Investing in the World's Cities (from the National Association of Realtors - NAR- Wed., Jan. 14, 2009)
Over half the world's people live in cities, meaning that more than 50% of us reside directly in the midst of a highly globalized economy. By mid-century the share is expected to reach 70%. And while non-city dwellers may feel removed from all this, successes (or failures) of the world's cities (which draw the majority of cross-border investment) directly impact the larger economy.
As the U.S. awaits Obama's economic stimulus plan, a new report provides insight into the competitive assets most crucial to the future growth and success of 20 leading cities--including four in the U.S. Cities of Opportunity finds that a concentration of diverse talent and capacity to constantly reinvent best positions these cities to lead the way out of the global recession.
The report uses 51 variables to measure and compare competitive assets and suggests how cities can leverage their strengths. In terms of cost competitiveness (attraction to finance and commerce), U.S. cities scored very well with Houston, Chicago and L.A. at the top, and NYC ranking 8th, which is very favorable compared to market competitors London and Hong Kong.
Whether assisting investors with U.S. or global locations, this report provides insight on 10 indicators vital to the success of a city and, subseqeunty, its investment attractiveness. At least one U.S. city ranked in the top five in all categories, and the four U.S. cities assumed the top four spots in the Technology IQ/Innovation category.
Read the report introduction, or download the full report (3.5MB; 44 pgs.). Get a quick view of the rankings for each of the 10 indicators.
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