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Second Time In Four Years that New York City Claims Top Spot
Mayor Rudolph W. Giuliani announced today that FORTUNE magazine has ranked New York City as the number one place for business in North America. This is the second time in four years that New York City has claimed the top spot. In 1997 FORTUNE ranked New York City as the most improved City for business in North America, following the dramatic turnaround of the City under the Giuliani Administration.
The Best Cities for Business ranking appears in the November 27th issue of FORTUNE and is also available online at www.fortune.com
The Mayor was joined at today's announcement at the NASDAQ MarketSiteSM studios in Times Square by FORTUNE Magazine Senior Editor Sue Zesiger, Arthur Andersen Consulting Director of Research Practice for Business Locations Dan Malachuk, and FORTUNE writer Mark Borden.
"This is great news for New York City, and further proof that it is a great place for businesses to grow and prosper," said Mayor Giuliani. "I am pleased that FORTUNE magazine continues to recognize the remarkable change that has occurred in our City over the past seven years. Today New York City serves as a model for other cities in the nation and around the world of how innovative government can provide businesses with the opportunity and confidence to grow."
FORTUNE cites New York City's legendary appeal in many industries as
the "center of the universe" and its aggressive courting of new business
as reasons for it being named the Best City for Business. FORTUNE cites
New York City's ability to attract businesses whose bottom lines depend on creative
capital, including Austrian designer Helmut Lang, who moved his fast-growing
fashion enterprise from Vienna to SoHo in 1998; and The Shooting Gallery, a
cutting-edge new media operation and independent-film production house.
In the FORTUNE report, New York City topped the list, followed by San
Francisco, up from number seven in 1999; 3) Chicago, up from number ten in 1999;
4) the Washington D.C. area; 5) San Jose, down from number two in 1999; 6) Atlanta;
7) Boston, up from number nine in 1999; 8) Los Angeles; 9) Dallas, down from
the number one spot in 1999; and 10) Denver, down from number eight in 1999.
FORTUNE created the list of Best Cities for Business in partnership with
the Business Location Practice of Arthur Andersen. To assist FORTUNE
in compiling the list, researchers at Arthur Andersen weighed statistical data
from dozens of private and public sources, paying critical attention to four
criteria -- a city's overall business environment (new business growth, diversity
of industries, number of FORTUNE 500 headquarters); the cost of doing
business there (tax and fiscal policies, commercial real estate prices); the
caliber of the local work force (education level, retention rate, management
experience); and quality of life (housing, schools, communities). To add a human
element, the Best Cities ranking also includes the opinions of more than 1,400
top-level executives worldwide about where they like to do business.
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