Determining suitable investment areas using multi-variable statistical methods: evidence from the Black Sea region in Turkey

Investment is an important decision for economic development, balanced growth and public welfare. There are many factors influencing investment. Thus, investment must be evaluated with multidimensional methods. Using taxonomy and principal component analysis this study attempts to determine appropriate investment areas in planned provinces in the Black Sea Region. Analyses were based on a number of demographic, economic, health, education, employment and cultural indicators. Results indicated that provinces were grouped into four clusters. Gümüşhane and Bayburt were determined to have the highest priority for investment in the manufacturing industry.