As a catalyst for change, the Tallahassee-Leon County Office of Economic Vitality (OEV) is charged with developing programs and initiatives that support a vibrant economic ecosystem that leverages ideas and innovations throughout the community. To be effective, it must have sound, relevant information about the economic and demographic history of the region, current drivers of jobs and wealth creation, and unique and valuable characteristics of the local economy.
To this end, OEV commissioned a Targeted Industry Analysis and Selection Study as well as two complementary reports – an Economic Retrospective and an Incubator and Accelerator Study – to serve as a foundation in outlining steps to drive targeted economic growth.
This information, captured in the new Targeted Industry Analysis and supporting reports, has been used to identify four targeted industry clusters. As stated in the Tallahassee-Leon County Economic Development Strategic Plan (Goal 1.d), the study is a critical milestone that provides OEV with a clear, data-supported understanding of the existing economic environment that forms the basis of a targeted industry approach that:
• Identifies industries and clusters most likely to find the region competitive and attractive – and communicate to those industries that they are welcomed and valued;
• Promotes industries with the greatest likelihood of responding to OEV’s marketing and industry recruitment activities; and
• Supports business formation and recruitment objectives by directing resources and energy where they will be most effective.
Each targeted industry has been selected to advance the private sector, diversify the regional economy, and make it more resilient to economic downturns or government policy changes. Awareness of these industry recommendations will help OEV better allocate of resources and energy by initiating targeted actions to support market forces.
Targeted Industry Study: An Overview
The study includes three crucial reports (listed below) which provide information, analysis, and strategic recommendations that will support economic growth initiatives identified within.
Four Targeted Industry Clusters
One of the key findings of the Economic Retrospective is that the private sector has been the engine driving job growth for the last 15 years, adding 7,000 jobs since 2002, while the government sector shed 10,000 jobs. Based on this trend as well as the Strategic Plan goals, the Targeted Industry Study has defined four targeted industry sectors that will contribute to further private sector job growth, wealth creation, and a balancing of the economy. These sectors not only have notable potential for growth, but also interweave with each other to maximize resource utilization and enhance opportunities for innovation and long-term vitality:
Read the full report, including targeted industry profiles, strategies, recommendations, and other key findings.