9 Large Cities with Greatest Economic Diversity
One of the metrics that my apartment syndication company has found to be the most valuable when evaluating new target investment markets is job diversity.
Job diversity is based on the percentage of jobs in each industry in a market. A market with one sector employing a large percentage of the population is less diverse than a market with multiple sectors employing a smaller percentage of the population.
My companys rule of thumb is that we dont want to invest in a market that has one sector employing 25% or more of the population, with 20% being the ideal target.
To determine the most diverse economies, WalletHub ranked 501 cities across three economic metrics: industry diversity, occupational diversity, and worker-class diversity. Here are the 9 large cities that topped their list:
9. Long Beach, CA
- Industry, Occupational, Worker-Class Diversity Score: 75.35
8. Los Angeles, CA
- Industry, Occupational, Worker-Class Diversity Score: 75.42
7. Oklahoma City, OK
- Industry, Occupational, Worker-Class Diversity Score: 75.57
6. Virginia Beach, VA
- Industry, Occupational, Worker-Class Diversity Score: 75.67
5. Corpus Christi, TX
- Industry, Occupational, Worker-Class Diversity Score: 75.90
4. El Paso, TX
- Industry, Occupational, Worker-Class Diversity Score: 75.99
3. Bakersfield, CA
- Industry, Occupational, Worker-Class Diversity Score: 76.40
2. Fresno, CA
- Industry, Occupational, Worker-Class Diversity Score: 76.43
1. Sacramento, CA
- Industry, Occupational, Worker-Class Diversity Score: 76.59
Are you an accredited investor who is interested in learning more about passively investing in apartment communities?
Click here for the only comprehensive resource for passive apartment investors.