New York fares well in comparison to other global capitals following the economic downturn of 2008, according to Cities of Opportunity, an annual report on what makes cities thrive, released in a report by the Partnership for New York City and PricewaterhouseCoopers (PwC). The report analyzes how twenty-one global cities perform as centers of business opportunity, according to 58 variables in 10 indicator areas. New York City holds the top spot in two categories and ranks in the top 6 cities in 8 of the ten categories. New York City and other long-standing world business capitals have weathered a global recession with core economic assets intact but challenges to our pre-eminence are emerging from cities that people find more livable and affordable. Mature cities will need to keep down the costs of living and doing business and improve quality of life to retain top talent and the best jobs in an increasingly competitive world.
#1 in Technology IQ and Innovation, an indicator of a city’s ability to adapt to and take advantage of technological advances in the global economy.
#3 in Economic Clout, which indicates a city’s ability to influence world markets, attract investment, and stimulate growth. London and Paris take first and second place.
# 1 in the Lifestyle Assets category. As with Economic Clout, this category favors larger, more mature cities that have well-established entertainment, tourism, fashion and culinary industries.
# 2 in the Intellectual Capacity category, beat out by Paris, followed by Tokyo, London, Seoul, and Chicago, dependent primarily on a city’s share of top universities and medical schools, as well as its percentage of population with higher education.
# 13 out of the 21 cities surveyed in the Cost category, which the report cites as one of the most basic considerations for business location and expansion decisions, own from #9 (out of 20 cities) in last year’s report. New York City fares particularly poorly in cost of living and cost of business occupancy. Los Angeles, Toronto and Chicago rank in the top five.
# 6 in the Sustainability category (tied with London). Stockholm is first, followed by Sydney and Frankfurt. We received a poor rating in air quality and carbon footprint, reflecting the challenges of a densely developed and highly trafficked city.
# 8 in Demographics and Livability, which measures viable housing options, commute times, climate, healthcare, and education. “Second cities” consistently outperform historically dominant “power” cities here.
# 4 in Transportation and Infrastructure
# 3 in Ease of Doing Business
#6 in Health, Safety and Security.
This all bodes well for our city that seems to have weathered the recession almost as boldly as it weathered 9/11!