4

Miami Has the 18th Most "Diversified" Economy in the Country; Hialeah 16th

^
Keep New Times Free
I Support
  • Local
  • Community
  • Journalism
  • logo

Support the independent voice of Miami and help keep the future of New Times free.

It's a common complaint that Miami puts too many of its economic eggs in the baskets of tourism and development, but according to at least one recent study Miami actually has one of the most "diversified" economies in the country. WalletHub ranked Miami 18th out of 350 American cities considered. Hialeah, meanwhile, came in a bit higher at 16th.

The study took three main factors into account.

  • Industry Diversity: Meaning the diversity of the industries of jobs in the area
  • Occupational Diversity: Meaning the types of jobs locals work in those industries: i.e. sales, management, construction, transportation, service jobs etc. Basically this differentiates someone who works say in the food service industry and drives delivery trucks from someone who designs the packaging.
  • Worker-Class Diversity: Including Private wage and salary workers, Government workers, Self-employed or Unpaid family workers.

Miami, as in just the actual City of Miami, ranked 69th in Industry Diversity, 29th in Occupational Diversity, and 160th in Worker-Class Diversity.

The study found that Miami's most common jobs were management, business, science, and arts occupations, while the least common were production, transportation, and material moving occupations.

The most common industries were actually educational services and health care and social assistance. The least common were agriculture, forestry, fishing and hunting, and mining. Meanwhile, most workers were private-wage or salaried workers.

Hialeah, meanwhile, came in 16th. It ranked 10th for Industry Diversity, 19th for Occupational Diversity, and 241th for Worker-Class Diversity.

Oddly, WalletHub claims that cities with diversified economies, "sailed gracefully through the global economic storm," which we all know was not the case in Miami.


Follow Miami New Times on Facebook.

Keep Miami New Times Free... Since we started Miami New Times, it has been defined as the free, independent voice of Miami, and we would like to keep it that way. Offering our readers free access to incisive coverage of local news, food and culture. Producing stories on everything from political scandals to the hottest new bands, with gutsy reporting, stylish writing, and staffers who've won everything from the Society of Professional Journalists' Sigma Delta Chi feature-writing award to the Casey Medal for Meritorious Journalism. But with local journalism's existence under siege and advertising revenue setbacks having a larger impact, it is important now more than ever for us to rally support behind funding our local journalism. You can help by participating in our "I Support" membership program, allowing us to keep covering Miami with no paywalls.

We use cookies to collect and analyze information on site performance and usage, and to enhance and customize content and advertisements. By clicking 'X' or continuing to use the site, you agree to allow cookies to be placed. To find out more, visit our cookies policy and our privacy policy.

 

Join the New Times community and help support independent local journalism in Miami.

 

Join the New Times community and help support independent local journalism in Miami.