Discovering patterns of connected industries can be difficult given the number of companies in an economy and the data available for analysis. Yet understanding the business patterns that drive wealth in a region is critical to designing effective development initiatives.
These regional pattern analysis reports use industry trend, concentration, and individual firm data to summarize two important patterns in a region’s economic core:
- Spot Strengths of large sector employment, typically in one or two firms, and
- Core Clusters of employment across a mix of similar or linked industries.
Recognizing spot strengths and core cluster patterns is important as these collectively large employers attract new income to a region. Knowing these industries, and the shared supply-chain and labor issues these companies have, can aid economic and workforce developers in the crafting of policies.