Bloomberg Economic Index Gives PA Top Ranking for “Most Diverse Economy”

Pennsylvania map outlining Columbia and Montour countiesFrom PA Chamber of Business & Industry

In its inaugural “Economic Diversity Index,” the financial news company Bloomberg has awarded Pennsylvania with the distinction of being the nation’s most diverse economy.

As reported in the Pittsburgh Post-Gazette, the Commonwealth edged out Texas for the No. 1 ranking after an analysis of the GDP generated in both the public and private sectors for each state.  According to the index, Pennsylvania ranked highest due to the balance in GDP among several key industries – real estate, manufacturing and health care.  When accounting for the public sector alone, Pennsylvania places third in the nation for GDP growth, with Colorado and Texas leading the rankings.

Toronto-Dominion Bank was quoted in the PG story as saying that “Pennsylvania’s proximity to large population centers and more affordable real estate remains fertile ground,” “Health care has been leading job creation for the past half-decade,” while “Pittsburgh is in the process of making the transition from steel city to tech town.”

These attributes – along with the state’s ample natural resources – will help to drive Pennsylvania’s economy forward in the 21st century.  However, as a WalletHub survey recently proved, the state also has a long way to go in the way of its perceived business friendliness.  The PA Chamber is a leading voice in advocating for comprehensive state-level tax reforms, starting with lowering our 9.99 percent Corporate Net Income Tax rate; reducing the Commonwealth’s outdated and onerous regulatory policies; enacting civil justice reforms to bring fairness and predictability to Pennsylvania’s legal system; among other pro-business legislative priorities that are highlighted on our website.  Our organization looks forward to working with elected officials toward these policy goals when lawmakers return to session in September.