Is your region positioned to take advantage of emerging industries?
Programs such as the EDA’s Tech Hubs and the Department of Commerce’s CHIPS Act are projected to drive the growth of specialized, high-tech emerging industries across the US for years to come.
Communities and regions across the US are readying themselves to capture the opportunities associated with emerging industries, including economic growth, industry attraction, and workforce development. To achieve these impacts in a way that positively benefits all community members and stakeholders, coordinated planning at the local, regional, and state level is crucial.
Regions looking to grow emerging industry clusters can better understand opportunities through a market analysis, which can include identification of market expectations, trends, drivers, barriers and opportunities, analysis of public and private investment and R&D data, supply chain analysis, workforce analysis, and assessment of market opportunities.
Fourth Economy’s portfolio of working with emerging technology and industry includes:
Fourth Economy excels at working with communities that are focused on emerging or intersectional economic sectors.
Four questions to consider
Is your regional market competitive for supporting emerging industries?
Do companies and talent want to be in your region?
Do government incentives and regulations support emerging industries?
Does your existing workforce have the skills and opportunities needed to fill available positions within these industries?
Our work considers several factors that allow regions to understand emerging industries in a holistic way.
Market
What is your existing industry mix?
How capable is your regional supply chain in supporting new, emerging industries?
How are you prioritizing key market segments and opportunities within your region?
Place
Does your geography have the infrastructure and ecosystem needed for hosting new businesses and talent?
How can you improve your built environment, vibrancy, and quality of life to better attract new businesses and talent?
Can your workforce afford housing, childcare, and other critical services in your region?
Government
Do your incentives and regulations show that you are “open for business” in these emerging industries?
Do your economic policies and programs work to support the growth of existing businesses?
How does developing these industries fit within broader local, regional, and statewide goals?
Industry/Workforce
What is the skillset of your existing workforce?
Is your workforce development ecosystem adequate to support the talent needs of emerging industries?
Is there adequate housing, infrastructure, and community services for supporting new workers?
Project Examples
Get in touch to find out more about our analysis, assessment and strategic planning capabilities
Fourth Economy is an economic development consultancy that uses analysis and engagement to help communities become more equitable, strategic, and resilient.
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