THIRD QUARTER, 2018 • Vol. 3, No. 3
The FGCU Industry Diversification Index for the Southwest Florida workforce region—comprising Charlotte, Collier, Glades, Hendry, and Lee counties—declined in the first quarter of 2018, indicating a decrease in workforce diversification for that time period. The workforce region’s IDI measured 8.442, a decline from the 4th quarter of 2017 (measured at 8.488), but higher than the 1st quarter of 2017 (measured at 8.361). The fall in IDI resulted also resulted in a decline in the rankings, registering as the 9th 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 decline 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 decreased in the 1st quarter of 2018, registering at 8.480. This was a decline from the 4th quarter of 2017 (measured at 8.501), but an improvement from the 1st quarter of 2017 (measured at 8.458). Despite the fall in the IDI, the MSA remained unchanged in the rankings, measured as the 7th most diversified MSA in the state, out of 22 total MSAs in the state of Florida.
The Naples-Immokalee-Marco Island IDI declined in the 1st quarter of 2018, with an IDI of 8.543—lower than both the 4th quarter of 2017 (measured at 8.678) and the 1st quarter of 2017 (measured at 8.471). The Naples-Immokalee-Marco Island MSA fell two spots in the rankings, becoming the 5th most diversified MSA in the state.
The Punta Gorda IDI increased in the 1st quarter of 2018, measured at 7.407, an improvement over the 4th quarter 2017 measure (7.377), but below the 1st quarter 2017 measure (7.502). Despite the increase, the Punta Gorda MSA fell one spot in the rankings, to 21st in the state of Florida.
Florida’s workforce experienced an increase in industry diversification in the 1st quarter of 2018, while improving in the rankings nationally. Florida’s IDI measured at 8.596, an increase from both the 4th quarter of 2017 (measured at 8.567) and the 1st quarter of 2017 (measured at 8.562). The increase in Florida’s IDI resulted in an improvement in the rankings, with Florida ranked as the 20th most diverse state workforce in the country, behind Arizona (8.597) and ahead of Maryland (8.528). 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 Tennessee, and the least diverse states were West Virginia, Alaska, and Nevada. The IDI for the United States was 8.642.