What are Industry Clusters and Why Did They Matter in 2020?
Starting in the 1980s, the Metro Denver EDC, with support from investors and regional stakeholders, crafted an economic development strategy that targets specific industry clusters for job growth and retention. An industry cluster is defined as, “groups of similar and related firms in a specific geographic area that share common markets, technologies, worker skill needs, and which are often linked by buyerseller relationships.” Our approach has helped to diversify the economic base, leverage Metro Denver’s high concentration of talent, and create connections between companies and institutions across sectors. Further, it’s created a high degree of specialization among companies in the form of primary jobs – which support higher employee wages, a stronger supply chain, and tax revenues at the state and local level.