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Nonetheless, bubble charts are a good starting place for any discussion about cluster-based economic development policies. For example, is a cluster strong in a region because of access to resources or markets? Or, does the region possess a particularly skilled labor force?īecause bubble chart analysis can’t answer the “why” and “how” questions, it should be seen as an important part of economic development analyses, but it is only one part of the process. While bubble charts can help identify “promising” clusters, an important shortcoming of this analysis is that they can’t identify “why” a particular region has an advantage.
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However, it is also had a relatively small industry in terms of employment size, in contrast to, for example, Life Sciences and Health Care. To many, the ideal is to focus on rapidly-growing, high-paying industries depicted in the upper right-hand corner of the graph.įor example, the biomedical industry was promising because it paid relatively high wages, had shown substantial growth in the last 5 years, and had a red location quotient (indicating that the state had some locational advantage in the industry). High-paying jobs (the further to the right in the graph, the better).ĭepending on the state’s economic development objective – that is, whether the goal is to create more jobs or better-paying jobs, or both – the state agency responsible for economic development might choose to concentrate on industries with large bubbles or industries located in the right-hand side of the graphic. Recent job growth (the further up in the graph the better), and Total employment size (the bigger the bubble the better), Specialized (>1.1149), less specialized (<0.95) or as specialized in a particular industry as is the nation or the reference region.Ĭlusters in which the state is more specialized than the nation - shown in redĬlusters with less specialization - shown in greenĬlusters with average specialization - shown in blue.īubble charts show the most important clusters in a state or region as measured by. With user-defined demarcations, location quotients show whether a state or region is more The industry’s location quotient, 2002 indicated by the color of the bubble Employment size of the industry, 2002 indicated by the size of the bubbleĤ. Growth in jobs, 1998 to 2002 on the y -axis (vertical)ģ. Average cluster wages in 2002: on the x -axis (horizontal)Ģ. The following four variables are plotted in this single graphic:ġ. Because they allow visual comparisons of well-understood measures, bubble charts are often used for pinpointing priority industries that should receive attention from a state economic development agency.įigure 1 illustrates industry cluster relationships for the 17 Pennsylvania targeted industry clusters (CWIA 2004).
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Essentially, these charts allow 4 different variables to be plotted within the same graph, making it easy to assess relative economic performance.
#Sigmaplot 11, double y axis software#
The axis is added and the selected plot is rescaled.Ĭopyright © 2021 Systat Software Inc., - All Rights Reserved.I would like to explain what a “BUBBLE CHART” is, how it can be used and interpreted, what the disadvantages of a bubble chart are and how it can help in carrying out further analyses all this through an example shared right here.īubble charts are popular tools for identifying and illustrating industry clusters. Select the location of the new axis, then click Finish. Select the axis you want to add (X Axis or Y Axis).ĥ. Confirm the Plot you want to add the axis to and click NextĤ. Right-click the 2nd plot, and choose the Add New Axis… command.ģ. If you have a graph selected when using the Graph toolbar, it automatically assumes your adding a new plot to the selected graph.Ģ. To add a new plot to a graph, the easiest thing to do is to click the graph (not the plot), then pick the type of plot off the Graph toolbar. The selected plot will be scaled by the new axis.ġ. The one thing to keep in mind is that you must have at least two plots created for your graph in order to add another axis. You can also select a plot, right-click it, and choose Add New Axis. You can add additional axes using the Graph menu Add Axis.