What is an industry cluster?
An industry cluster can be a group of interrelated industries that drive wealth creation within a region, primarily through the export of goods and services. An industry cluster may consist of industries that share the same or similar workforce, factors of production, or infrastructure. It may also be defined by the production of similar outputs, complementary output, or other interdependent relations. Analyses of industry clusters, therefore, help in defining economic drivers (key industries) within a geographic region, and facilitate a better understanding of regional economies and how they evolve over time.
The Business Development Board commissioned SRI International to perform an industry cluster development strategy for Palm Beach County. In earlier studies SRI identified and described six key clusters in our region, but that has grown exponentially to include:
Aviation | Aerospace | Engineering
Business | Financial Services
Distribution and Logistics
Hedge Funds | Private Equity
IT | Telecommunications
Cluster-based economic development initiatives are built around the idea that nurturing key industries improves the competitiveness of businesses within these industries, in turn boosting the economy.
The Business Development Board organizes an Industry Cluster Committee network as well as several Task Forces designed to build upon the market knowledge and expertise of businesses with the talents and resources of government, education, and economic development organizations. Clusters can grow through informal networking, but some formal structure helps ensure their growth and effectiveness. BDB will play a role in removing barriers to cluster formation and helping provide a forum for businesses in targeted clusters to voice their concerns, identify their challenges and explore their opportunities.
Where can you get more information?
Business Development Board of Palm Beach County
310 Evernia Street, West Palm Beach, FL 33401
Kelly Smallridge, President and CEO
Gary Hines, Senior Vice President, Administration
Shawn Rowan, Vice President, Business Retention and Expansion