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Comprehensive Plan Economic Development Element In the future, the County should continue to recruit industries that will provide quality jobs for area residents, while focusing on new industries that will complement existing established industries within the county and within adjacent counties. While the County's current target industry incentives and marketing activities should be continued, new economic recruitment methods should be reviewed and used by the County as appropriate. This could include having the Economic Development Division of the Chamber of Commerce assist economic development prospects by providing entrepreneurial and management expertise. It could also include, the Economic Development Division facilitating interactions between venture capitalists, lawyers, scientists, entrepreneurs and financiers for new product development and new target industries. • Target Industries List Historically, manufacturing has been one of the highest paying industrial sectors. Consequently, manufacturers have been targeted by local jurisdictions for recruitment. In the last decade, however, manufacturing jobs within the United States have declined. According to Economic Policy Institute Paper #149, written by Josh Bivens, manufacturing within this country is at a competitive disadvantage internationally. As a result, the country has been "hemorrhaging" manufacturing jobs, even while the demand for manufactured goods has been increasing. The paper further states that, between 1998 and 2003, the country lost more than 3,000,000 manufacturing jobs to other countries. With the globalization that is occurring and the loss of manufacturing jobs, it is important that the County focus its economic development efforts on new and existing industries that provide a competitive advantage, while acknowledging and understanding that there are larger economic forces at play that affect the community and this country. Both the Indian River County Chamber of Commerce's Economic Development Division and the County's Economic Development Council have recognized this changing economic environment and have worked to refine the county's target industry list. In so doing, the groups concluded that the County's list of target industries should match the State's Target Industry List. That list establishes target industries by clusters of similar uses. Those clusters include: Clean Energy, Life Science, Information Technology, Aviation/Aerospace, Financial/Professional Services, Manufacturing/Warehousing/ Distribution, Emerging Technologies, and Arts, Entertainment, and Recreation. With respect to Indian River County, several of these clusters exist or are developing within the County or in adjacent counties. While biotechnology clusters are developing in both Palm Beach County and St Lucie County, an existing aerospace center lies to the north in Brevard County. In addition, the County currently has several aviation -related industries that can be targeted for growth. Community Development Department Indian River County 40