Building Strong Clusters for Strong Urban Economies: Insights for City Leaders from Four Case Studies in the U.S.

Every metro area in the U.S. has strong industry clusters
that are readily identifiable and reflect the unique compet
–
itive advantages of the region–Oil and Gas in Houston,
Automotive in Detroit, and Financial Services in New York
City are just a few examples. These clusters represent the
backbone of their metro economies. The importance of
clusters to regional competitiveness and economic
performance was first established in the 1990s. Since
then, research has shown that the co-location of busi
–
nesses in clusters increases the productivity of compa
–
nies and job creation, drives innovation, stimulates the
formation of new businesses, and supports the survival
and growth of small businesses.

WHAT IS A CLUSTER?
A cluster includes closely related and intercon
–
nected industries operating within a specific geog-
raphy. The companies operating within a cluster are
connected by a shared workforce, supply chain, cus
–
tomers or technologies. Every cluster includes core
businesses and industries, and the companies that
support them, which forms a mutually beneficial
business ecosystem. Clusters occur organically and
reflect the unique assets and core competencies of
a given region that create unique competitive
advantages for certain industries.

Full Report: http://icic.org/wp-content/uploads/2017/06/JPMC-Cluster-Report_Building-Strong-Clusters_FINAL_v2.pdf?utm_source=BioSTL+Newsletter&utm_campaign=17a0af5d7a-EMAIL_CAMPAIGN_2017_08_10&utm_medium=email&utm_term=0_9f16d16a6c-17a0af5d7a-313248737&mc_cid=17a0af5d7a&mc_eid=57bdf9817c