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JLLThe Business The Business of City of Indices Cities 2015 4What are city indices?The terms 'indices', 'benchmarks', 'rankings' and 'ratings' are often used interchangeably whenmeasuring city performance, but they are actually different things. For our purposes, we refer tothe following definitions:A city index is a tool that measures performance over time. It provides a historicalrecord of the performance of a single city, a range of cities, or a defined field in whichcities function or compete. Each index may vary in its objectives and methodology.An index can be used as a benchmark, but does not have to be.A city benchmark serves as a standard by which other cities are measured orjudged. It is a point of reference from which evaluations of city performance may bemade. Benchmarks are designed and chosen to act as a yardstick for change orprogress, to tell a city ‘where it’s at’. An example is KPMG’s Competitive Alternatives,where cities worldwide are measured versus a benchmark of the four largest U.S.metropolitan areas.A city ranking is a straightforward list that does not seek to utilise a replicablemethodology, and is not amenable to direct comparison over time. It usually consistsof a basic league table of selected cities, without a numeric control indicator.A city rating is the use of a point scale to assess city performance. It is sometimesused to reduce response and language bias in cross-city research, or to provide aneasily recognisable scale of performance (e.g. A, B, C, etc.). City ratings are foundin assessments of financial risk and fiscal position, although they are also usedmore widely.Hong Kong, China
JLLThe Business of Cities 2015 5Their careful analysis and leverage of deep networks provide a unique angle on city trends, patterns of growth andinvestment, and the effects of political, regulatory or strategic change. Indices, especially when viewed as a whole,give unique insight into the development cycles of cities, their achievements versus their peers, the gaps in theircompetitive offer, and their strategic priorities going forward.Breakdown of the 200 indicesNo. of indices No. of new indices since 2013All-round global offer 8 1Business, finance and investment 29 2Economic growth and performance 16 2Quality of life 40 13Brand, reputation and influence 23 10Infrastructure and transport 24 4Culture and lifestyle 10 2Knowledge, talent and innovation 22 4Environment and sustainability 20 4Cost and affordability 8 1Total 200 43New all-round indices2014 saw the addition of two important new comprehensive benchmarks of city success, both of which addnew ingredients to the way cities are measured and compared. The Cities in Motion study by IESE BusinessSchool introduces the strongest gauge of strategic planning and innovation capacity seen in city indices to date.Meanwhile, the Global Liveable Cities Index is an exciting new partnership between researchers in Singaporeand California, which bridges the gap between quality of life and growth performance.By exploring new factors of competitiveness, both these studies add a degree of caution about the ability ofemerging cities to catch up and overtake others through multiple cycles. Cities whose economies globalisedin earlier cycles appear to have retained distinct advantages, including mature governance and systems ofinnovation. These indices indicate that highly liveable cities can flourish in a century of megacities if they are alsoagile centres of innovation and job creation. Geneva, Singapore, Copenhagen and Helsinki all currently excel inthis respect.At the same time, 2014 and 2015 have seen leading indices add new dimensions in an attempt to explain whysome cities retain appeal to local and global audiences. MORI’s Global Power City Index has added an ‘urbanintangible values’ metric to establish a closer sense of the daily experience and perception of cities, which shapeshow attractive they are to their many ‘customers’. AT Kearney’s Global Cities Index has also adapted to measureinformation exchange in cities more effectively, as established indices adjust to enhance their validity and appeal.
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Page 17: Contacts:Report EditorRosemary Feen

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