Target Industry Analysis
An analytical method to identify a community’s best fit with traded-sector industries – those industries that would most benefit from the community’s assets and be willing to expand and/or relocate to the area – and those industries that bring value to the community in the form of investment, jobs, payroll, and local purchasing.
B. Objectives for Study The purpose of this report is to document the methodology and conclusions of a target industry analysis to identify favorable industries for a community to pursue for business recruitment. It is especially important to understand what industries are most likely to be successful and prosper in your community.
Identifying target industries that bring new wealth into the local economy. We evaluate the community’s business climate from the point of view of companies considering an expansion or relocation. Additionally, we augment the preliminary target industries with niche and emerging industry sectors that represent new opportunities.
With a complete list of recommended target industries, research on each proposed industry cluster is provided to clarify and inform on the needs of each cluster. Armed with this information, economic development efforts can be more focused on the value proposition that your community offers companies in these target industries.
We also look at the existing industries in your region and identify what transferrable skills can be used in industries that have not been considered before. Transferable skills, also known as “portable skills,” are qualities that can be transferred from one industry to another.
Developing industry clusters has become a key goal for regional economic development, as clusters have been shown to strengthen competitiveness by increasing productivity, stimulating innovative new partnerships, and presenting opportunities for new businesses.