Identify the Regional Economy
An economy is no longer defined by the political boundaries of a city, county, or state line. Regional economies are formed around the assets of several contiguous communities. Assets can mean different things to different regions. A region should look at surrounding areas that have similar economic structures and identify the diverse assets of those regions. Assets include human and financial capital; research and development institutions; infrastructure; business and policy culture; industrial base; legal and regulatory environment; and others.