Importance The economic potential of a region is a decisive criterion in choosing investment locations. The article highlights the importance of analyzing and evaluating the economic potential of the region to determine the prospects for development of the territory. Objectives The article seeks to define the entity, role, and value of the economic potential of the Ulyanovsk oblast, and assess it to identify economic growth problems and reserves, and chart the development of the region. Methods For the study, we used a cluster analysis. Results We offer our own technique of determining the ranking of regions by level of economic potential use, and rating of the Volga Federal District regions. Cluster analysis allowed us to classify the regions by level of economic potential use as leaders, followers, overtaking, and lagging regions. As well, we offer our own definition of the economic capacity's entity, reflecting the probabilistic and resource-reproductive character. According to the results of rating, the Ulyanovsk oblast takes the 11th position out of 14 possible ones. We stress the necessity to improve the regional economic policy, and we identified its main focus. Conclusions We found that the Ulyanovsk oblast has a good development potential, however it does not use fully the advantages of investment, economic, labor, and financial factors. Innovative and market components of the regional capacity can be called as perspective ones.
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