Visualizing Geographic Variability in the Economic Outcomes of Industry Diversity in the United States

This study investigates the variability in association between industry diversity and economic activities related to economic performance, socioeconomic well-being, and innovation. While economic development literature has extensively examined the formation of industry clusters and their influence on economic outcomes, less is known about how industry diversity may mitigate the challenges faced by single-sector economies and what factors may hinder its relationship to its generally expected positive outcomes. This exploratory research, which examines various dimensions of economic diversity, uncovers potential geospatial differences or similarities across regions and their possible relationships with performance and resilience. The findings indicate that no strict assumptions regarding the relationship between economic diversity and economic performance, well-being, or innovation can be made. Instead, these relationships are complex and nuanced, appearing to be geographically contingent and shaped by interactions with local or regional economic conditions, including demographic and socioeconomic factors, business dynamics, and technological adaptation over time.