A new report solidifies Toronto's ranking as one of the world's top 10 most competitive cities, at least until 2025.
The report, entitled Hot Spot 2025: Benchmarking the Future of Competitive Cities, was commissioned by Citi Group and released by The Economist Intelligence Unit. It examines 32 indicators for each city, which are divided into eight categories and then assigned weights.
Notable categories include economic strength (GDP, income levels, pace of growth) constituting 30 per cent of the weight, physical capital (infrastructure, transit, telecommunications) at 10 per cent, human capital (skilled labour, sizable working age population, opportunities for women) at 15 per cent, global appeal (attracting international business) at 10 per cent, and social and cultural character (such as freedom of rights) at five per cent.
Cities were also ranked on a number of sub-indicators, including quality of physical infrastructure, taxation, government effectiveness, presence of crime in the society, risk of natural disaster, and environmental governance.
Toronto was the only Canadian city to break the top 10, holding steady from its same position last year. Vancouver fell five spots down to 28th and Montreal fell eight spots down to 36th.
"North American cities dominate the list of the most competitive cities in the 2025 Index. Six of the top 20 are US cities: New York (1st), Chicago (9th), Washington DC (14th), Los Angeles (17th), San Francisco (18th) and Boston (19th). One Canadian city, Toronto, falls into the top 20, ranked at 10th," the report says.
An additional aspect of the report looked at cities in the Index based on regional diversity, economic important and size of population. Toronto was one of 15 North American cities to rank, this time joined by Montreal and Vancouver.
New York continues to reign supreme as the world's most competitive city. The report indicates the city has made significant gains in all areas except environmental governance, but there are action plans in place to remedy this by 2030.
Read the full report
here.
Original Source: Citi Group