Industry is back. Since the financial crisis, there has been a reassessment of its overall economic significance across Europe, and at the same time, a changed picture of industrial production is emerging, prominently expressed in the concept of the fourth industrial revolution. However, the requirements that arise from this for municipal industrial policy are largely unknown. This is where the Frankfurt Industrial Study comes in, consistently taking the perspective of entrepreneurs and their employees. It creates a detailed and nuanced picture of a sector that is increasingly difficult to distinguish from the service sector and complements traditional questions of location assessment with a network and value chain analysis. Building on this, five areas of action for a new municipal industrial policy for the city of Frankfurt are identified, which must be based on an overarching industrial policy framework.