STATEMENTS OF MAYOR MICHAEL R. BLOOMBERG AND OTHER OFFICIALS ON NEW REPORT SHOWING NEW YORK CITY IS THE MOST COMPETITIVE CITY IN THE WORLD

Economist Intelligence Unit Report Ranks Competitiveness of 120 Major Cities Across the World Based on Economic Strength, Human Capital, Social and Cultural Appeal

A The Economist Intelligence Unit today released a new research report showing that New York City ranks first in the world in business competitiveness besting 120 of the world’s major cities. Commissioned by Citi and released today, the report, titled Hot Spots, ranks the most competitive cities in the world for their demonstrated ability to attract capital, business, talent and tourists.

The report cites New York City’s innovative Applied Sciences NYC competition which has resulted in the development of a new applied sciences campus being built on Roosevelt Island by Cornell University and The Technion-Israel Institute of Technology. New data from the New York State Department of Labor released last week also showed that New York City is leading the nation in terms of economic recovery, added private sector jobs at a rate almost 60 percent greater than the country as a whole in 2011, and over the last two years New York City created more jobs than the next 10 largest cities combined.The full Hot Spots report is available on www.nyc.gov.

Statement of Mayor Michael R. Bloomberg:

“Today the Economist Intelligence Unit has confirmed what New Yorkers have long known: that if you want to start a business, create a new product, or have a big idea, New York City is the place to be. New York City’s position at the very top of this list is no accident: it’s due to the investments our Administration has made and the world famous ingenuity and creativity of New Yorkers. The global economy has made the competition between cities more important than ever, and it is vital that we continue to live up to the reputation we’ve earned as the greatest city in the world.”

Statement of Citi CEO Vikram Pandit:

“New York has been home to Citi since our founding 200 years ago. Our commitment to this city, and its continued competitiveness, are as strong as ever. As cities vie for investment, talent and business we recognize that competitiveness is about more than growth. We are committed to being a valuable partner to New York, and to clients and urban centers in cities across the U.S. and around the world in order to enable and assure economic progress.”

Statement of Economist Intelligence Unit Global Forecasting Director Leo Abruzzese:

“Economic dynamism is definitely rising elsewhere, especially in Asian cities, but U.S. and European cities have legacy advantages that give them a strong competitive edge. In particular, these developed cities are better at attracting top talent from across the world.”

Statement of Deputy Mayor for Economic Development Robert K. Steel:

“The results of this study are a reminder of both the many competitive advantages that New York City has as well as the need to continue to invest in maintaining that edge. Under Mayor Bloomberg’s leadership, the City is better positioned than ever to lead the world's economy in the 21st Century and beyond.”

Statement of New York City Economic Development President Seth W. Pinsky:

“Being number one in global competitiveness is not just a point of pride for New York City, but is a critical indicator of our ability to prosper in the 21st Century. Thanks to investments such as the planned $2 billion applied sciences campus for Roosevelt Island that is being developed by Cornell University and the Technion-Israel Institute of Technology, our City is, as indicated by the Economist Intelligence Unit, well poised to build on its world leading status and to secure its place as the global capital of innovation for the next one hundred years and beyond.”