All cities, large and small, compete for talent, trade, investment and tourism. Historically, the competitive identity of a city was determined primarily by its geographic factors and its ability to exploit natural advantages like climate, access to resources, ports and proximity to other centres and points of trade.
But as developed economies have shifted from a manufacturing orientation to services, physical location has become less important in determining the economic success of not only cities, but also states and countries. Today, it is increasingly quality of placethat determines where talent, capital and tourism flows.
Resonance Consultancy has undertaken Destination Assessments and created Destination Development Plans for a wide range of communities, cities and countries around the world. The European Union Place Equity Index was developed to quantify and benchmark the relative quality of place, reputation and competitive identity of one city to another by collecting data for 104 E.U. cities on 23 key factors that influence external perceptions of destinations as places to live, visit, work and play.
Most rankings are based solely on statistics or are only surveys of public opinion. The Place Equity Index uses both: key statistical measures combined with an analysis of millions of reviews by locals and visitors in social media channels such as TripAdvisor and Yelp. Rankings for each of these factors have been grouped into six categories explained in the report:
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