Following roughly six months of research, representatives of consulting firm Thomas P. Miller and Associates recently presented Yuma City Council with an overview of its examination into what industries would be a good fit for the City’s economic development goals.
The study was funded by Arizona Public Service and examined various industries and subsectors that could best align with Yuma’s assets and long-term goals.
Among the examination criteria were growth potential, the opportunity to diversify in the community and the potential impact various industries could have on the regional economy.
Representatives said they wanted companies and industries that were on a growth track and that would continue to offer opportunities decades from now.
The study took into account unmet and in-demand needs, supply chain gaps and products and services not currently available within Yuma. It also examined competition within the surrounding area and offered side-by-side comparisons of various metrics.
In the end, the industries the consultants recommended were:
- Advanced Manufacturing – which already has a regional foothold in defense and aerospace,
- Logistics and Distribution – which would benefit from both local and cross-border labor availability and the strong transportation infrastructure already in place,
- Science/Energy/Technology – which could take advantage of education and employer partnerships and the proposed Yuma Multiversity Campus,
- Recreation and Entertainment – capitalizing on the area’s water supply and tourist appeal, as well as the existing transportation network and could include breweries, amusement parks, performing arts and sports event facilities, and
- Life Sciences – including medical manufacturing, research and development, biotech and medical laboratories. (Source)