Which State Economy Is the Most Economically Diverse?

Jeff Edwards01Our research department recently came across a newsworthy economic morsel that I want to share. According to a Kem C. Gardner Policy Institute analysis of Bureau of Economic Analysis data, Utah has the most economically diverse economy in the nation, with a Hachman Index of 97.9.

The index compares the industrial mix of a given state to the industrial mix of the nation as a whole. The closer the value is to 100, the more diverse the economy.

Utah’s index has been increasing for some time. In 2014 we were fourth most diverse and in 2015 took over the number one spot. This diversity is important because it lessens the impact on the state’s economy during times of recession while helping the state to rebound from downturns more quickly.

On another note, last week I mentioned our summer Golf for Grants Tournament, which will be held June 8 at the Eaglewood Golf Course in North Salt Lake. Please mark your calendars for this fun event. Kevin Bischoff, our director of membership development, is wrapping up the tournament sponsors and prize donations for the event. If you are interested in playing a key role in helping us put on the tournament, please contact Kevin, 801-323-4255 or [email protected].

Also, the 10th Annual Utah Economic Summit, hosted by Gov. Gary Herbert, is less than a month away. It takes place April 14-15 at the Grand America Hotel in Salt Lake City. EDCUtah is a sponsor of this important event and we encourage you to support the summit by registering to attend. Use the promo code EDCU30 to receive a $30 discount on your registration fee. The summit is designed to enhance Utah’s businesses in the local, national and global marketplaces while fostering our environment as the “best place for business.” With in-depth analysis of economic development, policy and growth issues, the summit serves as a beneficial path for executives to lead their companies to exponential growth. We look forward to seeing you at the event.