Clusters (Economic)

Economic clusters are geographic concentrations of interconnected businesses, suppliers, and institutions within a specific industry. These clusters foster collaboration, innovation, and efficiency by facilitating the flow of goods, information, and talent among nearby organizations. Examples include Silicon Valley for technology or Detroit for automotive manufacturing. By clustering together, companies can share resources, attract skilled workers, and compete more effectively, boosting regional economic growth and technological advancement. Essentially, clusters create a dynamic environment where related businesses support and enhance each other's success through close proximity.