Magazine Ranks Cities Best for Business

New York and Cleveland, two cities with troubled pasts, are rated among the best for business in rankings released Monday by Fortune magazine.

New York, once more a “shrine to capitalism” because of dramatic improvements, topped the 1997 list for North America. Cleveland was rated sixth for shaking its image as the “Mistake by the Lake.”

“Indeed, while all the cities included in Fortune’s list this year have improved, Cleveland, once the butt of many a joke, may have come the furthest,” it said.

Dublin, Ireland, headed the list for Europe; Kuala Lumpur, Malaysia, was rated the best in Asia; and Santiago, Chile, was the place to be in Latin America.

Of the North American top 10 list, Denver was No. 2 for a second year; followed by Boston (up from No. 13); Seattle (No. 1 in 1996); and Raleigh-Durham, N.C. (No. 5 in 1996). Toronto, No. 1 on the international list last year, when there were just U.S. and non-U.S. lists, is No. 8 on the North American list.

No California city made the list.

For its ninth year of rankings, which appear in the Nov. 24 issue, Fortune focused on the most improved cities and measured how well municipalities had taken advantage of the thriving U.S. economy, now in its seventh year of expansion.

Using research by its staff and Arthur Andersen consultants, the magazine examined a wide range of criteria, from quantitative business factors such as cost of labor and office rental rates to quality of life, education and housing costs.

New York wasn’t even on Fortune’s list of best cities last year, after five years of making the rankings. But with crime down significantly, Wall Street riding high--before the shocks of the past two weeks--and with more corporations willing to stay in the Big Apple, the city is basking in its turnaround, the magazine says.

“This is a wonderful advertisement for the city,” Mayor Rudolph Giuliani said Monday in a campaign appearance before today’s election. “It has gone through some very, very difficult times in the past--fiscal crises, crime problems, social problems.”

Cleveland was followed on the North American top 10 by Indianapolis at No. 7, Toronto, Atlanta and Richmond, Va.

In Europe, Dublin was tops “thanks to a strong economy. James Joyce’s dirty old town is clean and cool,” Forbes said.

No. 2 in Europe was Amsterdam, which is “now spiffing up for business,” followed by Barcelona, Spain; Prague, Czech Republic; and Vienna. Milan, Italy, was sixth; followed by London; Rome; Budapest, Hungary; and Brussels.

Santiago’s mantra of “trade, trade, trade” put it atop the Latin American list.

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Best for Business

Fortune’s ranking* of the best cities in which to do business in North America, Europe, Latin America and Asia:

NORTH AMERICA

New York

Denver

Boston

Seattle

Raleigh-Durham, N.C.

Cleveland

Indianapolis

Toronto

Atlanta

Richmond, Va.

EUROPE

Dublin, Ireland

Amsterdam

Barcelona, Spain

Prague, Czech Republic

Vienna

Milan, Italy

London

Rome

Budapest, Hungary

Brussels

ASIA

Kuala Lumpur, Malaysia

Sydney, Australia

Singapore

Hong Kong

Melbourne, Australia

Seoul

Bangkok, Thailand

Jakarta, Indonesia

Osaka, Japan

Shanghai

LATIN AMERICA

Santiago, Chile

Buenos Aires

Mexico City

Caracas, Venezuela

La Paz, Bolivia

Monterrey, Mexico

Sao Paulo, Brazil

Quito, Ecuador

Lima, Peru

Bogota, Colombia

*

* Rankings were based on quantitative business factors such as cost of labor and office rental rates and issues such as quality of life, education and housing costs.