New Citi Commissioned EIU Report Projects New York to Continue Reign as Most Competitive City in 2025
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 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. 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.”
- Mayor Michael R. Bloomberg
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.
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.
The full report, including details on methodology and criteria, are available at www.citiforcities.com. Check out the infographic below for more findings from the report.