NYC retains #1 ranking as world’s foremost economic center

Despite shifting economies, the Partnership for New York City and PricewaterhouseCoopers have ranked New York City the economic capital of the world for the fourth of the four years they have collaborated on this joint study.

Twenty-six cities, each a center of global finance, were analyzed on the basis of 66 different variables. They were then ranked on the basis of their respective standings in ten key areas: cost; demographics and livability; ease of doing business; economic clout; health, safety, and security; intellectual capital and innovation; lifestyle assets; technology readiness; sustainability; and transportation and infrastructure.

New York City not only retained its #1 ranking but also was the only one of last year's top five to remain in that category. None of the other highest-ranking cities London, Paris, Tokyo, and Singapore were among this year's top finishers. (Toronto, San Francisco, Stockholm, and Sydney replaced them.) New York remained strongly positioned in no less than six different categories, scoring among the top three in each, and it came in first in the lifestyle assets and technology readiness categories. The lifestyle assets category includes hotel rooms and tourism, as well as cultural vibrancy, green space, recreational opportunities, and skylines.

The city did not score well in one particularly important category, demographics and livability. The availability of housing options is a very important component of this category, and New York City's steadily-decreasing supply of affordable middle class housing contributed to its weak score here. That will come as no surprise to the many HTC members who have volunteered hours to the union's political program. Affordable housing for all New York City residents in all five boroughs has always been one of the items at the top of our union's political agenda.

Massey, Daniel. New York City is No. 1 for business (again). Crain's New York. May 3, 2011.