Industry clusters as a factor of sustainable regional development

Subject. The article investigates socio-economic relations emerging in the process of formation and development of regional industry clusters. Objectives. The purpose of the study is to determine the relationship between industry clusters and sustainable development of the Volga Federal District regions. Methods. The study employed content analysis with subsequent synthesis of theoretical and methodological provisions of the cluster approach and the concept of sustainable development; standard correlation analysis of MS Excel statistical data. Results. The paper summarized theoretical foundations of the research on industry clusters as elements of the regional structure, and underpinned advantages of the cluster approach. It also unveiled the potential of industry clusters in the regions of the Volga Federal District based on the calculation of clustering indicators; determined and evaluated the interrelation of clustering indicators and indicators of sustainable development, according to economic, social, and environmental criteria; substantiated possibilities of clustering by type of activity. Conclusions. The cluster approach enabled to determine the possibilities of maintaining the economic, social and environmental sustainability of the region. The development of industry clusters requires comprehensive support for both financial and local infrastructure, expansion of investments, including "green" ones.