Economic diversity

Domain: 
Dynamic, resilient local economies
Sub-Domain: 
Economic Activity
Measure: 
The regional index of economic diversity
Rationale: 
1

The Regional Index of Economic Diversity determines the degree to which the region’s industry mix differs from that of the nation. When the index value is close to one, the industrial profile of a region mirrors that of the national economy and is considered more diverse. A local economy that has a diverse economic base and does not rely heavily on a particular industry will be more resilient to market fluctuations.

Data Source: 
The Regional Index of Economic Diversity, Lawrence Consulting, 2011
References: 
Lawrence Consulting (2008). Retrieved from www.lawrenceconsulting.com.au


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