According to a recent article in Crain’s New York Business, New York City is the world’s most competitive city. Predicted to reign supreme until at least 2025, NYC topped London, Singapore, Hong Kong and 116 other leading global cities in a study conducted by The Economist Intelligence Unit. The analysis, which was contracted by Citigroup, covered eight criteria including each city’s talent pool, global appeal, business landscape and ability to obtain investment.
The study followed an earlier report released by Aon and the Partnership for New York City that warned of the city’s ability to maintain its premier status as a result of rising costs of living and education and of strict federal immigration laws.
Leo Abruzzese, the global forecasting director with the Economist Intelligence Unit, believes that New York’s diversity of industries, resiliency in the wake of the financial crisis and cheaper housing when compared to other highly rated cities, like Tokyo and London, help to outweigh the city’s one major weakness: environmental vulnerability.
Kathryn Wylde, president of the Partnership for New York City, has an outlook that’s a bit bleaker and requires New York City officials to be more proactive in their efforts to remain the leader of the pack. She stressed the need to invest in economic development, education and infrastructure.