We have considered the operational and financial types of leverage (lever) used in the theory and practice of corporate financial management. We have proved that another type, innovative investment leverage, must exist objectively. From the standpoint of state interests, enterprises should increase their contribution to the gross regional product (GRP) and gross domestic product (GDP) of the country not only by extensive growth of the gross value added, but also by intensive growth through increasing the share of value added in the value of products sold. This corresponds to intensification of the economy and the increase in economic efficiency of using all major types of resources: human, material and physical capital. Thus, innovative investment leverage as a ratio of the value added share in the structure of sales value to material consumption is necessary in order to determine the necessity and the possibility of using intensive innovations and investments, and also to determine the volume of intensive investment necessary to achieve a given level of reducing the consumption of materials used for manufacturing the products. Analyzing the trends in the development of specific types of industrial production in Russian regions (for the regions of the Far North and the Arctic) for the period of 2005–2015 has shown that depending on the direction of the change in the values of material consumption and return on assets, production can be technologically developed in four main directions: innovatively efficient, innovatively inefficient, non-innovatively efficient, and non-innovative and inefficient. We have determined that in order to reduce the level of material consumption it is necessary that, firstly, the return on assets increases and, secondly, that the manufacturability coefficient at least does not decrease at a rate higher than the increase rate of the return on assets. As a result, a matrix of six possible directions of technological development of any industrial enterprise was formed. It is shown that the development of the industry in most regions of the Far North and the Arctic does not meet best innovative-efficient direction, but the overall situation is more favorable than in industry. does not correspond to the optimal innovatively effective direction, but in general the situation is better than in other regions of the country. We have determined the analytical relationship between material consumption, return on assets and labor productivity, enabling the management of innovatively efficient development of industrial enterprises and industries and the corresponding growth of labor productivity, GRP and GDP through technological intensification of production. It is noted that the return on assets in the Far North and the Arctic increased only in the manufacturing sector, so the increase in labor productivity in the industry in these regions in 2005–2015 was achieved only extensively through increasing the capital-labor ratio, the same as in the industry as a whole.