In recent years, much attention has been paid to cluster development of the economy as part of the increasing innovation activity of metropolitan cities (regions) of the country, development of a unified state policy aimed at increasing the competitiveness of domestic products making them corresponding to the world level of quality. Building a knowledge economy is a task set at the highest level. However, the mechanisms for the most effective transition from traditional economic models to a new, innovative economy are still the object of study and research of many economists and business practitioners. Under these circumstances, the most urgent issue is determining the main ways to improve the competitiveness of a particular region (metropolis) in terms of accelerating the pace of scientific and technological progress, the need for restructuring the economy. The transition to the knowledge economy, based on the sixth technological structure in the field of industrial and creative technologies, is possible if an adequate industrial policy is created in the region, if the cluster approach is used, an appropriate innovative image of the territory is developed, and all business entities are involved in the process of improving the competitiveness of the cluster. Human capital development plays an important role in increasing the metropolis competitiveness, along with the support of R&D, the promotion of engineering and creative professions, building communication between all participants of market relations. Creating appropriate regional images, building a favorable investment and innovation climate also contributes to the local regional growth. The author describes the prerequisites formed in St. Petersburg, allowing the city to take the position of the technological capital of the country, and gives recommendations on creating the concept of the innovation development and elaboration of the regional industrial policy on the basis of cluster approach.