Magazine article Nation's Cities Weekly

Report Looks at Cities in New Economy

Magazine article Nation's Cities Weekly

Report Looks at Cities in New Economy

Article excerpt

The Democratic Leadership Council's Progressive Policy Institute (PPI) and Case Western Reserve University's Center for Regional Economic Issues released a report April 24, assessing how each of the 50 largest U.S. metropolitan areas is making the transition to succeed in the information age. The report entitled, "The Metropolitan New Economy Index: Benchmarking Economic Transformation in the Nation's Metropolitan Areas," uses 16 economic indicators to rank areas in five subcategories -- knowledge jobs, globalization, economic dynamism, transformation to a digital economy, and technological innovation capacity.

"Other recent reports that rank U.S. cities on their technology status focus entirely on high-tech employment or provide technology-oriented business climate information to a largely private sector audience," stated co-author Paul D. Gottlieb. "This is the first benchmarking report to develop a comprehensive theory of the New Economy that includes not only technological jobs, but also key development factors like digital infrastructure and entrepreneurial culture."

The conference that accompanied the report highlighted the different view of the New Economy by challenging the belief that the New Economy is faltering with the significant decline of Nasdaq, the bankruptcy of many dot-coms, and the declining investment in information technologies. Speakers emphasized that, despite these occurrences, e-commerce grew seven times faster than all retail sales in the fourth quarter of 2000. Furthermore, worldwide Internet use is expected to more than triple by 2005, suggesting that the New Economy is here to stay. …

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