Report: New York is most competitive city in world

Rank based on demonstrated ability to attract capital, business, talent and tourists.

March 15, 2012 22:27
1 minute read.
Deal makers conference

Deal makers conference 390. (photo credit: Screenshot: Media Line)

The Economist Intelligence Unit this week released a research report showing that New York tops 120 world cities in business competitiveness.

Commissioned by Citi, the Hot Spots report ranks the most competitive cities in the world for their demonstrated ability to attract capital, business, talent and tourists.

It cited New York City’s innovative Applied Sciences NYC competition, which has resulted in the development of a new applied-sciences campus being built on Roosevelt Island by Cornell University and The Technion-Israel Institute of Technology.

New data from the New York State Department of Labor released last week also showed that New York City leads the nation in terms of economic recovery, added private-sector jobs at a rate almost 60 percent greater than the country as a whole in 2011 and over the last two years created more jobs than the next 10 largest cities combined.

New York Mayor Michael Bloomberg praised the report, saying: “If you want to start a business, create a new product, or have a big idea, New York City is the place to be.”

“New York City’s position at the very top of this list is no accident: It’s due to the investments our administration has made and the world-famous ingenuity and creativity of New Yorkers,” he said. “The global economy has made the competition between cities more important than ever, and it is vital that we continue to live up to the reputation we’ve earned as the greatest city in the world.”

Gerry Stoch, director of New York State’s Representative Office in Israel, said the report reinstates New York City as the business center of the world, and he urged Israeli firms to consider the city for further investment.

“Israeli companies expanding to the US should consider New York first,” Stoch said.

“The state and city are very business-friendly now. The forthcoming Technion-Cornell partnership to establish a state-of- the-art technology campus in New York will enhance the city to new levels of innovation and growth.”

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