Every metro area in the U.S. has strong industry clusters that are readily identifiable and reflect the unique competitive advantages of the region—Oil and Gas in Houston, Automotive in Detroit, and Financial Services in New York City are just a few examples. These clusters represent the backbone of their metro economies. The importance of clusters to regional competitiveness and economic performance was first established in the 1990s. Since then, research has shown that the co-location of businesses in clusters increases the productivity of companies and job creation, drives innovation, stimulates the formation of new businesses, and supports the survival and growth of small businesses.
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