New York City – Economic Performance, Brand Strength and Reputation

New York, considered America’s cultural mecca and global financial hub, is world-renowned for its landmarks and lifestyle. It was also one of the first cities to develop a formalized branding strategy, having benefited greatly from the “I Love New York” campaign, developed by the state of New York in 1977 (the city of New York doesn’t actually own the rights nor does it use the slogan itself).

But how does New York fare according to international rankings measuring economic performance, reputation, sustainability and innovation?

Let’s take a closer look at:

• New York City’s competitiveness and financial performance
• Its city brand strength and reputation
  
• Livability and urban sustainability

Economic competitiveness and financial performance

The Global Financial Centres Index 34 continues to rank New York City 1^st. New York City ranked as 8th center most likely to become more significant. It ranks first in all areas of competitiveness: Human Capital, Reputational & General, Business Environment, Infrastructure, and Financial Sector Development. It also leads all of the following industry sectors: Investment Management, Insurance, Government & Regulatory, Finance, Fintech, Professional Services, Trading, and Banking.

According to 2thinknow’s Innovation Cities Index 2022-2023 New York City continues to rank 3^rd. The city sits right behind London (2^nd) and above, Paris (4^th).

City brand strength and reputation

Resonance’s 2023 World’s Best Cities Report ranks New York City 3^rd, sitting in between Paris (2^nd) and Tokyo (4^th). It scored the following in the Place Power Score subfactors: 12^th Prosperity, 2^nd Lovability, and 6th in Livability. It also ranked in the following Place Power Highlights: 1^st for Google Trends and 2^nd for Culture.

Kearney’s 2023 Global Cities Report continues to rank New York City 1^st. Moreover, the city ranks 17^th in the Global Cities Outlook, a drop of 11 positions since the previous ranking.

The comprehensive ranking of the Global Power City Index ranks New York City 2^nd. In terms of function-specific rankings, the city ranks 1^st in terms of Economy, 1^st in R&D, 2^nd in Cultural Interaction, 38^th in Livability, 28th in Environment, and 3^rd in Accessibility. New York City ranks 2^nd in Variety of WorkPlace Options, 3^rd in Winners of Prizes in Science and Technology, 5^th for Nightlife Options, 11^th for Number of Retail Shops, 30^th for Urban Greenery, and 38^th for Average Driving Speed. Lastly, New York City positioned 2^nd in the Highly-skilled Workers, 2^nd in the Corporate Executive, 31^st in the Resident, and 6^th in the Tourism categories.

According to Brand Finance’s City Index 2023, New York City ranks 2^nd in the global ranking with a score of 83/100. NYC also ranks 3^rd globally in familiarity and secured the 2^nd spot in three out of the seven key dimensions: invest, study, and visit. Moreover, NYC ranks 2^nd as the best city to invest in and 1^st for the city of global significance, easy to do business in, and strong and stable economy attributes. It has also been recognised as the 2^nd best city in the world to study, behind London.

It holds the 2^nd position for the great universities and leader in science and technology attributes, and comes 4^th for great private schools, but falls short on great publicly funded schools, ranking 41^st overall.

NYC is perceived as the least affordable city in the world according to this ranking. Lastly the city comes 1^st for great shopping, restaurants and nightlife, 2^nd for great theaters and music venues, home to Fifth Avenue shops and Broadway theaters. Consequently, NYC ranks as the 2^nd best city in the world to visit.

Livability: Appeal for talent, visitors

The Mercer Quality of Living City Ranking places New York City 40^th, sitting in between Lisbon (39^th) and Boston (41^st). The Mercer Cost of Living Ranking ranks New York City 6^th, a jump in one position from the previous ranking. It now sits behind Basel (5^th), and above Bern (7^th). The cost living survey reports that factors such as currency fluctuations, cost inflation for goods and services, and instability of accommodation prices are key to determine the cost of expat packages for employees on international assignment.

According to the Best Urban Cities for Digital Nomads ranking by Spot a Home, New York City ranks 54^th out of 56 global cities. It currently sits between Tokyo (53^rd) and Singapore (55^th).

The Arcadis Sustainability City Index 2022 ranks New York City 15^th overall, sitting in between Los Angeles (14^th) and Frankfurt (16^th). New York City’s pillar rankings are the following: Planet 36^th, People 42^nd, Profit 14^th.

Lastly, New York City is home to some of the best universities in the world. According to The Times Higher Education ranking, Columbia University ranks 17^th, Cornell University 20^th and New York University ranks 27^th. Whereas, The QS World University ranking ranks Cornell 13^th, Columbia University 23^rd, and New York University 38^th.

Last updated in January 2024. More city profiles here.

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