Industry Diversification Project: Third Quarter 2022 Report
The RERI has published the Industry Diversification Report for the third quarter of 2022. 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:
- Seasonally-adjusted industry diversification in Southwest Florida increased to 5.304 in the first quarter of 2022, ranking 9th out of all 24 workforce regions.
- The Naples-Immokalee-Marco Island MSA was the 3rd most diversified MSA in the state (out of 22 total MSAs). Moreover, the Cape Coral-Fort Myers MSA and Punta Gorda MSA ranked 14th and 21st in the state, respectively.
- Industry diversification for the state of Florida fell to 5.226 for the first quarter of 2022, ranking it 22nd 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!