Global Renaissance of Urban Areas: Cities Worldwide Continue to Grow, New York City is No Exception

New growth has revitalized many cities around the world. As "home" to most of the world’s population not to mention intellectual and economic capital, cities—like New York City (NYC)—have always been at the forefront of progress. However, mature cities, such as New York City, will need to keep the costs of living down and improve quality of life to retain top talent and the best jobs in this increasingly competitive world.

Many cities turn to building new transit hubs, new schools and business towers, new apartment and condo complexes, and upgrading city utilities, sewers and roadways. While improving public infrastructure benefits all city residents, an increase in construction, unfortunately also increases incidents of severe and fatal work injuries. Seeger Weiss has helped victims of personal injury find justice for over a decade. We can also help you.

NYC compared to other major cities

According to the Cities of Opportunity annual report, NYC is faring well compared to other global capitals in the wake of the economic downturn of 2008. “NYC and other long-standing world business capitals have weathered a global recession with core economic assets intact,” said Kathryn Wylde, President & CEO of the Partnership for New York City. The Partnership for New York City is a network of business leaders dedicated to enhancing the economy of the five boroughs of New York City and maintaining the city’s position as the center of world commerce, finance and innovation. Here’s more on their findings:

Excerpts from the Cities of Opportunity Report:

• NYC ranks first in Technology IQ and Innovation (its ability to adapt to and take advantage of technological advances)
• It remains in the top three in Economic Clout (its ability to influence world markets, attract investment, and stimulate growth)
• It surpassed Paris this year to secure the top ranking in the Lifestyle Assets category (which favors larger and more well-established cities)

Additional Measures of Strength

The report compares eight variables to show what cities are doing or have done to promote sustainability. NYC showed high rankings for their miles of mass transit track, green cities and green space as a percentage of city area.

From an economical perspective, Tokyo, Chicago, London and New York City all lead in economic “clout.” Big cities especially benefit from clout. It’s one thing to be affordable, livable and sustainable but it’s another to possess economic power. NYC’s clout and power, as a center of world markets, draws investment and stimulates growth. Since the failure of Lehman Brothers and the purchase of Bear Stearns by JPMorgan Chase, NYC now ranks third in the category because there are fewer Global 500 companies currently headquartered in NYC.

According to Bruce Katz, the founder and director of Brookings Institution Metropolitan Policy Program, “Metropolitan areas like Seattle, Austin, Minneapolis Boston and New York [City] have the talented workers, as well as the high-end, innovative firms, educational institutions and top flight medical institutions that are vital to the economy.”