Creating effective economic clusters
Cluster development focuses on inter-connected businesses to create regional growth
Industry clusters represent groups of interconnected businesses within a geographic location. By virtue of the cooperative relationships formed, including shared best practices and expertise concentration within the labour pool, cluster development focuses regional growth in a key sector. Increasingly used as an economic development policy-setting mechanism, cluster development leverages resources while simultaneously emphasizing diversification of key economic sectors. Production channel mapping of industry sectors provides the ability to identify clusters, rural niche clusters, and gaps in the production chain. These insights then lay the groundwork for business recruitment and entrepreneurial support strategies.
