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Saturday, April 24, 2021
Hawaii Towns Ranked by Economic Diversity
By Selected News Articles @ 11:50 PM :: 1880 Views :: Economy, Hawaii Statistics

2021's Cities with the Most & Least Diversified Economies

From Wallet Hub, April, 2021

“Don’t put all your eggs in one basket,” say the wisest investing experts. But that wisdom applies to the economy, too. During the Great Recession, local economies that diversified, tapping into new ideas and innovations, proved to be more resilient than the cities that stuck to their old tricks. That advice rings especially true in 2021, where certain state economies have been hit harder than others by the COVID-19 pandemic in part because they were concentrated too highly in vulnerable industries.

Some researchers have found that greater professional and industrial variety increases a city’s productivity, a pattern in growing and large urban areas in the U.S. and around the globe.

In other words, diversification helps an economy the way it protects an investor’s portfolio: Over time, job gains in some sectors will offset the losses in others. And that was exactly the outcome at the end of the financial crisis, when the number of professions in health care and social assistance multiplied while construction and manufacturing occupation rates declined.

In order to determine the most diversified local economies — and therefore the least susceptible to the changes in the market — WalletHub compared the 501 largest cities across three key metrics: industry diversity, occupational diversity and worker-class diversity.

Read More

Overall Rank* City Total Score Industry Diversity Occupational Diversity Worker-Class Diversity 
4 Mililani Town, HI 77.63 58 243 16
6 Hilo, HI 77.009 309 308 3
17 Pearl City, HI 76.658 67 322 29
43 Kaneohe, HI 75.769 120 301 63
44 Ewa Gentry, HI 75.725 196 261 60
58 Honolulu, HI 75.483 163 312 65
66 Kailua, HI 75.4 139 443 24
151 Waipahu, HI 74.115 230 126 217
180 East Honolulu, HI 73.734 239 463 43
181 Kahului, HI 73.724 328 266 169

 

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2021's Cities with Most & Least Economic Class Diversity

From Wallet Hub, April, 2021

There is perhaps no simpler method of categorizing Americans than by economic class, as the wealth gap has become increasingly large. For example, the top 1% of Americans have about $34 trillion in wealth, around 15 times the wealth of the bottom 50%.

In an ideal world, no American would live in poverty, yet one study projects as many as one in seven Americans could have resources below the poverty level in 2021, with COVID-19 as one of the major contributing factors. But increasing diversity may be able to help improve socioeconomic conditions for people from all backgrounds.

Consider education dollars, for instance, which flow traditionally from local taxes. The more tax dollars that higher-income-earning families can contribute to the local economy, the more a city can invest in public schools. This ensures children from low-income households receive an equal shot at a good education.

To recognize the cities where economic class diversity is most balanced or mixed, WalletHub compared 501 of the largest U.S. cities based on two key metrics, “Income Diversity” and “Educational-Attainment Diversity.”

Hawaii’s US Nationwide Extremes:

City with Lowest Concentration of Households with Annual Incomes of $34,999 or Less Ewa Gentry, HI (5.00%)

City with Lowest Concentration of Households with Annual Incomes Between $35,000 and $49,999 East Honolulu, HI (4.80%)

City with Highest Concentration of Households with Annual Incomes Between $100,000 and $149,999 Ewa Gentry, HI (28.70%)

Read More

Overall Rank* City Total Score Income Diversity Educational-Attainment Diversity 
64 Honolulu, HI 76.48 45 140
182 Kailua, HI 73.78 336 116
243 Kaneohe, HI 72.68 239 265
244 Hilo, HI 72.65 217 292
253 Pearl City, HI 72.48 168 355
266 Mililani Town, HI 72.26 190 356
285 Waipahu, HI 71.95 8 457
307 Kahului, HI 71.52 61 463
323 East Honolulu, HI 71.08 455 87
414 Ewa Gentry, HI 68.77 334 451

 

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2021’s Most Diverse Cities in the U.S.

From Wallet Hub, April, 2021

America is undergoing an extreme makeover, thanks to rapid demographic diversification. For example, while non-Hispanic whites are expected to remain the largest ethnic group for the foreseeable future, they will likely no longer make up a majority of the population by 2045. As the U.S. diversifies, it must stamp out hatred and promote unity, and there's a lot of work to do. For example, anti-Asian hate crimes spiked by nearly 150% in 2020.

It’s important to embrace diversity – and it’s good for the economy, too. Not only have waves of immigration changed the face of the nation, they’ve also brought in fresh perspectives, skills and technologies to help the U.S. develop a strong adaptability to change. Economies generally fare better when they openly embrace and capitalize on new ideas. Conversely, those relying on old ways and specialized industries tend to be hurt more by changes in the market.

This article is the final installment in WalletHub’s diversity study series. It combines household diversity and religious diversity with our previous reports on socioeconomic diversity, cultural diversity and economic diversity. WalletHub tallied the scores across the five major diversity categories for 501 of the largest cities across 13 metrics.

Read More

City Waipahu, HI Honolulu, HI Kahului, HI Pearl City, HI Mililani Town, HI Hilo, HI Kaneohe, HI Ewa Gentry, HI Kailua, HI East Honolulu, HI
Income Diversity 8 45 61 168 190 217 239 334 336 455
Educational-Attainment Diversity 457 140 463 355 356 292 265 451 116 87
Racial & Ethnic Diversity 256 86 100 79 33 20 27 15 41 70
Linguistic Diversity 72 84 68 176 219 170 235 112 256 197
Birthplace Diversity 323 175 287 390 397 469 423 229 100 270
Industry Diversity 230 163 328 67 58 309 120 196 139 239
Occupational Diversity 126 312 266 322 243 308 301 261 443 463
Worker-Class Diversity 217 65 169 29 16 3 63 60 24 43
Marital-Status Diversity 307 253 315 413 439 200 377 467 421 466
Age Diversity 170 32 249 271 204 237 189 421 131 427
Household-Type Diversity 428 271 456 459 482 219 458 497 470 489
Household-Size Diversity 1 233 6 53 73 179 30 18 71 262
Religious Diversity 349 349 255 349 349 105 349 349 349 349
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