Cluster-based economic development

Submitted by acohill on Wed, 03/11/2009 - 09:15

This story about how some laid off sign manufacturing workers used technology like Facebook to help each other cope with job loss and job seeking has an interesting nugget in the middle of the story.

The laid off workers started working with local economic developers to get an intense focus on attracting new companies in the sign-making business as well as helping existing companies in the area find new business (and then hire some of the laid off workers). The strategy was very successful, and provides a useful illustration of the importance of identifying local business assets and promoting them as part of an overall economic strategy that is more than just industrial recruitment. Helping existing businesses grow is the quickest and easiest way to create jobs--just look at the data. Most new jobs are created by businesses already in place in your community, and not by relocating businesses.