BRAC zeroes in on 5 target industries for future economic development

BRAC has identified five industry sectors that have the best potential for economic development “wins” over the next several years. BRAC President/CEO Adam Knapp stresses that the chamber won’t turn away any opportunities that walk through the door, adding that it will continue to work with existing local businesses regardless of industry. The analysis by consultant Newmark Knight Frank, which BRAC commissioned, is meant to show the sectors with significant growth potential where the Capital Region has the best chance to compete, and will influence nearly every aspect of BRAC’s work. The state commissioned a similar report known as “Blue Ocean” in 2009. The five sectors are: chemicals and new energy production, fabricated structural materials, software design, technical research and consulting, and advanced shared services. Possible sources for foreign direct investment in each sector are noted, with the United Kingdom, Germany and Canada cited as the most active. Until recently, BRAC did not have a strategy to attract foreign investment. The report also identifies three “emerging sectors” that have potential for future development: health care, services for film production and entertainment, and emerging fuels. Read the report here —David Jacobs