WalletHub: R.I. has one of least diverse economies

RHODE ISLAND HAS one of the least diverse economies, according to a study by personal finance website, WalletHub. It ranked 337 out of 350 cities rated. / COURTESY WALLETHUB
RHODE ISLAND HAS one of the least diverse economies, according to a study by personal finance website, WalletHub. It ranked 337 out of 350 cities rated. / COURTESY WALLETHUB

PROVIDENCE – In a ranking of 350 of the nation’s largest cities, Rhode Island has one of the least diversified economies, coming in at No. 337 on the list, according to a study by WalletHub.
The personal finance website rated the economies of states, determining which had the most diversity, and which had the least. WalletHub said it conducted the study because economic diversity has been proven to increase a city’s productivity and boost its economic growth.
Three factors were considered to come up with the rankings: industrial diversity, which was where Rhode Island performed the best at No. 158; occupational diversity, which gave it a low rating of No. 331; and worker-class diversity, again another low rating at No. 329.
In the occupational diversity category, Rhode Island’s most prominent occupations, management, business, science and arts were highlighted, as well as its least, natural resources, construction and maintenance.
In the industry diversity segment, Rhode Island’s most prominent industries were identified as educational services, and health care and social assistance, while the least, agriculture, foresty, fishing and hunting, and mining, were noted.
Private wage and salary workers were the most prominent worker classes, while unpaid family workers were the least.
Andrew J. Hussey, an associate professor of economics at University of Memphis, was one of several experts polled about the benefits of economic diversity by WalletHub. Hussey said economically diverse cities provide residents “some insurance against major economic downturns, globalization, changing legislation and natural technological progress, each of which is likely to have a differential effect on various industries and occupations.”
“A varied economic composition in terms of jobs can also draw a diverse mix of residents, which could lead to cross-pollination of ideas – or, at the very least, make life more interesting,” Hussey said.
Four of the top five cities for economic diversity were in California: Inglewood, El Monte, Jurupa Valley and Oxnard. Odessa, Texas was fifth.

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