FOURTH QUARTER, 2017 • Vol. 2, No. 4
The FGCU Industry Diversification Index for the Southwest Florida workforce region—comprising Charlotte, Collier, Glades, Hendry, and Lee counties—increased in the second quarter of 2017, indicating an increase in workforce diversification for that time period. The workforce region’s IDI measured 8.436, which was higher than both the 1st quarter of 2017 (measured at 8.361) and the 2nd quarter of 2016 (measured at 8.410). The region rose one spot in the rankings, registering as the 10th most diversified workforce region in the state, out of 24 total regions. The index can register between 0 and 10, with 0 being the least diversified, and 10 being the most diversified.
The growth in industry diversification for Southwest Florida follows the usual trend for this quarter. Southwest Florida typically measures higher index measures during the quarters spanning April through September, and lower index measures during the quarters spanning October through March. The lower index measures, expected during the winter period, can be attributed to an influx of tourism and seasonal residents, which leads to an increase in demand for both the retail trade and accommodation and food service industries to meet the seasonal demand. When the winter period ends and seasonal residents leave the region, the demand for both of these industries contracts, leading to a more diverse economy during the spring and summer period.
The Cape Coral-Fort Myers IDI increased in the 2nd quarter of 2017, registering at 8.490. This was an increase from both the 2nd quarter of 2016 (measured at 8.426) and the 1st quarter of 2017 (measured at 8.458). Despite the increase in the IDI, the MSA remained the 7th most diversified MSA in the state, out of 22 total MSAs in the state of Florida.
The Naples-Immokalee-Marco Island IDI increased in the 2nd quarter of 2017, with an IDI of 8.606—higher than the 1st quarter of 2017 (measured at 8.471), but lower than the 2nd quarter of 2016 (measured at 8.652). The Naples-Immokalee-Marco Island MSA also had an increase in the rankings, rising two spots to 4th in the state of Florida.
The Punta Gorda IDI decreased in the 2nd quarter of 2017, measured at 7.539. This was an increase over both the 1st quarter 2017 measure (7.502) and the 2nd quarter 2016 measure (7.517). The increase resulted in the Punta Gorda MSA rising one spot in the rankings, to 20th in the state of Florida.
Florida’s workforce experienced an increase in industry diversification in the 2nd quarter of 2017, while also increasing in the rankings nationally. Florida’s IDI measured at 8.594, an increase from both the 1st quarter of 2017 (measured at 8.562) and the 2nd quarter of 2016 (measured at 8.555). The increase in Florida’s IDI also led to an increase in the rankings, with Florida ranked as the 20th most diverse state workforce in the country, behind Washington (8.632) and ahead of Louisiana (8.592). This ranking also marks a four-spot increase from the 2nd quarter of 2016 (24th). Despite the gains the state of Florida has made in the IDI, the state continues to rank in the bottom of the Southeast Region, which contains five of the top 10 states with the highest IDI in the United States.
Nationally, the most diversified states in the country were Georgia, South Carolina, and North Carolina, and the least diverse states were Maine, West Virginia, and Nevada. The IDI for the United States was 8.645.