Industry Diversification Project: First Quarter 2021 Report
The RERI has published the Industry Diversification Report for the first quarter of 2021. The goal of the IDI is to measure industry diversification and, by extension, that of the workforce, in each of Florida’s 24 workforce regions, the state of Florida, and the remaining 49 states. The index measure is computed quarterly, soon after the release of workforce data from the Florida Department of Economic Opportunity’s Quarterly Census of Employment and Wages. It spans from 0 to 10, with 0 signifying no diversification (or an economy characterized by a single industry), and 10 signifying perfect diversification (no concentration).
Latest findings from the Industry Diversification Project include:
- Industry diversification in Southwest Florida decreased to 5.276 in the third quarter of 2020, ranking 10th out of all 24 workforce regions.
- The Naples-Immokalee-Marco Island MSA was the thid most diversified MSA in the state. The average annual IDI for all three Southwest Florida MSAs continued to improve in 2020.
- Industry diversification for the state of Florida decreased to 5.222 for the third quarter of 2020, ranking it 26th out of 50 states.
A copy of the latest report can be found below. To learn more about the Industry Diverisifcation Index, visit the Industry Diversification Project website!