2017’s Cities with the Most & Least Diversified Economies
5:10 AMPosted by: Richie Bernardo
“Don’t put all your eggs in one basket,” say the wisest investing experts. But that wisdom applies to the economy, too. During the Great Recession, local economies that diversified, tapping into new ideas and innovations, proved to be more resilient than the cities that stuck to their old tricks.
Some researchers have found that greater professional and industrial variety increases a city’s productivity, a pattern in growing and large urban areas in the U.S. and around the globe. “More diversified economies are less volatile in terms of outputs, and lower output volatility is associated with higher economic growth,” according to the United Nations Industrial Development Organization.
In other words, diversification helps an economy the way it protects an investor’s portfolio: Over time, job gains in some sectors will offset the losses in others. And that was exactly the outcome at the end of the financial crisis, when the number of professions in health care and social assistance multiplied while construction and manufacturing occupation rates declined.
In order to determine the most diversified local economies — and therefore the least susceptible to the damaging effects of market volatility — WalletHub’s analysts compared the 501 largest cities across three key metrics: industry diversity, occupational diversity and worker-class diversity. Read on for our findings, expert commentary from a panel of researchers and a full description of our methodology.
- Main Findings
- Industry Diversity over Time
- Highest & Lowest Concentrations by Category
- Ranking by City Size
- Ask the Experts
- Methodology
Industry Diversity Over Time Highest & Lowest Concentrations by Category
|
Metric |
City with Highest Concentration |
City with Lowest Concentration |
|---|---|---|
| Industry Diversity | ||
| Agriculture, Forestry, Fishing and Hunting, and Mining | Gillette, WY (23.00%) | Glasgow, DE (0.00%) |
| Construction | Tanaina, AK (17.00%) | Cambridge, MA (1.10%) |
| Manufacturing | Columbus, NE (28.60%) | Alamogordo, NM (0.80%) |
| Wholesale Trade | Keene, NH (7.70%) | Sheridan, WY (0.40%) |
| Retail Trade | Bentonville, AR (36.60%) | Arlington, VA (4.30%) |
| Transportation and Warehousing, and Utilities | North Platte, NE (17.10%) | Middlebury, VT (0.00%) |
| Information | Los Angeles, CA (5.80%) | Central Falls, RI (0.20%) |
| Finance and Insurance, and Real Estate and Rental and Leasing | West Des Moines, IA (23.50%) | Anaconda-Deer Lodge County, MT (1.70%) |
| Professional, Scientific, and Management, and Administrative and Waste Management Services | Arlington, VA (28.30%) | Bennington, VT (2.30%) |
| Educational Services, and Health Care and Social Assistance | Ann Arbor, MI (49.00%) | Cicero, IL (11.70%) |
| Arts, Entertainment, and Recreation, and Accommodation and Food Services | Spring Valley, NV (38.80%) | Middletown, DE (4.60%) |
| Other Services, Except Public Administration | Silver Spring, MD (9.10%) | Hockessin, DE (1.40%) |
| Public Administration | Juneau, AK (23.80%) | Central Falls, RI (0.50%) |
| Occupational Diversity | ||
| Management, Business, Science, and Arts Occupations | Cambridge, MA (71.70%) | Central Falls, RI (9.00%) |
| Service Occupations | Spring Valley, NV (36.00%) | Hockessin, DE (8.00%) |
| Sales and Office Occupations | Kalispell, MT (33.20%) | Lebanon, NH (13.70%) |
| Natural Resources, Construction, and Maintenance Occupations | Rock Springs, WY (25.20%) | Cambridge, MA (1.50%) |
| Production, Transportation, and Material Moving Occupations | Passaic, NJ (33.40%) | Arlington, VA (2.70%) |
| Worker-Class Diversity | ||
| Private Wage and Salary Workers | Central Falls, RI (93.90%) | Anaconda-Deer Lodge County, MT (53.00%) |
| Government Workers | Anaconda-Deer Lodge County, MT (39.20%) | Central Falls, RI (2.70%) |
| Self-Employed in Own, Not Incorporated Business Workers | Brattleboro, VT (12.80%) | Glasgow, DE (1.80%) |
| Unpaid Family Workers | Havre, MT (1.30%) | Madison, AL (0.00%) |
| Rank | Large City Name(Score) | Rank | Midsize City Name(Score) | Rank | Small City Name(Score) |
|---|---|---|---|---|---|
| 1 | Sacramento, CA (76.72) | 1 | Clarksville, TN (76.87) | 1 | Knik-Fairview, AK (78.09) |
| 2 | Bakersfield, CA (76.60) | 2 | Hampton, VA (76.37) | 2 | Lawton, OK (77.77) |
| 3 | Fresno, CA (76.28) | 3 | Norfolk, VA (76.36) | 3 | Pearl City, HI (77.55) |
| 4 | Corpus Christi, TX (76.12) | 4 | Montgomery, AL (76.17) | 4 | Badger, AK (77.37) |
| 5 | El Paso, TX (75.94) | 5 | Salem, OR (76.15) | 5 | Juneau, AK (77.34) |
| 6 | Virginia Beach, VA (75.72) | 6 | Chesapeake, VA (76.14) | 6 | Hilo, HI (77.33) |
| 7 | Oklahoma City, OK (75.69) | 7 | Anchorage, AK (76.06) | 7 | South Valley, NM (77.29) |
| 8 | Los Angeles, CA (75.52) | 8 | Jackson, MS (75.79) | 8 | Sitka and, AK (77.28) |
| 9 | Long Beach, CA (75.47) | 9 | North Charleston, SC (75.74) | 9 | Portsmouth, VA (77.24) |
| 10 | Honolulu, HI (75.29) | 10 | Newport News, VA (75.70) | 10 | Mililani Town, HI (77.24) |
| 11 | Miami, FL (75.12) | 11 | Laredo, TX (75.57) | 11 | Carson City, NV (77.11) |
| 12 | Tucson, AZ (75.00) | 12 | Columbus, GA (75.52) | 12 | Cheyenne, WY (77.02) |
| 13 | Aurora, CO (74.73) | 13 | Fayetteville, NC (75.40) | 13 | Clovis, NM (76.93) |
| 14 | San Antonio, TX (74.66) | 14 | Augusta, GA (75.34) | 14 | Green River, WY (76.68) |
| 15 | Oakland, CA (74.62) | 15 | Kansas City, KS (75.21) | 15 | Anaconda-Deer Lodge County, MT (76.59) |
| 16 | Memphis, TN (74.60) | 16 | Hialeah, FL (75.18) | 16 | Alamogordo, NM (76.55) |
| 17 | Houston, TX (74.52) | 17 | Gresham, OR (75.12) | 17 | Kaneohe, HI (76.52) |
| 18 | Colorado Springs, CO (74.52) | 18 | Tacoma, WA (75.11) | 18 | Fairbanks, AK (76.48) |
| 19 | Fort Worth, TX (74.51) | 19 | Newark, NJ (74.99) | 19 | Midwest City, OK (76.42) |
| 20 | Albuquerque, NM (74.48) | 20 | Kent, WA (74.95) | 20 | Enid, OK (76.38) |
| 21 | Austin, TX (74.35) | 21 | Lakewood, CO (74.91) | 21 | Goose Creek, SC (76.34) |
| 22 | Arlington, TX (74.35) | 22 | West Jordan, UT (74.87) | 22 | Pierre, SD (76.33) |
| 23 | Phoenix, AZ (74.30) | 23 | Thornton, CO (74.80) | 23 | Dickinson, ND (76.32) |
| 24 | Mesa, AZ (74.14) | 24 | Topeka, KS (74.77) | 24 | Tanaina, AK (76.15) |
| 25 | Anaheim, CA (74.05) | 25 | Vancouver, WA (74.75) | 25 | Riverton, WY (76.15) |
| 26 | Dallas, TX (73.97) | 26 | West Valley City, UT (74.73) | 26 | Augusta, ME (76.07) |
| 27 | San Diego, CA (73.94) | 27 | Baton Rouge, LA (74.66) | T-27 | Santa Fe, NM (76.06) |
| 28 | Jacksonville, FL (73.81) | 28 | Las Cruces, NM (74.66) | T-27 | Casper, WY (76.06) |
| 29 | Tulsa, OK (73.66) | 29 | Reno, NV (74.62) | 29 | Martinsburg, WV (76.03) |
| 30 | Kansas City, MO (73.57) | 30 | Arvada, CO (74.59) | 30 | Ewa Gentry, HI (75.96) |
| 31 | Nashville, TN (73.40) | 31 | Boise, ID (74.55) | 31 | Hobbs, NM (75.94) |
| 32 | Columbus, OH (73.39) | 32 | Glendale, AZ (74.51) | 32 | Minot, ND (75.93) |
| 33 | New York, NY (73.39) | 33 | Cape Coral, FL (74.51) | 33 | Clarksburg, WV (75.89) |
| 34 | Louisville, KY (73.38) | 34 | Metairie, LA (74.50) | 34 | Wasilla, AK (75.88) |
| 35 | Cleveland, OH (73.32) | 35 | Lincoln, NE (74.46) | 35 | Waldorf, MD (75.88) |
| 36 | Indianapolis, IN (73.30) | 36 | Independence, MO (74.43) | 36 | Kailua, HI (75.85) |
| 37 | Chicago, IL (73.23) | 37 | Lansing, MI (74.40) | 37 | Roswell, NM (75.85) |
| 38 | Wichita, KS (73.17) | 38 | Westminster, CO (74.37) | 38 | Rock Springs, WY (75.82) |
| 39 | Detroit, MI (73.11) | 39 | Savannah, GA (74.35) | 39 | Bossier City, LA (75.74) |
| 40 | Raleigh, NC (73.05) | 40 | Everett, WA (74.33) | 40 | Gulfport, MS (75.73) |
| 41 | Denver, CO (73.01) | 41 | Lafayette, LA (74.33) | 41 | Moore, OK (75.67) |
| 42 | Tampa, FL (73.00) | 42 | Chattanooga, TN (74.32) | 42 | Lakes, AK (75.67) |
| 43 | Baltimore, MD (72.95) | 43 | Springfield, IL (74.27) | 43 | Sumter, SC (75.58) |
| 44 | New Orleans, LA (72.94) | 44 | Billings, MT (74.24) | 44 | Williston, ND (75.55) |
| 45 | Portland, OR (72.92) | 45 | Fort Lauderdale, FL (74.19) | 45 | Layton, UT (75.55) |
| 46 | Lexington, KY (72.84) | 46 | Columbia, SC (74.06) | 46 | Biloxi, MS (75.54) |
| 47 | Omaha, NE (72.81) | 47 | Murfreesboro, TN (74.05) | 47 | Miles City, MT (75.53) |
| 48 | San Jose, CA (72.65) | 48 | Joliet, IL (74.05) | 48 | Albany, GA (75.52) |
| 49 | Charlotte, NC (72.62) | 49 | Tallahassee, FL (73.99) | 49 | Yakima, WA (75.52) |
| 50 | Milwaukee, WI (72.52) | 50 | Des Moines, IA (73.98) | 50 | Lewiston, ID (75.50) |
| 51 | St. Louis, MO (72.10) | 51 | Huntsville, AL (73.95) | 51 | Farmington, NM (75.47) |
| 52 | Las Vegas, NV (72.00) | 52 | Birmingham, AL (73.90) | T-52 | Glen Burnie, MD (75.32) |
| 53 | Philadelphia, PA (71.93) | 53 | Peoria, AZ (73.81) | T-52 | Nampa, ID (75.32) |
| 54 | San Francisco, CA (71.90) | 54 | Macon, GA (73.79) | 54 | Mandan, ND (75.26) |
| 55 | Atlanta, GA (71.75) | 55 | Charleston, SC (73.72) | 55 | Greenville, MS (75.25) |
| 56 | Washington, DC (71.72) | 56 | Shreveport, LA (73.71) | 56 | Sanford, ME (75.22) |
| 57 | Minneapolis, MN (71.22) | 57 | Surprise, AZ (73.70) | 57 | Sheridan, WY (75.15) |
| 58 | Seattle, WA (70.88) | 58 | Spokane, WA (73.69) | 58 | Ogden, UT (75.08) |
| 59 | Pittsburgh, PA (69.49) | 59 | Pueblo, CO (73.67) | 59 | Bellevue, NE (75.05) |
| 60 | Boston, MA (69.29) | 60 | Port St. Lucie, FL (73.67) | 60 | Caldwell, ID (75.04) |
| 61 | North Las Vegas, NV (73.67) | 61 | North Little Rock, AR (75.02) | ||
| 62 | Eugene, OR (73.62) | 62 | Havre, MT (74.98) | ||
| 63 | Elizabeth, NJ (73.60) | 63 | Coeur d'Alene, ID (74.97) | ||
| 64 | Knoxville, TN (73.53) | 64 | Kahului, HI (74.94) | ||
| 65 | Norman, OK (73.51) | 65 | Rio Rancho, NM (74.92) | ||
| T-66 | Little Rock, AR (73.48) | 66 | Twin Falls, ID (74.91) | ||
| T-66 | Greensboro, NC (73.48) | 67 | Elizabethtown, KY (74.90) | ||
| 68 | Broken Arrow, OK (73.47) | 68 | Olive Branch, MS (74.87) | ||
| 69 | Manchester, NH (73.45) | 69 | Federal Way, WA (74.84) | ||
| 70 | Fort Collins, CO (73.37) | 70 | Post Falls, ID (74.83) | ||
| 71 | Mobile, AL (73.34) | 71 | Spearfish, SD (74.82) | ||
| 72 | Salt Lake City, UT (73.33) | 72 | Great Falls, MT (74.81) | ||
| 73 | Davenport, IA (73.32) | 73 | Butte-Silver Bow, MT (74.80) | ||
| 74 | Wilmington, NC (73.30) | 74 | Pine Bluff, AR (74.79) | ||
| 75 | Toledo, OH (73.23) | 75 | Pocatello, ID (74.78) | ||
| 76 | Bridgeport, CT (73.22) | 76 | Sparks, NV (74.77) | ||
| 77 | Henderson, NV (73.21) | 77 | Idaho Falls, ID (74.76) | ||
| 78 | Richmond, VA (73.13) | 78 | Summerville, SC (74.76) | ||
| 79 | Yonkers, NY (73.13) | 79 | Gillette, WY (74.71) | ||
| 80 | Green Bay, WI (72.96) | 80 | Helena, MT (74.63) | ||
| 81 | Waterbury, CT (72.94) | 81 | Harrisburg, PA (74.61) | ||
| 82 | Akron, OH (72.94) | 82 | Smyrna, DE (74.59) | ||
| 83 | Elgin, IL (72.93) | 83 | Bend, OR (74.58) | ||
| 84 | Athens, GA (72.92) | 84 | Kenner, LA (74.53) | ||
| 85 | Dayton, OH (72.91) | 85 | College, AK (74.50) | ||
| 86 | Alexandria, VA (72.90) | 86 | Bismarck, ND (74.46) | ||
| 87 | St. Petersburg, FL (72.88) | 87 | Concord, NH (74.45) | ||
| 88 | Fargo, ND (72.88) | 88 | Taylorsville, UT (74.44) | ||
| 89 | Lowell, MA (72.83) | 89 | Frederick, MD (74.44) | ||
| 90 | High Point, NC (72.76) | 90 | Danbury, CT (74.42) | ||
| 91 | Gilbert, AZ (72.69) | 91 | Rapid City, SD (74.39) | ||
| 92 | Olathe, KS (72.69) | 92 | Aberdeen, SD (74.36) | ||
| 93 | Chandler, AZ (72.66) | 93 | Evanston, WY (74.32) | ||
| 94 | Stamford, CT (72.55) | 94 | Yankton, SD (74.29) | ||
| 95 | Buffalo, NY (72.44) | 95 | Jamestown, ND (74.27) | ||
| 96 | Tempe, AZ (72.44) | 96 | Springfield, OR (74.26) | ||
| 97 | Springfield, MA (72.38) | 97 | Trenton, NJ (74.24) | ||
| 98 | Aurora, IL (72.35) | 98 | East Honolulu, HI (74.22) | ||
| 99 | Jersey City, NJ (72.25) | 99 | Missoula, MT (74.20) | ||
| 100 | Springfield, MO (72.24) | 100 | Norfolk, NE (74.17) | ||
| 101 | Evansville, IN (72.20) | 101 | Barre, VT (74.12) | ||
| 102 | Warren, MI (72.12) | 102 | Bozeman, MT (74.06) | ||
| 103 | Cedar Rapids, IA (72.09) | 103 | Medford, OR (74.06) | ||
| 104 | Madison, WI (72.07) | 104 | Rock Hill, SC (74.05) | ||
| 105 | Rockford, IL (72.06) | 105 | Fairmont, WV (74.04) | ||
| 106 | Fort Wayne, IN (72.02) | T-106 | Southaven, MS (74.03) | ||
| 107 | St. Paul, MN (72.00) | T-106 | Covington, KY (74.03) | ||
| 108 | Worcester, MA (71.99) | 108 | Rochester, NH (74.03) | ||
| 109 | Allentown, PA (71.88) | 109 | Meridian, ID (74.01) | ||
| 110 | Sioux Falls, SD (71.88) | 110 | Norwalk, CT (74.01) | ||
| 111 | Centennial, CO (71.81) | 111 | Hopkinsville, KY (73.99) | ||
| 112 | Paterson, NJ (71.77) | 112 | Waipahu, HI (73.92) | ||
| 113 | Hartford, CT (71.73) | 113 | Hastings, NE (73.91) | ||
| 114 | Sterling Heights, MI (71.66) | 114 | Horn Lake, MS (73.87) | ||
| 115 | Winston-Salem, NC (71.63) | 115 | Decatur, AL (73.83) | ||
| 116 | Cincinnati, OH (71.55) | 116 | Meridian, MS (73.81) | ||
| 117 | Grand Rapids, MI (71.46) | 117 | Edmond, OK (73.78) | ||
| 118 | Erie, PA (71.40) | 118 | Silver Spring, MD (73.77) | ||
| 119 | Columbia, MD (71.17) | T-119 | Toms River, NJ (73.77) | ||
| 120 | Orlando, FL (71.15) | T-119 | Dothan, AL (73.77) | ||
| 121 | Sunrise Manor, NV (71.09) | 121 | Council Bluffs, IA (73.75) | ||
| 122 | South Bend, IN (70.91) | 122 | Bristol, CT (73.73) | ||
| 123 | Syracuse, NY (70.72) | 123 | Watertown, SD (73.72) | ||
| 124 | Scottsdale, AZ (70.45) | 124 | Rutland, VT (73.72) | ||
| 125 | Plano, TX (70.35) | 125 | Dover, DE (73.72) | ||
| 126 | Rochester, NY (70.12) | 126 | Parkersburg, WV (73.70) | ||
| 127 | Columbia, MO (70.06) | 127 | Mitchell, SD (73.68) | ||
| 128 | Overland Park, KS (70.04) | 128 | Wahpeton, ND (73.68) | ||
| 129 | Providence, RI (69.99) | 129 | Bartlett, TN (73.67) | ||
| 130 | Peoria, IL (69.70) | 130 | Laconia, NH (73.66) | ||
| 131 | Durham, NC (69.70) | 131 | Union City, NJ (73.64) | ||
| 132 | Cary, NC (69.56) | 132 | Gary, IN (73.61) | ||
| 133 | Arlington, VA (69.46) | 133 | Renton, WA (73.60) | ||
| 134 | Sandy Springs, GA (69.43) | 134 | Schenectady, NY (73.57) | ||
| 135 | Naperville, IL (69.36) | 135 | North Platte, NE (73.55) | ||
| 136 | Paradise, NV (69.27) | 136 | Clifton, NJ (73.53) | ||
| 137 | Enterprise, NV (68.74) | T-137 | Conway, AR (73.50) | ||
| 138 | Provo, UT (68.03) | T-137 | Bowling Green, KY (73.50) | ||
| 139 | Bellevue, WA (68.00) | 139 | Roanoke, VA (73.49) | ||
| 140 | New Haven, CT (67.18) | 140 | St. George, UT (73.49) | ||
| 141 | Spring Valley, NV (66.56) | 141 | Derry, NH (73.48) | ||
| 142 | Rochester, MN (63.57) | 142 | Grand Island, NE (73.47) | ||
| 143 | Ann Arbor, MI (62.88) | 143 | Charleston, WV (73.44) | ||
| 144 | Cambridge, MA (59.91) | 144 | Owensboro, KY (73.43) | ||
| Cheektowaga, NY (73.42) | |||||
| Lynn, MA (73.42) | |||||
| Brookings, SD (73.42) | |||||
| Florence, KY (73.39) | |||||
| Levittown, PA (73.37) | |||||
| Albany, NY (73.33) | |||||
| Saco, ME (73.32) | |||||
| Warwick, RI (73.28) | |||||
| Sandy, UT (73.27) | |||||
| Weirton, WV (73.27) | |||||
| New Rochelle, NY (73.26) | |||||
| Germantown, MD (73.23) | |||||
| Georgetown, KY (73.23) | |||||
| Lorain, OH (73.23) | |||||
| Fremont, NE (73.21) | |||||
| Kalispell, MT (73.17) | |||||
| Stillwater, OK (73.17) | |||||
| Wheeling, WV (73.14) | |||||
| Auburn, ME (73.07) | |||||
| Cranston, RI (73.05) | |||||
| Huron, SD (73.04) | |||||
| Mount Pleasant, SC (73.02) | |||||
| Hammond, IN (72.98) | |||||
| New Bedford, MA (72.98) | |||||
| Parma, OH (72.95) | |||||
| Hattiesburg, MS (72.95) | |||||
| Fall River, MA (72.94) | |||||
| Keene, NH (72.94) | |||||
| Grand Forks, ND (72.94) | |||||
| Salina, KS (72.93) | |||||
| Bennington, VT (72.90) | |||||
| St. Joseph, MO (72.90) | |||||
| Shawnee, KS (72.90) | |||||
| Gaithersburg, MD (72.89) | |||||
| Beckley, WV (72.84) | |||||
| Manhattan, KS (72.80) | |||||
| West Fargo, ND (72.79) | |||||
| Youngstown, OH (72.78) | |||||
| Alexandria, LA (72.76) | |||||
| New Britain, CT (72.75) | |||||
| Dearborn, MI (72.75) | |||||
| Brookside, DE (72.72) | |||||
| Jonesboro, AR (72.71) | |||||
| Dover, NH (72.69) | |||||
| Tupelo, MS (72.68) | |||||
| Newport, RI (72.68) | |||||
| Cicero, IL (72.67) | |||||
| Springdale, AR (72.66) | |||||
| Biddeford, ME (72.65) | |||||
| Monroe, LA (72.64) | |||||
| Lake Charles, LA (72.62) | |||||
| Lawrence, KS (72.59) | |||||
| Tuscaloosa, AL (72.58) | |||||
| Lewiston, ME (72.54) | |||||
| Kearney, NE (72.53) | |||||
| Sioux City, IA (72.51) | |||||
| Racine, WI (72.50) | |||||
| Flint, MI (72.49) | |||||
| Columbus, NE (72.48) | |||||
| Waukegan, IL (72.45) | |||||
| Dubuque, IA (72.38) | |||||
| Janesville, WI (72.38) | |||||
| Canton, OH (72.38) | |||||
| Nashua, NH (72.37) | |||||
| Bloomington, MN (72.35) | |||||
| Richmond, KY (72.35) | |||||
| Waterloo, IA (72.32) | |||||
| Valley Falls, RI (72.30) | |||||
| Beaverton, OR (72.29) | |||||
| Brockton, MA (72.28) | |||||
| East Providence, RI (72.28) | |||||
| O'Fallon, MO (72.27) | |||||
| Westbrook, ME (72.24) | |||||
| Fort Smith, AR (72.23) | |||||
| Bear, DE (72.20) | |||||
| Scranton, PA (72.20) | |||||
| Madison, AL (72.19) | |||||
| Lee's Summit, MO (72.13) | |||||
| Pawtucket, RI (72.12) | |||||
| Fayetteville, AR (72.10) | |||||
| Hilton Head Island, SC (72.09) | |||||
| Quincy, MA (72.03) | |||||
| Jackson, TN (71.99) | |||||
| South Portland, ME (71.94) | |||||
| Rockville, MD (71.93) | |||||
| Kenosha, WI (71.90) | |||||
| Wilmington, DE (71.87) | |||||
| Westerly, RI (71.85) | |||||
| Livonia, MI (71.84) | |||||
| Woonsocket, RI (71.82) | |||||
| Portsmouth, NH (71.82) | |||||
| Oshkosh, WI (71.81) | |||||
| St. Cloud, MN (71.78) | |||||
| St. Peters, MO (71.75) | |||||
| Greenville, NC (71.75) | |||||
| Rogers, AR (71.74) | |||||
| Lenexa, KS (71.73) | |||||
| Westland, MI (71.71) | |||||
| Hillsboro, OR (71.63) | |||||
| Orem, UT (71.60) | |||||
| Winooski, VT (71.60) | |||||
| Brooklyn Park, MN (71.59) | |||||
| Eau Claire, WI (71.58) | |||||
| Essex Junction, VT (71.58) | |||||
| Appleton, WI (71.57) | |||||
| Hoover, AL (71.55) | |||||
| Mount Vernon, NY (71.53) | |||||
| Passaic, NJ (71.48) | |||||
| Portland, ME (71.43) | |||||
| Laramie, WY (71.38) | |||||
| Lafayette, IN (71.32) | |||||
| Lancaster, PA (71.31) | |||||
| Bethlehem, PA (71.21) | |||||
| Waukesha, WI (71.18) | |||||
| Middletown, DE (71.18) | |||||
| Johnson City, TN (71.14) | |||||
| Auburn, AL (71.14) | |||||
| Roswell, GA (71.06) | |||||
| Greenville, SC (71.05) | |||||
| Montpelier, VT (71.00) | |||||
| Brattleboro, VT (70.98) | |||||
| St. Charles, MO (70.90) | |||||
| Glasgow, DE (70.83) | |||||
| Camden, NJ (70.82) | |||||
| Reading, PA (70.81) | |||||
| Duluth, MN (70.77) | |||||
| Ellicott City, MD (70.51) | |||||
| Woodbury, MN (70.43) | |||||
| Ames, IA (70.40) | |||||
| Corvallis, OR (70.40) | |||||
| Pike Creek Valley, DE (70.37) | |||||
| Franklin, TN (70.35) | |||||
| Huntington, WV (70.14) | |||||
| Burlington, VT (69.96) | |||||
| Bangor, ME (69.86) | |||||
| West Des Moines, IA (69.84) | |||||
| Bloomington, IN (69.62) | |||||
| West Hartford, CT (69.60) | |||||
| Plymouth, MN (69.23) | |||||
| Maple Grove, MN (69.19) | |||||
| Fishers, IN (69.11) | |||||
| Johns Creek, GA (69.07) | |||||
| South Burlington, VT (68.94) | |||||
| Morgantown, WV (68.88) | |||||
| Central Falls, RI (68.82) | |||||
| Iowa City, IA (68.74) | |||||
| Newark, DE (68.38) | |||||
| Carmel, IN (68.09) | |||||
| Jackson, WY (67.86) | |||||
| Lebanon, NH (66.85) | |||||
| Bentonville, AR (66.74) | |||||
| Hockessin, DE (66.54) | |||||
| Middlebury, VT (64.17) |
Many scholars advocate for economic diversification, rather than specialization, to strengthen local economies. To shed more light on the benefits of the former, we asked a panel of experts to weigh in with their thoughts on the following key questions:
- What are the benefits to residents of living in an economically diverse city?
- Did cities with diversified economies better weather the recent economic downturn? Why?
- Are cities with diversified economies more likely to experience job and wage growth than cities with more specialized economies? Under what conditions?
- What policies and strategies can local authorities employ in order to encourage the diversification of the local economy?
In order to identify the most diversified local economies, WalletHub’s analysts compared 501 of the most populated U.S. cities — limiting each state to no more than 10 cities each - across three key metrics, which are listed below with their corresponding weights and subcomponents. Each metric was graded on a 100-point scale, with a score of 100 representing the most economic diversity.
We conducted our analysis using the Herfindahl-Hirschman Index method, which is a commonly accepted measure of market concentration that also works effectively as a general-purpose measure of diversity.
Our sample considers only the city proper in each case and excludes cities in the surrounding metro area. Each city was categorized according to the following population-size guidelines:
- Large cities: More than 300,000 residents
- Midsize cities: 100,000 to 300,000 residents
- Small cities: Fewer than 100,000 residents
We then calculated the total score for each city based on its weighted average across all metrics and used the resulting scores to construct our final ranking.
Industry Diversity - Total Points: 60Note: Considers the civilian employed population aged 16 and older- Agriculture, forestry, fishing and hunting, and mining
- Construction
- Manufacturing
- Wholesale trade
- Retail trade
- Transportation and warehousing, and utilities
- Information
- Finance and insurance, and real estate and rental and leasing
- Professional, scientific, and management, and administrative and waste management services
- Educational services, and health care and social assistance
- Arts, entertainment, and recreation, and accommodation and food services
- Other services, except public administration
- Public administration
- Management, business, science, and arts occupations
- Service occupations
- Sales and office occupations
- Natural resources, construction, and maintenance occupations
- Production, transportation, and material moving occupations
- Private wage and salary workers
- Government workers
- Self-employed in own not incorporated business workersNote: Includes “people who worked for profit or fees in their own unincorporated business, professional practice, or trade or who operated a farm,” as defined by the U.S. Census Bureau.
- Unpaid family workers
Sources: Data used to create this ranking were collected from the U.S. Census Bureau.
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