2017’s Most & Least Socioeconomically Diverse Cities

From Wallet Hub, May 4, 2017

Parsing Americans by economic class is simple: You’re either one of the wealthiest 1 percent or the bottom 99, thanks to an ever wider wealth gap. Indeed, the rich are richer and the poor even poorer today, but how? Between 2009 and 2012, the top 1 percent of earners captured 95 percent of all post-recession income growth.  (Thanks, Obama!) That raised this group’s collective share of total U.S. wealth to more than 40 percent, compared with just nearly 26 percent in 1982. As a result, poverty today reflects the same levels seen during the financial crisis and has reached communities it historically did not afflict.

But some experts argue that the complete absence of poverty is not necessarily ideal. Unequal distribution of income can actually create advantages, too. As one financial analyst explained, “An economy that has no wealth inequality will, most certainly, stagnate and die leaving widespread poverty behind. We want and need the right amount of wealth inequality to fuel the creative ambition that leads people to seek a better financial future.” Education, which generally diminishes unemployment odds and raises income potential, is often considered one of the best ways to move up the economic ladder.

In order, therefore, to determine the cities with the healthiest balance of socioeconomic diversity, WalletHub’s analysts compared 501 of the largest U.S. cities based on the variations in income and educational attainment in each. Read on for their findings, key insight from a panel of researchers …. FULL STORY

2017’s Cities with the Most & Least Diversified Economies

Wallet Hub, May 4, 2017

“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.

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. “More diversified economies are less volatile in terms of outputs, and lower output volatility is associated with higher economic growth,” according to the United Nations Industrial Development Organization.

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 damaging effects of market volatility — WalletHub’s analysts compared the 501 largest cities across three key metrics: industry diversity, occupational diversity and worker-class diversity. Read on for their findings, expert commentary from a panel of researchers…FULL STORY.

2017’s Most Diverse Cities in America

From Wallet Hub, May 4, 2017

America is undergoing an extreme makeover, thanks to rapid demographic diversification. By 2050, you won’t even recognize her. But America’s transformation is more than skin-deep — it’s economic, too. Not only have waves of immigration changed the face of the nation, they’ve also ushered 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 more susceptible to the negative effects of market volatility.

Culminating our diversity study series, this final installment combines household diversity and religious diversity with our previous reports on socioeconomic diversity, cultural diversity and economic diversity. WalletHub’s analysts tallied the scores across the five major diversity categories for 501 of the largest cities in order to determine the most kaleidoscopic places in America. Read on for their findings, expert commentary from a panel of researchers … FULL STORY.