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Tuesday 20 March 2012

The world's most productive cities


The Brooking Institution recently issued a report that compared per-capita gross domestic product and changes in employment data from 2010 to 2011 in 200 of the world’s largest metropolitan areas. The report found these areas produced 48 percent of global output despite accounting for only 14 percent of the world’s population and employment.

In other findings: Ninety percent of the fastest-growing economies were outside North America and western Europe; U.S. metropolitan areas outperformed the national average when it came to income growth; and global metropolitan areas that specialized in business services, financial services and commodities showed the strongest performance.

”If you have a high level of worker productivity, typically you enjoy a higher standard of living,” said Alan Berube, senior fellow at Brookings and co-author of the Global Metro Monitor Volatility, Growth and Recovery report.
See which were the most productive cities in the Brookings Institution’s study:

5. Bridgeport, CT
Per-capita GDP: $63,555

The most populous city in Connecticut is Bridgeport, with a population exceeding 144,000, according to the 2010 U.S. Census. Its place in popular trivia is assured, as it is both the birthplace of the Frisbee and the location of the first Subway restaurant, according to the 2005 book “One Hundred Great Businesses And The Minds Behind Them” by Emily Ross and Angus Holland.

The city’s medical sector is an important source of revenue. In fact, three of its five top employers are in the medical sector. The top employers in the city are St. Vincent's Medical Center, Bridgeport Hospital, People's United Bank, University of Bridgeport and Bridgeport Health Care Center.

4. Abu Dhabi, United Arab Emirates
Per-capita GDP: $63,859

Abu Dhabi is the capital of the United Arab Emirates and the only Middle Eastern city on this list. Situated on an island in the Persian Gulf, the city was responsible for generating almost 55 percent of the GDP generated by the U.A.E. in 2007.

Abu Dhabi is the site of such financial institutions as the Central Bank of the United Arab Emirates and the Abu Dhabi Securities Exchange. It’s also the largest oil producer in the U.A.E., with a production of 2.3 million barrels per day in 2010.

3. San Jose, CA
Per capita GDP: $68,141

San Jose is California’s third-largest city, but it has the state’s highest per-capita GDP. Located in the southern portion of the San Francisco Bay, the city was at the epicenter of the technology boom in the 1990s, and today "The Capital of Silicon Valley" is still its unofficial nickname.

The city is close to bursting with technology companies. Adobe and Cisco Systems are headquartered there, and Hewlett-Packard, IBM and TiVo have major offices in the city. Kaiser Permanente and eBay are among the city’s other major employers.

2. Oslo, Norway
Per capita GDP: $74,057

Oslo is the capital of Norway. It was founded almost 1,000 years ago by King Harald III and nearly destroyed by fire during the 17th century. In 2010 and 2011 it ranked as the world’s second most-expensive city, behind only Tokyo.

Oslo’s seaside location makes ideal for companies in the maritime sector, and any Norwegian merchant vessels whose crews want to do business have to first get the approval of Stiftelsen Det Norske Veritas, a classification society based outside of the city. Oslo is also home to the Foundation for Scientific and Industrial Research, which employs 2,100 people, making it the Scandinavia’s largest independent research organization.

1. Hartford, CT
Per capita GDP: $75,086

Hartford is the capital of Connecticut and with a per capita GDP of over $75,000, it’s the most productive city on this list. It’s home to some of the largest insurance companies in the U.S., including Aetna, Uniprise and Travelers. The presence of these companies has earned the city the not particularly flashy nickname of “The Insurance Capital of the World.”

Hartford has taken a little bit of a hit in recent years, as several major insurance companies including MetLife and CIGNA, have left the city to set up shop in its less expensive suburbs. However, it hasn’t affected the Hartford’s standing with respect to per-capita GDP, and in this respect Hartford tops the list as the most productive city in the world.

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