Building on Existing Industry Cluster Analysis
A business or industry cluster analysis is a regional concentration of related industries in a particular location. They consist of companies, suppliers, and service providers, as well as government agencies and other institutions that provide specialized training and education, information, research, and technical support. Clusters make regions uniquely competitive for jobs and private investment.
An industry cluster analysis helps a community or economic developer better understand the “best fit” industries that are most appropriate for their region’s assets and opportunities. It serves as the foundation for strategic and marketing plans and business attraction strategies. This economic analysis tool allows communities to attract and grow sectors that will have the greatest success and ROI.
Upsize Marketing Strategies develops research-driven industry cluster analysis, based on input-out analysis, location quotient – the concentration of occupations in a particular area relative to the rest of the nation- and interviews with business leaders. Understanding your community’s industry clusters allows you to target suppliers, vendors and other linkages that create jobs and capital investment.
Great Falls, Montana
Great Falls, MT Strategic Planning
Industry Cluster Analysis
Industry cluster analysis was an integral part of the strategic planning process for Great Falls Development Authority (GFDA), which serves a 13-county region. After decades of economic stagnation, the north-central Montana region experienced new economic growth and a renewed sense of optimism. GFDA needed a new strategic plan to accelerate the economic momentum.
The GFDA strategic plan incorporates an industry cluster analysis as part of strategy development to grow its target clusters. UMS led the data analysis and research, environmental scanning, industry cluster analysis, and action planning, along with partners.
This is the centerpiece of the comprehensive strategic plan. The industry cluster analysis drives the economic development strategies that will diversify the economy, enhance workforce development, and strengthen the business climate and infrastructure.