With the help of Emergent Method, a Louisiana-based management and strategy consulting firm, the Las Vegas Global Economic Alliance released a Target Industry Validation Study to serve as a road map of how target industries need to shift to ensure growth and economic success for Southern Nevada.
In late 2016, the LVGEA engaged Emergent Method to conduct the study, which focused on refining target industries from 2011 and identifying emerging economic opportunities for the region. The study featured a diverse mix of research methods, including more than 40 interviews with regional economic development stakeholders and an in-depth analysis of prior and projected target industry performance.
“Southern Nevada is one of the most exciting places in the world to live, work, and play – and, through the disciplined, data-based approach led by Emergent Method to identify strategic areas of focus for our organization and partner agencies, we now have a foundation for how we will pursue emerging opportunities in the global marketplace while taking our regional economy to even greater heights,” said Jonas Peterson, LVGEA President and CEO.
The study assessed the region’s current target industries, determined regional strengths and opportunities in today’s economic climate, and evaluated how these industries should be prioritized. Through Emergent Method’s analysis, the following seven target industries were recommended for the region’s economic development stakeholders to actively grow over the next five years:
- Business headquarters and services
- Emerging Technology
- Logistics, manufacturing, and supply chain management
- Autonomous systems
- Finance, banking, and insurance services
- Health care services and medical education
- Gaming, tourism, and conventions
Within each target industry are emerging categories where the region is poised to accelerate economic growth based on criteria such as differentiated regional assets or unmet market demand, such as through the commercialization of “internet of things” or autonomous vehicle applications.
“Through this target industry validation effort, one of the most visible regions in the global economy remains poised to achieve unprecedented levels of economic growth and success,” said John Snow, Emergent Method vice president and lead author of the study. “We are honored to have been a part of such an important process that will help to influence employment and corporate growth in Southern Nevada while supporting innovation in some of the world’s most rapidly changing industries.”
To learn more about Emergent Method, visit emergentmethod.com.