Triangle Ranks 5th in Fortune List
Posted November 3, 1997 12:00 a.m. EST
RALEIGH — For the fourth time in the past six years, Fortune magazine has named the Triangle to one of its Top Ten lists.
Raleigh, Durham and Chapel Hill, which are treated as a unit by Fortune editors, came in 5th on the business publication's annual list of "Best Cities for Business."
Past rankings have evaluated the Triangle's global competitiveness (#6, 1992), knowledge of workers (#1, 1993) and balance of work and family (#5, 1996).
Cities are asked to respond to a set of criteria provided by Fortune. This year, the chambers of commerce in the three cities submitted a 56-page document highlighting the accomplishments of the Triangle over the past 10 years.
Among items cited: improvement and growth to Research Triangle Park; the creation of Centennial Campus at NC State University; a variety of new tax credits; the NC Biotechnology Center; and the breadth of media exposure the area has received.
Also highlighted were professional sports (the Carolina Hurricanes, Durham Bulls, Carolina Mudcats and the Raleigh Flyers); Walnut Creek Amphitheatre; the Interlocal Agreement; new and expanded museums; the Durham school merger; universities; medical facilities and property tax reductions.
The first four cities on the list were New York, Denver, Boston and Seattle. Atlanta came in 9th and Richmond ranked 10th.
The entire list will appear in the November 24th issue of Fortune.
Dublin, Ireland, heads the Europe section of the list; Kuala Lumpur, Malaysia, is the best in Asia; and Santiago, Chile, is the place to be in Latin America.
In its ninth year of rankings, Fortune focused on the most improved cities and measured how well municipalities had taken advantage of the thriving economy, now in the seventh year of an expansion.
Using research by its staff and Arthur Andersen consultants, the magazine examined a wide range of criteria, from quantitative business factors such as cost of labor and office rental rates, to quality of life, education, housing costs and the number of Starbucks coffee shops.
New York wasn't even on Fortune's list of best cities last year, after five years of making the rankings. But with crime down significantly, Wall Street riding high -- before the shocks of the past two weeks -- and with more corporations willing to stay in the Big Apple, the city is basking in its turnaround, the magazine cheers.
Also on the North American top 10 list, Cleveland is No. 6, followed by Indianapolis; Toronto, Canada (which was No. 1 on the international list last year); Atlanta and Richmond.