South Shore Chamber reviews Target Business Analysis phase of Regional Development Plan

ROCKLAND, Mass. - Nov. 11, 2014 - PRLog -- Initial findings from the South Shore Chamber of Commerce’s Target Business Analysis, part of its overall Comprehensive Economic Development Strategy study underway since earlier this summer, were presented this week to members of the group’s Steering Committee and the South Shore Economic Development Corporation.

Initial analysis shows strong sectors within the region to include the health insurance industry, financial services and corporate support services.  The study also identified a number of opportunities whereby the local economy can be further diversified.

Alex Pearlstein of Market Street Services, the firm tasked with helping the Chamber with this study, presented initial findings to the Steering Committee this week, having completed the review of the second phase of the study (Target Business Analysis).

The objective of the Target Business Analysis was to identify the economic sectors best positioned to drive future growth and wealth creation, taking into account South Shore’s connection to the economic engines of both Boston and Providence. This phase provided an in-depth assessment of the factors that may be inhibiting economic diversification as well as business sectors that would be best able to propel future development and associated wealth.

The Target Business Analysis study underscored the need to diversify the region’s bedroom consumer economy; presently nearly 60% of all economic activity conducted regionally is dedicated to locals shopping, using healthcare services or supporting government services.

The study took a comprehensive look at various industries that dovetail with the South Shore region’s strengths and employee skill sets in an effort to identify the best avenues for emerging business growth in the area.

Business sectors within the region that are currently strong and could offer growth for the Shore Shore region include the health insurance industry, financial services and corporate support services.  Also identified were potential opportunities to diversify the local economy by focusing on manufacturing such as small high tech operations, the life sciences and data analytics due to the high education and math skills in the existing work force that currently support the financial services and insurance industries.

“Educating people about basic or export industries that create deeper wealth while at the same time promoting the concept of existing business strengths to create a critical mass of worker talent and skills was at the heart of findings in the Target Business Analysis phase of our study,” said Peter Forman, CEO of the South Shore Chamber  of Commerce.

In July, the Chamber announced the launch of the comprehensive project to assess and enhance the region’s competitive advantages to support quality, diverse, economic growth. Working with the Atlanta-based Market Street Services, the Chamber and its Steering Committee are navigating through a process that includes: (1) A competitive assessment of the region; (2) A targeted business analysis; and (3) A recommended strategy for regional development. The Steering Committee is being led by chairpersons: Carol Bulman, CEO of Jack Conway & Company; Ken Quigley, President of Curry College; and Bob Rivers, COO and President of Eastern Bank.

The ultimate results of the survey (and the implementation thereof) will serve as a blueprint for the South Shore for the next 10 years. To follow the progress of the study please visit www.southshorestrategy.com.

About the South Shore Chamber of Commerce

The South Shore Chamber of Commerce has long been recognized throughout the state as one of the most active and forceful advocates for the business community, and numbers among the larger Chambers of Commerce nationally. The South Shore Chamber is a not-for-profit association of businesses in the communities south of Boston. It is committed to helping its members grow their businesses and to improve the business climate in the region. Members range in size from major international corporations headquartered on the South Shore to small local firms and sole proprietorships. For additional information on the Chamber, please visit www.southshorechamber.org or call 781-421-3900.