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Industry clusters and economic development in the Seventh District’s largest cities

Author

Listed:
  • Richard H. Mattoon
  • Norman Wang

Abstract

In works such as Glaeser (2011) and Porter (1995), prominent economists have suggested that metropolitan areas are the key to economic growth. In this article, we examine the economic development strategies and performance of the largest metropolitan areas in the five states of the Seventh Federal Reserve District? Illinois, Indiana, Iowa, Michigan, and Wisconsin. The cities, from smallest to largest by metro population, are: Des Moines, Indianapolis, Milwaukee, Detroit, and Chicago. Theory suggests that cities that promote industry agglomeration (clusters) should be best positioned for growth. Industry agglomeration promotes synergies, whereby firms can be more productive by sharing resources (specialized labor and inputs) and benefiting from knowledge spillovers. Economic development professionals frequently use the concept of industry clusters to measure the type of firm agglomeration that exists within a city or metropolitan area.

Suggested Citation

  • Richard H. Mattoon & Norman Wang, 2014. "Industry clusters and economic development in the Seventh District’s largest cities," Economic Perspectives, Federal Reserve Bank of Chicago, issue Q II, pages 52-66.
    • Handle: RePEc:fip:fedhep:00007
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    References listed on IDEAS

    as
    1. Michael Porter, 2003. "The Economic Performance of Regions," Regional Studies, Taylor & Francis Journals, vol. 37(6-7), pages 549-578.
    2. Delgado, Mercedes & Porter, Michael E. & Stern, Scott, 2014. "Clusters, convergence, and economic performance," Research Policy, Elsevier, vol. 43(10), pages 1785-1799.
    3. Edward L. Glaeser & Matthew G. Resseger, 2010. "The Complementarity Between Cities And Skills," Journal of Regional Science, Wiley Blackwell, vol. 50(1), pages 221-244, February.
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    Cited by:

    1. Maude Toussaint-Comeau, 2017. "Competitiveness of Ethnic Minority Neighborhoods in Metropolitan Areas in the Seventh District," Profitwise, Federal Reserve Bank of Chicago, issue 4, pages 4-25.
    2. B.G. Jean Jacques Iritié, 2018. "Economic issues of innovation clusters-based industrial policy: a critical overview," Global Business and Economics Review, Inderscience Enterprises Ltd, vol. 20(3), pages 286-307.

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