Target Industry Sectors
What is a target industry sector?
A target industry sector is a specific industry or sector that is identified as having the potential to generate significant returns on investment, by bringing more jobs and economic growth to a community, region, or state. Target industries are often used by economic development programs to help with business recruitment, business retention and expansion, startup business creation, and statewide economic growth.
What are the target industry sectors in Southern Virginia?
Within the RISE Southern Virginia service area, the following traded sector, target industries have been identified:
- Advanced Manufacturing and Advanced Materials (NAICS codes 313110 through 399999)
- Agriculture and Food Processing (NAICS codes 311111 through 312140)
- Business Services (NAICS codes 541110 through 561422)
- Controlled Environment Agriculture (CEA) (NAICS codes 111400, 112500, 115000)
- Energy, Natural Resources, and Finished Products (NAICS codes 212111 through 337910 and 541360 through 541620)
- Health Care Services (NAICS codes 621991 through 622310)
- Information Technology and Communications Services (NAICS codes 51120 through 541519)
- Innovation and Entrepreneurship (in the NAICS codes listed above)
What are traded sector businesses?
Traded sector businesses are companies that produce goods or services primarily for sale outside their local region, bringing revenue into their home area. These businesses, often in industries like manufacturing, technology, and specialized services, play a key role in economic growth by creating jobs, attracting investment, and strengthening the overall economy through external sales and exports.
What are NAICS codes?
NAICS codes (North American Industry Classification System codes) are a standardized set of numerical classifications used in the U.S., Canada, and Mexico to categorize businesses and industries by type of economic activity. These codes help in organizing and analyzing data on industries, supporting government policy, economic research, and business development.
RISE Southern Virginia Service Area
The RISE Southern Virginia service area includes: Patrick County, Henry County, Martinsville, Danville, Pittsylvania County, Halifax County, Mecklenburg County, Brunswick County, Lunenburg County, Charlotte County, Nottoway County, Prince Edward County, Cumberland County, Buckingham County and Amelia County. This aligns with the 15 localities (13 counties and 2 cities) served by GO Virginia Region 3.
RISE Business Navigator Program
The RISE Business Navigator Program provides individualized support for entrepreneurs who want to start, grow, or scale businesses that align with traded sector, target industry sectors in Southern Virginia. Learn about the RISE Navigator Program >
Target Industry Sectors in Southern Virginia
Advanced Manufacturing and Advanced Materials
Advanced Manufacturing and Advanced Materials (NAICS codes 313110 through 399999) involve the use of innovative technology, automation, and cutting-edge processes to produce complex products and materials, including textiles, electronics, machinery, and sustainable materials. This sector focuses on enhancing production efficiency, precision, and material properties to meet high-performance standards across industries.
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Agriculture and Food Processing
Agriculture and Food Processing (NAICS codes 311111 through 312140) includes the activities related to the cultivation of crops and livestock, as well as the transformation of raw agricultural products into consumable food items. This sector includes farming, animal production, and various processing operations that ensure food safety, quality, and distribution.
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Business Services
Business Services (NAICS codes 541110 through 561422) includes a wide range of professional, scientific, and technical services that support business operations, including legal, accounting, consulting, design, advertising, and administrative services. These services enhance organizational efficiency, compliance, and strategic growth across industries.
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Controlled Environment Agriculture (CEA)
Controlled Environment Agriculture (CEA) (NAICS codes 111400, 112500, 115000) involves the cultivation of plants and animals in highly controlled environments, such as greenhouses, indoor farms, and aquaculture facilities. This sector uses advanced technology to optimize growing conditions, improve yield, and ensure sustainable production of food and agricultural products.
Health Care Services
Health Care Services (NAICS codes 621991 through 622310) includes a range of medical and support services aimed at promoting, maintaining, and restoring health, including preventive care, diagnosis, treatment, rehabilitation, and long-term care across facilities like hospitals, clinics, and specialized care centers.
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Energy, Natural Resources, and Finished Products
Energy, Natural Resources, and Finished Products (NAICS codes 212111 through 337910 and 541360 through 541620) refer to the extraction and management of natural resources, including fossil fuels, minerals, and forestry, as well as the manufacturing and distribution of finished goods such as machinery and equipment. This sector encompasses services related to energy efficiency, environmental sustainability, and the development of technologies that enhance resource utilization and product quality.
Information Technology and Communications Services
Information Technology and Communications Services (NAICS codes 51120 through 541519) include a broad array of services focused on software development, telecommunications, data processing, and custom IT solutions, encompassing sectors such as software development, systems design, data hosting, and cybersecurity. These services support the creation, management, and security of information systems and infrastructure across industries.