Press release from Business Wire
New Citi Commissioned EIU Report Projects Competitiveness of 120 of the World's Major Cities In 2025; New York to Continue Reign as Most Competitive City
<p class='bwalignc'> <i>Six out of the Top 20 Most Competitive Cities in 2025 are in the U.S.</i> </p>
Tuesday, June 04, 2013
New Citi Commissioned EIU Report Projects Competitiveness of 120 of the World's Major Cities In 2025; New York to Continue Reign as Most Competitive City10:31 EDT Tuesday, June 04, 2013
NEW YORK (Business Wire) -- A new Economist Intelligence Unit (EIU) research report, "Hot Spots 2025: Benchmarking the Future Competitiveness of Cities,” commissioned by Citi, reveals that New York City is expected to continue to be the most competitive city globally in 2025. The city leads in a number of competitiveness categories in the report, and is among the most competitive in terms of financial maturity, institutional character and economic strength. Released today at the New Cities Summit in São Paulo, the report forecasts the competitiveness of 120 cities in 2025 based on their projected ability to attract capital, business, talent and tourists.
“The Economist Intelligence Unit continues to recognize New York City's place at the forefront of the global economy, and that's a testament to the ingenuity of hard-working New Yorkers, as well as the efforts our Administration has made to diversify the city's economy,” said Mayor Michael R. Bloomberg. “There are currently more private sector jobs in New York City than at any point in our history, further proof that New York City has firmly established itself as a national leader in economic recovery.”
According to the report, U.S. cities are expected to continue to attract capital, business, tourists and talent by 2025, despite the impact of the global financial crisis, recession cycles and high government debt. North American cities dominate the list of most competitive cities in Hot Spots 2025, with six out of the top 20 most competitive cities being in the U.S. – New York (1st), Chicago (9th), Washington D.C. (14th), Los Angeles (17th), San Francisco (18th), and Boston (19th) – while the largest city in Canada, Toronto, is forecast to be the 10th most competitive city in the world.
"This research shows that North American cities are expected to retain their competitive advantages relative to global peers by building on existing economic strengths and continuing to invest in the world's most advanced infrastructure," said Bill Mills, Citi CEO for North America. "Citi's strong presence in each U.S. city in the top 20 affirms our strategy to focus on opportunities resulting from urbanization to meet the needs of clients, institutions, and governments in twenty-first century cities."
Chicago is the second-most competitive U.S. city and ranks above any other U.S. city with regard to its environmental governance policies and its ability to deal with environmental challenges. The city's economy is projected to grow an average of 3% per year. In terms of social and cultural character, Chicago ranks 15th globally, thanks in part to its history of openness, diversity, and cultural vibrancy.
North America's Pacific Coast remains competitive, with Los Angeles (17th), San Francisco (18th), Vancouver (28th), and Seattle (35th), each ranking highly due to their economic strength, institutional character, quality infrastructure, and ability to deal with environment and natural hazards.
The Southeastern U.S. is represented by Atlanta (33rd) and Miami (40th), with both cities forecast to become significantly competitive by 2025, as both are top domestic movers in the overall rankings. Atlanta has made substantial strides in improving its environmental governance policies, building a reputation as an international flight hub (Hartsfield-Jackson International Airport is the world's busiest), and future conference and convention development. The strength of Miami's future competitiveness is due to expected improvements in public transport, global business attractiveness, a maturing financial services sector (a result of growing economic ties with Latin America), and international flight ranking.
“North American cities retain a strong competitive edge because of their economic heritage, global appeal and commitment to improving infrastructure and environmental governance,” said Leo Abruzzese, the EIU's global forecasting director. “In particular, the rise of Atlanta and Miami signals that there are still significant opportunities for growth within the developed world.”
Globally, New York and London are expected to be the world's two most competitive cities in 2025, while Singapore, Hong Kong, and Tokyo rank third, fourth, and fifth, respectively. As the top movers in the Index, São Paulo, Incheon and Mumbai are forecast to surge in global competitiveness between 2012 and 2025.
Cities from the United States and Western Europe account for 23 of the top 30 cities in 2025, as they are expected to continue to attract capital, businesses, tourists and talent, despite concerns over aging populations and the lingering impacts of the financial crisis.
Citi commissioned “Hot Spots 2025: Benchmarking the Future Competitiveness of Cities” to improve understanding of market competitiveness and to identify where growth, opportunity, and talent are likely to be found in the decades ahead. Citi recognizes that competitiveness is about more than growth – especially as urban centers vie for investment, talent, and business. The report builds on the inaugural EIU report “Hot Spots: Benchmarking global city competitiveness,” commissioned by Citi in 2012.
For 200 years, Citi's central mission has been to enable economic progress. With its global footprint, Citi connects clients to the world, working at the center of global trade and capital flows. On the ground in more than 1,000 cities, Citi has a unique perspective on the complexities of the urban environment. Through Citi for Cities and other initiatives, Citi works with clients and public and private sector partners in cities around the world to enhance public services, facilitate commerce, expand financial inclusion and harness advancements in digital, mobile and card technologies.
About the research:
The full report, including details on methodology and criteria, are available at www.citiforcities.com
Citi, the leading global bank, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services, and wealth management.
Additional information may be found at www.citigroup.com | Twitter: @Citi | YouTube: www.youtube.com/citi | Blog: http://blog.citigroup.com | Facebook: www.facebook.com/citi | LinkedIn: www.linkedin.com/company/citi
About Citi for Cities
Citi for Cities is an initiative which harnesses the best of Citi across the globe to enable cities to become more efficient, by providing financing that facilitates commerce and modernization, and by empowering citizens to access services that enhance livability and prosperity. Citi aims to help cities achieve their ambitions across the key ecosystems that power a city, including administration, roads and transit, ports of entry, energy and utilities, workplace and education, health and safety, and regeneration and development. Citi's span of engagement with cities includes public and private sector, the financial sector, and citizens and the communities in which they live. For more information, please visit www.citiforcities.com.
About the EIU
The Economist Intelligence Unit is the business information arm of The Economist Group, publisher of The Economist. Through our global network of more than 650 analysts and contributors, we continuously assess and forecast political, economic, and business conditions in more than 200 countries. As the world's leading provider of country intelligence, we help executives make better business decisions by providing timely, reliable, and impartial analysis on worldwide market trends and business strategies. For more information, please visit www.eiu.com or follow us on www.twitter.com/theeiu.
Liz Fogarty, Citi
Joanne McKenna, EIU
+44 (0)20 7576 8188