Economic Retrospective and Industry Cluster Analysis
With its prime central location between the two major metropolitan areas of Orlando and
Tampa, Polk County is strategically poised to build regional economic synergies while defining its
own economic identity and complementary industry niches. Polk County, unlike other parts of the
country and even some of its neighboring counties, has the resources and foundations to do so.
As a basis for defining options to move toward these objectives, the Central Florida
Development Council (CFDC), a public-private partnership charged with improving the county’s
economic performance and prospects, contracted SRI International to conduct this research
assignment. The research is intended to provide a sound foundation of information and analysis
to be incorporated into the Council’s ongoing activities. This report provides an economic
retrospective of the county, demonstrating the underlying changes in the region’s economic
characteristics and dynamics over the past 15 years.
Within the Economic Retrospective of Polk County (below), Section I summarizes key research findings. Section II provides
detailed information about changes in Polk County’s and Central Florida’s socio-economic
characteristics over the last couple of decades. Section III summarizes changes in the county’s
industry composition over time and depicts the accompanying changes in the mix of skills and
wages represented in the county’s economy.
Download the Economic Retrospective of Polk County
Download the Executive Summary
Polk County and Central Florida have witnessed significant economic and demographic shifts over the last two decades. Following a series of adverse developments – including a downturn in the phosphate industry, several citrus crop freezes, and the closure of the Piper Aircraft manufacturing facility in Lakeland – Polk County has undertaken a series of initiatives to diversify its economic base. In recent years, the county has experienced a shift in employment toward higher-skilled and higher wage industries, while migrating away from traditional sectors such as agriculture and natural resources. Simultaneously, the county has seen continued population growth, steady growth in business establishments, and a significant drop in unemployment over the long term.
In support of its efforts for continued industry diversification and sustained economic growth, the Central Florida Development Council (CFDC), a public-private partnership charged with improving the county’s economic performance and prospects, contracted SRI International to conduct this research assignment to provide a foundation of information and analysis upon which to build sustainable cluster development strategies. Accordingly, this report presents detailed data regarding Polk County’s industry clusters, with comparisons to the regional economy encompassing Hardee, Highlands, Hillsborough, and Orange counties. The report also presents analysis aimed at identifying potential target clusters for competitiveness enhancement and investment promotion activities. This analysis of potential target clusters considers economic synergies and competition at the regional, national, and/or global levels, in line with the importance of adopting an international perspective to assess the viability of economic activities in today’s interconnected world.
In the Industry Cluster Analysis of Polk County(below), Section I summarizes key findings and recommendations derived from SRI’s research and analysis. Section II provides an overview of the industry clusters that comprise the economy in Polk County and its surrounding counties, along with a discussion of key regional assets supporting cluster development initiatives and potential challenges for economic development efforts. Section III provides in-depth analysis of seven potential target clusters for Polk County to consider for initial cluster development strategies.
Download the Industry Cluster Analysis
Download the Executive Summary
