Data Driving Development: EDA Releases New Cluster Mapping Tool to Help Spur Regional Economic Growth
Guest blog post by Jay Williams, Assistant Secretary for Economic Development
Earlier this week, U.S. Commerce Secretary Penny Pritzker announced the launch of the U.S. Cluster Mapping and Registry project, a national economic initiative based at Harvard Business School’s Institute for Strategy and Competitiveness and supported by the U.S. Economic Development Administration. The U.S. Cluster Mapping and Registry project aims to strengthen U.S. competitiveness by understanding the economic performance of clusters and regions across the United States.
EDA staff gets inquiries daily from different organizations looking for grant information. Every community we speak with has a plan it is developing to spur economic growth and create jobs. Some are more fleshed out that others, but EDA’s advice is always the same: look at the resources in your community and make sure this project fits with the economic strengths of your area. In short, identify your regional clusters.
Clusters are geographic concentrations of interconnected industries and supportive organizations that make regions uniquely competitive for jobs and private investment – like the automotive cluster in the South and the biotech cluster in the Northeast. Clusters are not top-down formulas aimed at being a panacea for all economic development needs. Nor are they intended to serve as a litmus test for qualifying or strictly characterizing good or bad projects. Clusters thrive and are critical in both urban and rural communities and provide a framework for understanding regional competitiveness and drivers of private investment and job creation. They also help identify and prioritize opportunities for public investment and provide a platform for linking, leveraging, and aligning federal or state programs to get a better return on investment of taxpayer funds.