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OurLIC Special Report: New York City Remains a Global Powerhouse, According to Partnership for New York City and PricewaterhouseCoopers Report.

Issues of Cost, Livability and Sustainability Are Significant Future Challenges.


Kathryn Wylde, President & CEO, Partnership for New York City

Go to Partnership for New York City

Go to Economic Forecast March 18, 2010 at LICBDC / QEDC Meeting.

 


Part 6: Economic Forecast for NYC, Kathryn Wylde, President & CEO Partnership for New York, LICBDC / QEDC Breakfast 2/18/2010


Part 7: Economic Forecast for NYC, Kathryn Wylde, President & CEO Partnership for New York, LICBDC / QEDC Breakfast 2/18/2010


Part 8: Economic Forecast for NYC, Kathryn Wylde, President & CEO Partnership for New York, LICBDC / QEDC Breakfast 2/18/2010


Part 9: Economic Forecast for NYC, Kathryn Wylde, President & CEO Partnership for New York, LICBDC / QEDC Breakfast 2/18/2010


Part 10: Economic Forecast for NYC, Kathryn Wylde, President & CEO Partnership for New York, LICBDC / QEDC Breakfast 2/18/2010


Part 11: Economic Forecast for NYC, Kathryn Wylde, President & CEO Partnership for New York, LICBDC / QEDC Breakfast 2/18/2010


Part 12: Economic Forecast for NYC, Kathryn Wylde, President & CEO Partnership for New York, LICBDC / QEDC Breakfast 2/18/2010


Part 13: Economic Forecast for NYC, Kathryn Wylde, President & CEO Partnership for New York, LICBDC / QEDC Breakfast 2/18/2010


Part 15: Economic Forecast for NYC, Kathryn Wylde, President & CEO Partnership for New York, LICBDC / QEDC Breakfast 2/18/2010


Part 16: Economic Forecast for NYC, Kathryn Wylde, President & CEO Partnership for New York, LICBDC / QEDC Breakfast 2/18/2010


Part 17: Economic Forecast for NYC, Kathryn Wylde, President & CEO Partnership for New York, LICBDC / QEDC Breakfast 2/18/2010


Part 18: Economic Forecast for NYC, Kathryn Wylde, President & CEO Partnership for New York, LICBDC / QEDC Breakfast 2/18/2010


Part 19: Economic Forecast for NYC, Kathryn Wylde, President & CEO Partnership for New York, LICBDC / QEDC Breakfast 2/18/2010

 

 

March 18, 2010 -

New York City Remains a Global Powerhouse, According to Partnership for New York City and PricewaterhouseCoopers Report

Issues of Cost, Livability and Sustainability Are Significant Future Challenges

New York City is faring 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 today 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.  Along with traditional urban powerhouses London, Paris and Tokyo, New York's strength is anchored by its historic dominance in "power" indicators such as economic clout, intellectual capacity and lifestyle assets.  However, the world's so-called "second cities" - places like Chicago, Toronto, and Sydney - have gained considerable ground in many areas, including livability, sustainability and cost measures. 

"New York City and other long-standing world business capitals have weathered a global recession with core economic assets intact," said Kathryn Wylde, President & CEO of the Partnership for New York City. "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."

"The recent economic downturn, coupled with increasing urbanization, calls for a greater focus on strengthening cities worldwide," said Bob Moritz, US chairman and senior partner of PwC. Cities of Opportunity provides a valuable roadmap for government leaders to improve the competitive standing of their cities and attract and retain businesses that will drive the economy."

New York City ranks first 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.  New York is followed by Chicago, Tokyo, Singapore and Stockholm. 

New York City remains in the top three when it comes to Economic Clout, a category which indicates a city's ability to influence world markets, attract investment, and stimulate growth. London and Paris take first and second place, respectively. Last year, New York and Paris tied for second place behind London.  

New York City surpasses Paris this year to secure the top ranking 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. 

Conversely, Paris overtakes second-place New York City in the Intellectual Capacity category.  They are followed by Tokyo, London, Seoul, and Chicago.  This ranking depends primarily on a city's share of top universities and medical schools, as well as its percentage of population with higher education.

New York City ranks 13th 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.  This is down from 9th (out of 20 cities) in last year's report. New York City fares particularly poorly in cost of living and cost of business occupancy.  Three other North American cities, Los Angeles, Toronto and Chicago rank in the top five. 

New York City drops from first to a tie for sixth with London in the Sustainability category. Stockholm, a newcomer to Cities of Opportunities, is first, followed by Sydney and Frankfurt.  New York City receives a particularly poor rating in air quality and carbon footprint, reflecting the challenges of a densely developed and highly trafficked city.

Demographics and Livability, which measures variables such as viable housing options, commute times, climate, healthcare, and education, is one category in which "second cities" consistently outperform historically dominant "power" cities.  New York City ranks eighth in this category, trailing Los Angeles, Chicago and Toronto, which place in the top five behind Frankfurt and Sydney.

In the remaining categories, New York City ranked fourth in Transportation and Infrastructure, third in Ease of Doing Business and sixth in Health, Safety and Security.

Now in its third installment, Cities of Opportunity is the result of a collaboration that began in the aftermath of 9/11. The impact of the attack on the World Trade Center caused the Partnership and PwC to reassess what needed to be done to keep New York - and other cities like it - vibrant engines of a globalizing economy.

Unlike similar reports which rank urban areas, Cities of Opportunity declares no overall "winner." All cities, after all, can improve in many ways. The report's primary purpose is to guide business and government leaders who want to improve the competitive standing of the cities they represent.

A new element in this year's report is an interactive website, www.pwc.com/cities, which allows users to create their own models, using any combination of variables, to compare cities.  Also new is qualitative analysis, in the form of interviews with global leaders in government, business, and the nonprofit sector.

The full written report is available online at www.pfnyc.org and at www.pwc.com/cities

Cities of Opportunity is based on publicly available data, using three main sources: global multilateral development organizations such as the World Bank and the International Monetary Fund; national statistics organizations, such as National Statistics in the UK and the Census Bureau in the US; and commercial data providers.  The data was collected during the second and third quarters of 2009.  In the majority of cases, the data used refers to 2008 and 2009. In some cases, national data was used as a proxy for city data. Care has been taken to ensure that, where used, national data close reflects the city. The scoring methodology was developed to ensure transparency and simplicity for readers, as well as comparability across cities. 

About PricewaterhouseCoopers

PricewaterhouseCoopers (www.pwc.com) provides industry-focused assurance, tax and advisory services to build public trust and enhance value for its clients and their stakeholders. More than 155,000 people in 153 countries across our network share their thinking, experience and solutions to develop fresh perspectives and practical advice.

"PricewaterhouseCoopers" refers to the network of member firms of PricewaterhouseCoopers International Limited, each of which is a separate and independent legal entity

 


About the Partnership for New York City

The Partnership for New York City (www.pfnyc.org) is a network of business leaders dedicated to enhancing the economy of the five boroughs of New York City and maintaining the city's position as the center of world commerce, finance and innovation. Partnership companies account for nearly 7 million American jobs and contribute over $740 billion to the national GDP.

 



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