All cities, large and small, compete for talent, trade, investment and tourism. Historically, cities’ competitive identities were determined primarily by geophysical factors and their effective exploitation of natural advantages like climate, access to resources, ports and proximity to other centers and points of trade.
But as developed economies have shifted from a manufacturing orientation to services, geophysical factors have become less important in determining the economic success of not only cities, but also states and countries. Today, it is increasingly quality of place that determines where talent, capital and tourism flows.
The Place Equity Index is a measure developed by Resonance Consultancy to quantify and benchmark the relative quality of place, reputation and competitive identity of one city to another. The index is a unique collection and analysis of quantitative and qualitative factors: important core statistics along with social media reviews and recommendations by locals and visitors.
We believe that this combination of key facts with the opinions, beliefs and attitudes of people who are actually experiencing the place are the key forces that shape perception of a city’s identity today. And it is this perception of place that influences decisions that make a difference in the economic health of cities now.