TARGET INDUSTRY STRATEGY
The target industry strategy, prepared by Newmark Knight Frank (NKF), identifies the industry sectors most attractive for the Capital Region and its business development efforts. The five target industries identified are chemicals and new energy production, fabricated structural materials, software design, technical research consulting, and advanced shared services. The strategy will influence virtually every aspect of the organization’s work over the next several years.
The findings also included three emerging sectors, as well as international markets that will be the focus of BRAC’s international development program.
- Chemicals and New Energy Production: Existing infrastructure and labor pool position the region for facility expansions and retooling for the abundant natural gas feedstock.
- Fabricated Structural Materials: The Southern United States continues to be a prime location of US-based manufacturing because of comparatively low labor costs and minimal union presence.
- Software Design – Enterprise, Industrial & Gaming Applications: State emphasis on software development has led to recent marquee wins. Computer software applications is one of the fastest growing industries nationally Rouge industrial growing industries nationally.
- Technical Research and Consulting: The existing industrial base and university presence have organically created a scientific and engineering concentration.
- Advanced Shared Services: Large corporations continue to relocate support operations in accounting, legal, IT and customer service to low-cost destinations.