Cottrill Research, LLC

Newly Identified Target Industries for Local Diverse Economies

Newly Identified Target Industries for Local Diverse Economies

Newly Identified Target Industries for Local Diverse Economies

Recently, the Las Vegas Global Economic Alliance (LVGEA) identified new target industries for Southern Nevada. In 2017, LVGEA, recognizing the need for the region to diversify its economic base, published a study that prioritized certain key industries for development. Moving forward, development efforts focusing on the new targeted industries will greatly advance the region’s ability to increase its workforce and compete in the post COVID-19 economy. The new targeted industries are:

  • General and Advanced Manufacturing
  • Business and Financial Services
  • Creative Industries
  • Clean Technologies
  • Transportation and Logistics Technologies
  • Information an Communication Technologies
  • Healthcare Services

Utah and Wyoming are two other regions in the western US that have recently identified target industries, in addition to their already identified key industries, that focus on diversifying for economic growth. New Mexico is in the process of re-examining its targeted industries across the state and in various regions.

Utah – Revised in December 2020, the Utah Governor’s Office of Economic Development identified eight strategic, targeted industries that are included in the document: Diversifying Utah’s Workforce Through Targeted Industries.

  • Advanced Manufacturing
  • Aerospace and Defense
  • Energy
  • Financial Services
  • Life Sciences and Healthcare
  • Outdoor Products and Recreation
  • Software and Information Technology
  • Tourism and Film

Wyoming – Wyoming’s NEW Growth Alliance recently identified target industries that are particularly well-positioned to take advantage of the unique attributes of the northeast region of Wyoming. They recognize the long standing industries, such as cattle ranching, coal, oil, and methane extraction that have provided a strong foundation to allow the economy to grow.

  • Advanced Conversion Technologies
  • Advanced Manufacturing
  • Technology
  • Health care
  • Lifestyle Entrepreneurs
  • Logistics and Distribution

New Mexico – Albuquerque Business First reports that state economic development officials are drafting an economic assessment that will will outline a 20-year strategic plan that will “help address short and long-term recovery following the Covid-19 pandemic.” This is the first time the state has had “a whole statewide economic development plan.” The state has contracted with SRI International to “consider strengths, weaknesses, opportunities and threats of nine target industries across the state and its various regions.”

Photo by Science in HD on Unsplash

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