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Indices of Industrial Diversity and Regional Economic Composition

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  • ELIZABETH MACK
  • TONY H. GRUBESIC
  • ERIN KESSLER

Abstract

ABSTRACT Attempts to differentiate regions from one another, whether in social, demographic, or economic terms, have led to the development of numerous indices to summarize the economic composition of regions. This study revisits classic indices of industrial diversity to evaluate their applicability for benchmarking local and regional economies. Specifically, we explore a multivariate extension of these diversity indices for measuring concentration in an effort to evaluate their ability to accurately depict spatial relationships of county level resources for the contiguous U.S. The relative abilities of the classic indices are compared to a developed measure of resource concentration, the County Similarity Index (CS‐Index), which represents a computationally simple and flexible alternative to these indices. Results suggest the CS‐Index produces superior results to the indices evaluated, particularly with regard to the spatial relationships of county resource concentrations, which are quantified using global and local indicators of spatial association.

Suggested Citation

  • Elizabeth Mack & Tony H. Grubesic & Erin Kessler, 2007. "Indices of Industrial Diversity and Regional Economic Composition," Growth and Change, Wiley Blackwell, vol. 38(3), pages 474-509, September.
    • Handle: RePEc:bla:growch:v:38:y:2007:i:3:p:474-509
    DOI: 10.1111/j.1468-2257.2007.00380.x
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    1. Alison Felix, 2012. "Industrial diversity, growth, and volatility in the seven states of the Tenth District," Economic Review, Federal Reserve Bank of Kansas City, vol. 97(Q IV).
    2. Belmartino, Andrea & Calá, Carla Daniela, 2020. "A regional approach to the study of industrial diversity in Argentina (1996–2012)," Revista CEPAL, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL), April.
    3. Yilin Dong, 2020. "Determinants of entry: Evidence from new manufacturing firms in the U.S," Growth and Change, Wiley Blackwell, vol. 51(4), pages 1542-1561, December.
    4. Hu, Xinlei & Wang, Xiaokun (Cara) & Ni, Linglin & Shi, Feng, 2022. "The impact of intercity economic complementarity on HSR volume in the context of megalopolization," Journal of Transport Geography, Elsevier, vol. 98(C).
    5. Koo, T. & Halpern, N. & Papatheodorou, A. & Graham, A. & Arvanitis, P., 2016. "Air transport liberalisation and airport dependency: developing a composite index," Journal of Transport Geography, Elsevier, vol. 50(C), pages 83-93.
    6. Watson, Philip & Deller, Steven, 2017. "Economic diversity, unemployment and the Great Recession," The Quarterly Review of Economics and Finance, Elsevier, vol. 64(C), pages 1-11.
    7. Run Yu & Junning Cai & PingSun Leung, 2009. "The normalized revealed comparative advantage index," The Annals of Regional Science, Springer;Western Regional Science Association, vol. 43(1), pages 267-282, March.
    8. Jing Chen, 2017. "Geographical Scale, Industrial Diversity and Regional Economic Stability," Working Papers Working Paper 2017-03, Regional Research Institute, West Virginia University.
    9. Belmartino, Andrea, 2016. "Diversidad industrial en las provincias argentinas y factores económicos asociados (1996-2012)," Nülan. Deposited Documents 2604, Universidad Nacional de Mar del Plata, Facultad de Ciencias Económicas y Sociales, Centro de Documentación.
    10. Tessa Conroy & Steven Deller, 2023. "I will survive…but at what (opportunity) cost?: A spatial analysis of business survival and Jacobian externalities," Growth and Change, Wiley Blackwell, vol. 54(2), pages 550-571, June.

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