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Understanding regional economic growth in the new economy: industry clusters

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Abstract

This article seeks to explain why industry clusters are receiving so much attention. It discusses how and why clusters form, what makes them successful, and why they are believed to contribute to regional economic growth. The article also examines what the evidence on industry clusters suggests about local economic development, and describes strategies used by communities adopting a cluster approach. The final section outlines New York State's efforts to identify the industry clusters that are important to its economy, as well as the challenges faced in this process.

Suggested Citation

  • Richard Deitz & Ramon Garcia, 2000. "Understanding regional economic growth in the new economy: industry clusters," The Regional Economy of Upstate New York, Federal Reserve Bank of New York, issue Sum.
    • Handle: RePEc:fip:fednre:y:2000:i:sum
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    File URL: https://www.newyorkfed.org/medialibrary/media/research/regional_economy/upstate/newsletter-summer00-4pg.pdf
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