In May of 2013, the City of Sacramento published their Economic Development strategy plan. Here is an excerpt about their #2 priority: Investing in local businesses. What business sectors do you believe our growth will come from most of all?
According to this report, the key growth industries are:
- Life Sciences and Health Care Niches (e.g. R&D, Oncology Centers, Pediatrics)
- Clean Technology and Energy
- Post-Secondary Education (Education and Knowledge Creation)
- Agriculture Hub and R&D
Sacramento’s five “linking job growth industries?
- Advanced Manufacturing
- Business and Financial Services
- Entertainment and Tourism
#2 Invest in Local Business: Create Conditions for the Private Sector to Grow and Thrive
Read the entire report here. 2013 Strategy
“Improve business climate to support new business and foster growth and success of all businesses. The continued growth of all types of business is critical to Sacramento’s economic success. When businesses succeed private sector jobs are created providing the ingredients for a thriving economy….
With the global explosion of technology there are opportunities that emanate from local universities and innovation companies to cultivate new home-grown companies to boost our economy. Too often startup enterprises are attracted to other regions that have an economic ecosystem that caters to and supports new business starts. Building the infrastructure to support these new businesses is critical to the region’s long-term economic growth.
A Sacramento Industry Analysis, conducted by the Sacramento Center for Economic Research (CSER), found the majority of rapidly growing businesses operating in Sacramento are small- to medium-sized companies with fewer than 200 employees. These high growth companies are categorized as those with over $500,000 in annual sales and five-year growth of 20% or greater (2004-2009).
Large companies also provide significant employment and economic benefit to the region. In most all cases they are part of key industry sectors or clusters that are identified and supported in the Key Industries section of this Strategy.”