Targeted Economic Clusters
OVERVIEW Clusters are groups of related businesses and organizations within industry whose collective excellence, collaboration and knowledge base provide a sustainable competitive advantage. Strong Clusters translate directly into tangible benefits for Utah’s businesses, citizens and educational institutions. In Clusters, businesses have shared access to suppliers, services, resources, technology and workforce. In addition, related businesses work together to achieve new economies of scale, distribution channels and, ultimately, increased profitability. The Governor’s Office of Economic Development (GOED) established the Economic Clusters Initiative as a catalyst to focus people, ideas and resources on our greatest opportunities for success. The initiative allowed us to align industry, research universities, capital, talent, technology and government around emerging or mature industry sectors that possess the greatest sustainable competitive advantage. The net effect is these factors combine to create higher paying jobs, strengthen education and raise the standard of living in Utah. Cluster Goal: Make Utah a hypercompetitive region in targeted economic clusters by focusing on industry sectors which have the best outlook for growth and create high paying jobs. TARGETED ECONOMIC CLUSTERS Focused development on emerging Utah industry strengths: Aviation & Aerospace • Advanced Composites • Aircraft Maintenance, Repair & Overhaul Defense & Homeland Security • Unmanned & Autonomous Vehicles • Logistics and Distribution Energy & Natural Resources • Renewable Energy Financial Services Life Sciences • Medical Devices • Biotechnology • Natural Products
Outdoor Products & Recreation • Cycling Software Development & Information Technology • Digital Media
G o v e r n o r ’s O ff i c e o f E c o n o m i c D e v e l o p m e n t • A n n u a l R e p o r t 2 0 1 0 • w w w. b u s i n e s s . u t a h . g o v
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