Regional Economic Research Institute

Industry Diversification Project: Second Quarter 2025 Report

June 24, 2025 / RERI Research Team / Tag: Industry Diversification Project

The RERI has published the Industry Diversification Report for the second quarter of 2025. 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).

Southwest Florida State of the Arts

June 17, 2025 / RERI Research Team / Tag: Economics and Finance

Understanding the state of the arts in Southwest Florida first requires an understanding of the region the industry caters to. Southwest Florida is often characterized as an older population, with 14.5 percent of the total population nearing retirement and another 31.3 percent at least 65 years old in 2023. However, heterogeneity exists between races and ethnicities within the region. The share of the White, non-Hispanic population over the age of 55 totaled 55.0 percent in 2023, compared to only 24.3 of the Black, non-Hispanic population and 19.4 percent of the Hispanic population. On the flip side, 43.5 percent of the Hispanic population is between 25 and 54, compared to only 17.1 percent of the White, non-Hispanic population. This has implications for population forecasts through 2050. The region’s population is projected to grow to 2.3 million by 2050, growing by 46.4 percent compared to 2025. Over this period, the White, non-Hispanic population is projected to grow by 14.4 percent, while the Hispanic population is projected to grow by 116.9 percent. Growth in the White, non-Hispanic population is almost certainly to be driven by migration into the region over the next 25 years, while growth in the Hispanic population is more likely to be driven by a combination of both migration and endogenous growth.

Issue Brief: Mortgage-Free Households in Southwest Florida

June 12, 2025 / RERI Research Team

With rising homeowner costs, a lack of affordable housing, and worsening climate concerns in the region contributing to higher insurance costs and worries over the future of the real estate market, many Southwest Florida residents are unable to live mortgage-free. Although it is normal for homeowners to own a mortgage, especially for first-time homeowners, being mortgage-free suggests a household has more disposable income compared to those that are paying a mortgage. Regions like Southwest Florida offer valuable insights into homeownership trends, shedding light on the challenges of achieving mortgage-free status. Thus, understanding the trends and patterns of previous years becomes valuable for homeowners, policymakers, and businesses alike.