How protected is the local economy? Hillsborough ranks 4th on Economic Diversity index
August 27, 2019
In light of recent talks about a looming recession, it’s timely to talk about Hillsborough County’s economic diversity. We’ve come along way since The Great Recession in diversifying our economy, which according to Chmura Economics & Analytics, will help insulate us from economic shocks.
In fact, Hillsborough County ranks 4th in the nation on the Economic Diversity Index, which gauges how flexible and stable an economy is during a disruptive event. Hillsborough County scored 0.4057 compared to the United States’ index of 1.00. A lower number signifies a more diverse economy and is better insulated against financial shockwaves.
Together, the Tampa metro area, including Pinellas, Hillsborough, Pasco and Hernando counties ranked No. 8 in the nation among population of 500,000 or more. An economy that is diverse and supports a mixture of industries is protected against unpredictable circumstances.
“The goal of any economic development program is to have a diverse economy,” said Craig Richard, CEO of the Tampa Hillsborough Economic Development Corp. “By having a local diverse economy, that will shield us from any one industry that is adversely affected by the recession.”
Read more from the Tampa Bay Business Journal.