Industry Diversification Project: Fourth Quarter 2023 Report
December 19, 2023 / RERI Research Team / Tag: Industry Diversification Project
Industry Diversification Project Fourth Quarter 2023 Report
The RERI has published the Industry Diversification Report for the fourth quarter of 2023. 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:
- The seasonally adjusted industry diversification index in Southwest Florida increased to 5.219 in the second quarter of 2023, ranking 8th out of all 24 workforce regions.
- The Naples-Immokalee-Marco Island MSA was the second most diversified MSA in the state (out of 22 total MSAs). Moreover, the Cape Coral-Fort Myers MSA and Punta Gorda MSA ranked 12th and 19th in the state, respectively.
- Industry diversification for the state of Florida rose to 5.225 for the second quarter of 2023, ranking it 23rd out of 50 states.
A copy of the latest report can be found below. To learn more about the Industry Diversification Index, visit the Industry Diversification Project website!
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