City among world’s best in costs study

MANCHESTER has been ranked as Europe’s most competitive city for business by an independent study.

Research by KPMG International placed the city as number four in the world, behind Monterrey and Mexico City and Montreal in its research of business costs in 100 key cities.

The locations were benchmarked againts costs in New York, Los Angeles, Chicago and Dallas-Fort Worth.

The only other UK city featured was London, which was ranked 36 in the world.

Tim Newns, deputy chief executive at MIDAS, Manchester’s Investment and Development Agency, said the findings were a major endorsement of the city’s credentials as a attractive inward investment location.

He said:”Having competitive business costs coupled with a large and highly skilled workforce is a major factor in winning inward investment and for Manchester to be ranked number one in Europe, and fourth in the world, underpins the city region’s attractiveness to major employers worldwide.

“This report confirms Manchester’s place in an elite peer group of the world’s top business cities and accelerates the city region’s drive to be at the forefront of every major business thinkers mind when considering location.”

Malcolm Edge, vice chairman of KPMG UK and member of the MIDAS board, added: “To be ranked the most competitive European business city is an illustration of why businesses from around the globe now view Manchester in the same light as the leading US investment hubs.

“In these tough economic times, Manchester stands out for its relentless drive towards innovation, meaning businesses can not only find the support they need to relocate to the region, but also the talent pool and infrastructure to sustain operations over a long period of time.”