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I'm not sure anyone asked the question but...second most important in what?
Business - Chicago
Fashion - LA
Decisions that affect the rest of the country - DC
Computer industry - SF
Education - Boston (maybe)
Los Angeles does not even come close in ^ regard...and many business & trading magazines have Chicago ranked very high numerously (higher than Los Angeles). When it comes to finance & especially trading, Chicago trumps Los Angeles easily. While Los Angeles may have the port advantage...Chicago is America's transportation hub, that means theres more amount of air, freight, and truck traffic going through and coming out from Chicago than any city in the US. This is where Chicago's location becomes its own advantage.
The raw numbers are not the proper measurement of economic power of one city. LA's economy is an economy that is more relevant to the local region and does not influence the global economy as compared to New York's & Chicago's . One aspect LA trails other tier 1 cities is the financial prowess. Without any global financial centers, LA cannot join the elite group of top 10 world's most important cities that shape the global economy. Only New York & Chicago hold that honor so far.You should read some of these in order to get a broader view.
"Finance and innovation make Chicago number two in US. The fourth-ranked center of commerce globally, topping cities such as Hong Kong and Los Angeles, Chicago's commodities and financial markets help it rank high in financial flow, while its world-class institutions of higher education lead to high marks on innovation and knowledge creation."'
I'm not sure Chicago is the second leading business center in the US. LA's annual GDP is $639 billion, while Chicago's is only $460 billion. Chicago is a distant second to NY when it comes to banking and financial markets. Chicago does play a major role in distribution, but LA's port is where the majority of goods imported from Asia enter America.
In any case, the raw numbers support the conclusion that LA is more important to the nation's economy than is Chicago.
Last edited by downtown1; 05-20-2009 at 08:09 PM..
The raw numbers are not the proper measurement of economic power of one city. LA's economy is an economy that is more relevant to the local region and does not influence the global economy as compared to New York's & Chicago's . One aspect LA trails other tier 1 cities is the financial prowess. Without any global financial centers, LA cannot join the elite group of top 10 world's most important cities that shape the global economy. Only New York & Chicago hold that honor so far.You should read some of these in order to get a broader view.
"Finance and innovation make Chicago number two in US. The fourth-ranked center of commerce globally, topping cities such as Hong Kong and Los Angeles, Chicago's commodities and financial markets help it rank high in financial flow, while its world-class institutions of higher education lead to high marks on innovation and knowledge creation."'
I fail to understand why a single industry--one that is presently tanking no less--should be the measure of a city's global economic impact. GDP is a much more relevant (and certainly objective) measure of economic importance because it takes into account all industries.
Los Angeles does not even come close in ^ regard...and many business & trading magazines have Chicago ranked very high numerously (higher than Los Angeles). When it comes to finance & especially trading, Chicago trumps Los Angeles easily. While Los Angeles may have the port advantage...Chicago is America's transportation hub, that means theres more amount of air, freight, and truck traffic going through and coming out from Chicago than any city in the US. This is where Chicago's location becomes its own advantage.
With the decline of American manufacturing and the rise of Asian imports, being the primary port of entry for Asian goods is far more important than being a transport hub for the Midwest, a region whose manufacturing capacity has been in steep decline for years.
But all this aside, GDP and population figures both clearly suggest that LA is the true "Second City" of the US by most objective metrics.
I notice you love posting stats , but I'll go with PricewaterhouseCoopers GDP growth estimates.
btw, how important LA's economy is to the world? I'd like to hear. Btw, Mexico city's GDP is bigger than SF's so what.
Chicago
GDP (2005): $460 billion
GDP (2020): $645 billion
Growth rate: 2.3%
MasterCard ranking: 5
Population (2007): 8,990,000
Purchasing power (NYC=100): 115%
America's second city faces stern competition from Los Angeles, which now has a larger population and a bigger economy. But Chicago still outranks Los Angeles on MasterCard's Commerce Index. The Chicago Mercantile Exchange and Chicago Board of Trade give Chicago a role in the global financial markets that Los Angeles (who still remembers the Pacific Exchange?) lacks.
Los Angeles
GDP (2005): $639 billion
GDP (2020): $886 billion
Growth rate: 2.2%
MasterCard ranking: 17
Population (2007): 12,500,000
Purchasing power (NYC=100): 120%
Los Angeles is on course to become the world's third city with a trillion dollar economy. And while that economy will always be smaller than New York's, those in Los Angeles take solace: According to UBS estimates, the average resident of L.A. has 20% more purchasing power than their counterparts in New York.
Quote:
Originally Posted by 18Montclair
Importance is subjective. Sure.
But I think when looking at economic importance, this ranking below doesnt leave any room for subjectivity.
According to the Bureau of Economic Analysis, US Dept of Commerce
Released September 25, 2008
Combined Statistical Area/ Total Gross Product($150B+)
New York-Newark-Bridgeport, NY-NJ-CT-PA $1.284 Trillion
Los Angeles-Long Beach-Santa Ana, CA $825.3 Billion
Washington-Baltimore-Hagerstown, DC-MD-VA-WV $500.0 Billion
Chicago-Naperville-Michigan City, IL-IN-WI $490.9 Billion
San Jose-San Francisco-Oakland, CA $475.5 Billion
Boston-Worcester-Manchester, MA-RI-NH $383.8 Billion
Houston-Baytown-Huntsville, TX $344.5 Billion
Dallas-Ft Worth, TX $341.5 Billion
Philadelphia-Camden-Vineland, PA-NJ-DE-MD $330.0 Billion
Atlanta-Sandy Springs-Gainesville, GA-AL $262.6 Billion
Miami-Ft Lauderdale-Pompano Beach, FL $248.0 Billion
Detroit-Warren-Flint, MI $233.0 Billion
Seattle-Tacoma-Olympia, WA $217.9 Billion
Phoenix-Mesa-Scottsdale, AZ $179.4 Billion
Minneapolis-St Paul-St Cloud, MN-WI $186.7 Billion
Denver-Aurora-Boulder, CO $162.3 Billion
San Diego-Carlsbad-San Marcos, CA $157.8 Billion
I notice you love posting stats , but I'll go with PricewaterhouseCoopers GDP growth estimates.
btw, how important LA's economy is to the world? I'd like to hear. Btw, Mexico city's GDP is bigger than SF's so what.
Chicago
GDP (2005): $460 billion GDP (2020): $645 billion
Growth rate: 2.3%
MasterCard ranking: 5
Population (2007): 8,990,000
Purchasing power (NYC=100): 115%
America's second city faces stern competition from Los Angeles, which now has a larger population and a bigger economy. But Chicago still outranks Los Angeles on MasterCard's Commerce Index. The Chicago Mercantile Exchange and Chicago Board of Trade give Chicago a role in the global financial markets that Los Angeles (who still remembers the Pacific Exchange?) lacks.
Los Angeles
GDP (2005): $639 billion GDP (2020): $886 billion
Growth rate: 2.2%
MasterCard ranking: 17
Population (2007): 12,500,000
Purchasing power (NYC=100): 120%
Los Angeles is on course to become the world's third city with a trillion dollar economy. And while that economy will always be smaller than New York's, those in Los Angeles take solace: According to UBS estimates, the average resident of L.A. has 20% more purchasing power than their counterparts in New York.
Once again you post diluted stats. Indices that weigh all sorts of peripheral factors but at the end of the day-its the gross product that trumps all other factors when talking about economic relevance and importance.
And as far as Mexico City, The Bay Area has an economy that may have already surpassed Chicagoland-much less Mexico City.
Cute though.
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