Pennsylvania Dethrones Texas, Claims Title of Nation’s Most Diverse State Economy

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Image of the intersection of Chocolate and Cocoa avenues in Hershey via Wikipedia.

Pennsylvania has overtaken Texas to claim the title of the nation’s most diverse state economy, write Lee Miller and Wei Lu for the Pittsburgh Post-Gazette.

According to Bloomberg’s inaugural Economic Diversity Index, the Keystone State is much more than just U.S. Steel and Hershey’s chocolate.

To create the diversity index, Bloomberg analyzed contributions made to gross domestic product by industry and government in each of the 50 states. The index is a good indicator of which states are best insulated from sudden swings in a single industry or company.

Real estate proved to be the largest GDP component in 20 states, followed by manufacturing in 16 states. Pennsylvania topped the list thanks to its good balance in several areas, including real estate at 12.2 percent, manufacturing at 11.9 percent, and healthcare at 9.9 percent.

“Pennsylvania’s proximity to large population centers and more affordable real estate remains fertile ground,” said Toronto-Dominion Bank recently, adding that “healthcare has been leading job creation for the past half-decade.”

The government sector also plays a big role in Pennsylvania’s economy. If government contributions to GDP were excluded, Pennsylvania would drop two places on the list, just behind Colorado and Texas.

Read more about Pennsylvania’s economy in the Pittsburgh Post-Gazette here.

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