TARGETING INDUSTRY CLUSTERS FOR REGIONAL DEVELOPMENT: AN OVERVIEW OF THE REDRL APPROACH

Industry targeting is the process of docusing industrial development programs and efforts at specific industries or clusters of related industries. The principal objectives of a industry targeting program is to identify: (1) industries that have a high potential for locating in the area, and (2) industries that provide attractive local economic development impacts in terms of future job growth, wages paid, and contributions to the local tax base. A targeting approach enables communities to focus their recruitment, retention and expansion, and small business development programs rather than provide assistance for many different industry types. Thus, targeting permits a more efficient use of the community's limited economic development resources.