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Industrial diversity, growth, and volatility in the seven states of the Tenth District

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  • Alison Felix

Abstract

State and local officials have long sought to diversify the mix of industries in their regions, hoping to reduce short-term volatility in their communities? economic growth rates and potentially boost overall long-term growth. ; While theory does suggest that industrial diversity can reduce economic volatility, views are mixed on whether and how industrial diversity affects long-term growth. ; Examining the varied landscape of industrial diversity across hundreds of counties in the Tenth District?s seven-state region, Felix finds that counties with greater diversity did see more economic stability over a three-decade period. However, differences in industrial diversity had no significant impact on overall growth across the period, neither increasing nor restraining growth rates for employment or wages.

Suggested Citation

  • 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).
  • Handle: RePEc:fip:fedker:y:2012:i:qiv:n:v.97no.4:x:2
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    References listed on IDEAS

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    1. Attaran, Mohsen, 1986. "Industrial Diversity and Economic Performance in U.S. Areas," The Annals of Regional Science, Springer;Western Regional Science Association, vol. 20(2), pages 44-54, July.
    2. 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.
    3. John R. Kort, 1981. "Regional Economic Instability and Industrial Diversification in the U.S," Land Economics, University of Wisconsin Press, vol. 57(4), pages 596-608.
    4. Shu-hen Chiang, 2009. "The effects of industrial diversification on regional unemployment in Taiwan: is the portfolio theory applicable?," The Annals of Regional Science, Springer;Western Regional Science Association, vol. 43(4), pages 947-962, December.
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    Cited by:

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    2. Tunstall, Thomas, 2015. "Recent Economic and Community Impact of Unconventional Oil and Gas Exploration and Production on South Texas Counties in the Eagle Ford Shale Area," Journal of Regional Analysis and Policy, Mid-Continent Regional Science Association, vol. 45(1).

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