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

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.

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