of the larger lakes. It has been named the Lake June Monster, and a three-day celebration, sponsored by the local Lions Club, is held in its honor over Labor Day. Nearby is Highlands Hammock State Park which offers a wide variety of recreational opportunities.
Agriculture is the main income producing activity in the area with the citrus, cattle and caladium industries providing a majority of the jobs. Lake Placid also has many small and family-owned businesses that cater to tourists.
Medical care is close by and easily accessible with modern facilities including the city’s own 50-bed general acute care hospital that houses the county's only inpatient mental health unit. Physicians representing many specialties maintain offices in Lake Placid.
Lake Placid offers hometown public schools from kindergarten to 12th grade as well as a community college extension campus. Private schools at varying grade levels are also available.
One of Highlands County's most popular visitation sites is Lakeshore Mall. More than six million people have visited the mall that offers fashion, fun and food for everyone with five department stores, 50 smaller stores, 10 eateries and movie theaters.
The town of Lake Placid was incorporated within a one-mile area in the year 1928, the same year it was named Lake Placid for the famous New York State resort of that name. Prior to that, it had been called Lake Stearns. Dr. Mevil Dewey, famous librarian and literary expert who is well known as the originator of the Dewey Decimal System, had visions of a resort town to surpass Lake Placid, New York and spurred development of the community as a resort.
In the early years of its incorporation, Lake Placid thrived as a resort town. Main Street was dressed up with beautifully landscaped parkways and picturesque arches. There were several hotels and lodges, including the Little Loj and Lyvok on Lake Placid (now the Placid Lakes Lodge), the Peggy O`Neal Lodge and the Arcade Hotel in the town. These early hotels and lodges have been replaced by numerous motels and resorts in the Lake Placid area.
The expected spontaneous growth did not occur, but a steady, more reliable growth did, and the few hundred people in the area in 1928 swelled to the present population. With its rolling hills, beautiful lakes and near-perfect climate, it is popular for both vacation and retirement, and with industry becoming aware of the advantages of climate, ample help and a steadily increasing southern market, it shows promise of becoming a thriving industrial center.