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AMERICAS CITIES OF THE FUTURE REGIONS


Capital and Lifestyle, Cost Effectiveness, and Connectivity. In addition, local economic devel- opment organisations (EDOs) and investment promotion agencies (IPAs) filled out a survey on their plans and strategies to compete in a sixth category, FDI Strategy, allowing some insight into soft factors influencing different loca- tions’ performance (see page 34).


The winners There have been some changes at the top of the leader board since the 2019/20 edition of fDi’s Americas Cities of the Future ranking. While New York once again holds the top spot this year, San Francisco has dropped one place to third while Toronto has advanced from third into second place. New York’s Economic Potential (measured


through indicators includingGDP, growth fore- casts, inflation, unemployment, and FDI fig- ures) and Business Friendliness (measured through indicators such as corporation tax rate, days taken to start a business, strength of investor protection and credit rating) once more proved the strongest across theAmericas, contributing heavily to the city’s top position in the overall ranking. According to data from greenfield invest-


mentmonitor fDi Markets, NewYork received a total of 908 inward FDI projects in the period analysed (December 2015-November 2020), more than double its closest competitor, Toronto. The city held a 10% share of total US projects for the period and has the highestGDP (purchasing power parity) of all locations stud- ied. The UK is the largest source of foreign investment in the city, representing 29% of all inward FDI projects. The top three FDI recipient sectors in the city are software and IT services, business services and financial services. Toronto hasmoved into second place in the


overall ranking, and trails only NewYork across the region for Economic Potential and Business Friendliness. This year, Toronto also made it into the top 10 for Human Capital and Lifestyle (measured through indicators including num- ber of universities, skillset of graduates, ease of finding skilled employees, the Social Progress Index and the Human Capital Index) and moved from seventh to sixth in Connectivity (measured through indicators that cover both information and communications technology, and transport infrastructure). Aside from outperforming its nearest com-


petitor, San Francisco, in Economic Potential, Toronto also advanced from third to second place in Business Friendliness, while San Fran- cisco dropped from fifth to seventh. Foreign investors took notice – FDI figures form part of the Economic Potential category and are an indicator of a location’s appeal to foreign inves- tors. fDi Markets data shows that FDI inflows peaked in 2018, but remained strong in 2019 and even in 2020 in the midst of the pandemic. The software and IT services sector is the top recipient of foreign investment in Toronto and received only two fewer projects in 2020 than


June/July 2021 www.fDiIntelligence.com


TOP10 OVERALL AMERICAS CITIES OF THE FUTURE 2021/22 RANK CITY 1 2 3 4 5 6 7 8 9


STATE


New York Toronto


San Francisco Montreal Chicago Boston


Houston 10


Los Angeles Miami Atlanta


New York Toronto


New York Ontario


California Quebec Illinois


Massachusetts Texas


California Florida Georgia


STATE


New York Ontario


California Quebec Illinois


10


1 2 3 4 5 6 7 8 9


10


California Florida Georgia


STATE


COUNTRY US


Canada US


Canada US US US US US US


TOP10 OVERALL NORTH AMERICAN CITIES OF THE FUTURE 2021/22 RANK CITY 1 2 3 4 5 6 7 8 9


COUNTRY US


San Francisco Montreal Chicago Boston


Houston


Los Angeles Miami Atlanta


Mexico City Bogotá


São Paulo Santiago Querétaro Silao


San Luis Potosí Buenos Aires San José


Guadalajara


Federal District Bogotá DC São Paulo


Region Metropolitana Querétaro Guanajuato


San Luis Potosí


Canada US


Massachusetts Texas


Canada US US US US US US


TOP10 OVERALL LATIN AMERICAN CITIES OF THE FUTURE 2021/22 RANK CITY


COUNTRY Mexico


Colombia Brazil Chile


Mexico Mexico Mexico


Buenos Aires Autonomous City Argentina San José Jalisco


2019. Among others, Google announced in Feb- ruary 2020 that it will open anew37,160 square metre office tower in the city. San Francisco is third in the overall ranking


and holds the same place for Economic Poten- tial. Unsurprisingly, the software and IT services sector is the largest recipient of foreign invest- ment, representing45%of all projects in the city fromDecember 2015 to November 2020, accord- ing to fDi Markets. In the same period, of the 22 foreign companies that set up a headquarters in the city, 14 belonged to the software and IT ser- vices sector, further consolidating the city’s rep- utation as a tech hotspot. Projects include the announcement of expansions from UK-based Enable and Israel-based Appsflyer. Furthermore, San Francisco-based companies invested in 990 outward FDI projects in the period analysed, making it second only to NewYork. Chicago, which jumped ahead nine places


to sixth in the previous edition of the ranking, has moved up again into fifth place this year. The city experienced record FDI levels in 2019, and attracted more than 100 projects in 2020, according fDi Markets. In 2020, Netherlands- based NewCold established its US headquarters in Chicago and the city also received invest-


25


Costa Rica Mexico


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