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Clarksville- Main File

understand economic

understand economic development potential. As can be seen in Table 15, the Clarksville MSA’s economy is about 66% of the greater ten-county region. The industries generating the largest market value of all final goods and services produced within the Clarksville MSA are highlighted in Figure 30. TABLE 15: Gross Regional Product Overview for Economic Region (2016) NAICS INDUSTRY CLARKSVILLE MSA MONTGOMERY COUNTY 10 COUNTY 11 Crop and Animal Production $84,839,649 $38,343,132 $304,344,083 21 Mining, Quarrying, and Oil and Gas Extraction $153,924,325 $142,592,022 $177,087,753 22 Utilities $78,614,014 $51,939,864 $122,522,208 23 Construction $291,231,353 $203,866,548 $673,376,749 31 Manufacturing $1,408,033,810 $476,733,692 $3,281,744,961 42 Wholesale Trade $296,698,504 $187,632,152 $600,179,618 44 Retail Trade $646,678,871 $478,840,862 $1,068,672,619 48 Transportation and Warehousing $183,058,081 $62,698,725 $407,680,439 51 Information $199,091,484 $161,679,595 $286,221,312 52 Finance and Insurance $309,582,133 $207,061,236 $497,324,887 53 Real Estate and Rental and Leasing $284,871,931 $212,299,086 $472,459,266 54 Professional, Scientific, and Technical Services $220,777,575 $122,010,768 $345,615,687 55 Management of Companies and Enterprises $29,307,348 $25,546,951 $98,653,465 56 Administrative and Support and Waste Management and Remediation Services $264,666,108 $153,140,326 $454,305,108 61 Educational Services $53,129,505 $21,332,868 $65,588,160 62 Health Care and Social Assistance $617,067,466 $372,282,374 $923,540,912 71 Arts, Entertainment, and Recreation $28,816,017 $22,684,817 $71,723,295 72 Accommodation and Food Services $284,448,482 $211,781,268 $427,174,952 81 Other Services (except Public Administration) $154,070,571 $102,423,767 $286,317,737 90 Government $5,942,429,888 $844,573,197 $6,654,740,885 - Other Vectors $1,188,463,234 $886,610,539 $2,097,870,201 - Total All Industries $12,719,800,350 $4,986,073,787 $19,317,144,298 This section of the report provides descriptions and analyses for industry clusters that drive the region’s economy. From these analyses, we can determine the businesses and industry sectors that offer the most potential for growth in Clarksville. 62 COMPREHENSIVE LABOR ANALYSIS: CLARKSVILLE-MONTGOMERY COUNTY

INDUSTRY CLUSTERS Industry clusters are a geographic concentration of industries that share common markets, suppliers, technologies, and workforce needs. Businesses within a cluster benefit from their proximity to shared resources including a skilled workforce, specialized suppliers, infrastructure, and a localized base of sophisticated industry knowledge about their industry. Each cluster has a high level of economic integration and interdependency. Industry cluster analysis highlights the strengths and weaknesses of different industries within a region and shows where focus needs to be placed to encourage growth. To determine industry clusters, we assess job growth, regional specialization, contribution to GRP, and location quotient (discussed below), among other factors. When analyzing industry clusters, one measure of cluster viability is its ‘location quotient’ (or LQ). The LQ for a particular industry measures its share of an area’s employment compared to its share of employment at the national level. For example, a LQ of 2.0 indicates that an industry accounts for twice the share of employment in the area than it does nationally, and a LQ of 0.5 indicates that an industry’s share of employment is only half the national average. Industries with a high relative concentration—or high LQ—are said to be specialized in a region. In Clarksville, the metal products and mining cluster has a very high concentration—38 LQ. This means that in Clarksville, metal products and mining is 38 times more concentrated than would be expected in another economy of similar size (see Figure 30). For the supply chain analysis that follows, we consider the following five clusters: • Chemical Products • Automotive, Aerospace, and Production Technology • Metal Products and Mining • Business Services • Distribution and Electronic Commerce Each cluster represents opportunities for growth and diversification for the Clarksville economy as well as opportunities for regional businesses to diversify their market base. Table 16 summarizes projected employment growth for each cluster and its corresponding location quotient. Many of the clusters selected are growing faster than the Clarksville economy as a whole, with projected job growth rates as high as 22% per year for the next 5 years (versus overall county average job growth of 4% per year). The jobs in these clusters pay, on average, 19% more than other jobs. Industry Cluster and Supply Chain Analysis 63

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