PALMDALE – The city of Palmdale was recently notified by WalletHub.com that its economy has been ranked by the personal finance outlet as the 12th most diversified in 2015.
Scoring number 1 as the best and 175 as most average, the WalletHub study identified 350 of the largest U.S. economies with the highest mix of industries and professions. The online staff focused on three key metrics for their ratings, including industry diversity, occupational diversity and worker-class diversity.
As the 12th most diversified economy in the nation overall, Palmdale ranked 28th in occupational diversity, with sales and office occupations listed as the most prominent. However, the city’s least prominent occupations included construction, natural resources and maintenance occupations, according to the study.
Palmdale also ranked 60th in its worker-class diversity, with the most prominent worker-classes noted as private wage and salary workers.
The city’s industry diversity was rated at 67th, where educational services, health care and social assistance stood out as the most prominent industries.
John Mlynar, Palmdale’s communications manager, said that several strategic business pursuits have put the city back on the map as a significant player in the economy. He mentioned Kinkisharyo as one, along with the Palmdale Power Plant and the nearly 20 solar projects that are creating a local energy business sector.
“Although the aerospace industry continues to be the backbone of the area’s economy, Palmdale has worked hard to attract diverse industry sectors to our city,” Mlynar told The AV Times.
Mlynar also brought attention to the opening of the Palmdale Regional Medical Center, which creates a “viable cornerstone to develop a medical sector,” and an expanding retail and restaurant presence with the opening of Dick’s and H&M at the Antelope Valley Mall.
In addition, he said, “Innovative learning centers such as the AERO Institute, DeVry Institute and The Palmdale Aerospace Academy help develop the education sector of the economy.”
The WalletHub study notes that U.S. cities with the most diversified economies are more likely to survive global economic crises. According to the study’s authors, “Diversification helps an economy the way that it protects an investor’s portfolio: Within a certain time period, job gains in some sectors will offset the losses in others.”
The study used data obtained from the U.S. Census Bureau to create the rankings.
Other economies from the Los Angeles County High Desert area included Lancaster and Santa Clarita.
Lancaster ranked 88 in the study and was listed at 83 in industry diversity, 151 in occupational diversity, and 28 in worker-class diversity. Santa Clarita made the list at 58, ranking 260 in industry diversity, 31 in occupational diversity, and 120 in worker-class diversity.
WalletHub’s full study can be viewed at: http://wallethub.com/edu/cities-with-the-most-least-diversified-economies/10852/