Cities that were not so long ago little more than big fishing villages are rising to global commercial prominence.
Using the MasterCard Worldwide Emerging Markets Index, which ranks 65 cities in 30 markets on the basis of business environment, economic growth, and financial services environment, Forbes magazine chose the world’s next great cities.
Turbulence in world markets is affecting some of them, but others are mostly escaping these issues.
“Many of these emerging economies have not been as financialized as those in established countries,” said Saskia Sassen, a professor on Columbia University’s Committee on Global Thought.
Here are the top 10 emerging cities:
- Shanghai, China
- Beijing, China
- Budapest Hungary
- Kuala Lumpur, Malaysia
- Santiago, Chile
- Guangzhou, China
- Mexico City, Mexico
- Warsaw, Poland
- Bangkok Thailand
- Shenzhen, China
Source: Forbes, Matt Woolsey
Despite the housing crisis, there are cities where prices are expected to rise significantly in the coming years. Here are the top 10 cites where analysts for Money Magazines expect price appreciation.
- McAllen, Texas
- Rochester, N.Y.
- Birmingham, Ala.
- Syracuse, N.Y.
- Buffalo/Niagara Falls, N.Y.
- New Orleans, La.
- Scranton, Pa.
- Grand Rapids, Mich.
- Baton Rouge, La.
- El Paso, Texas
Source: Money 06/15/
The fast-growing areas in the United States are in the Sunbelt, with Texas leading the way, according to data released today by the U.S. Census Bureau.
Dallas-Fort Worth added more than 162,000 residents between July 2006 and July 2007, more than any other metro area. Three other Texas cities — Houston, Austin, and San Antonio — also were in the top 10.
Experts credit much of the growth in the South to strong local economies and housing prices that are among the most affordable in the United States.
A report earlier this month by Global Insight found that housing prices in the Dallas area were undervalued by as much as 30 percent.
Other areas experiencing growth included the New Orleans area, which is recovering from Hurricane Katrina and grew by 4 percent or nearly 40,000 people. During the same survey last year, the population of New Orleans dropped by nearly 290,000 people.
Meanwhile, Detroit lost more than three times as many people as any other metro area — its population declined more than 27,300. Other areas losing more than 5,000 people were Pittsburgh, Cleveland, Columbus, Ga., Youngstown, Ohio, and Buffalo, N.Y.
The 10 biggest gainers:
- Dallas-Fort Worth-Arlington, Texas: 162,250
- Atlanta-Sandy Springs-Marietta, Ga.: 151,063
- Phoenix-Mesa-Scottsdale, Ariz.: 132,513
- Houston-Sugar Land-Baytown, Texas: 120,544
- Riverside-San Bernardino-Ontario, Calif.: 86,660
- Charlotte-Gastonia-Concord, N.C.-S.C.: 66,724
- Chicago-Naperville-Joliet, Ill.-Ind.-Wis.: 66,231
- Austin-Round Rock, Texas: 65,880
- Las Vegas-Paradise, Nev.: 59,165
- San Antonio, Texas: 53,925
The 10 fast-growing metro areas
- Palm Coast, Fla.: 7.2 percent
- St. George, Utah: 5.1 percent
- Raleigh-Cary, N.C.: 4.7 percent
- Gainesville, Ga.: 4.5 percent
- Austin-Round Rock, Texas: 4.3 percent
- Myrtle Beach-Conway-N.C.-Myrtle Beach, S.C.: 4.2 percent
- Charlotte-Gastonia-Concord, N.C.-S.C.: 4.2 percent
- New Orleans-Metairie-Kenner, La.: 4 percent
- Grand Junction, Colo.: 3.7 percent
- Clarksville, Tenn.-Ky.: 3.7 percent
Source: The Associated Press, Paul J. Weber (03/27/08)