How do we morph into ‘magnet cities’?
CITIES ARE LIKE MAGNETS. They pull in or push away residents, investments and visitors.
The question that Hamilton and Burlington need to ask is: how well are we attracting, instead of repelling, people and businesses?
That was the premise behind an address by Stephen Beatty, KPMG Canada’s head of global infrastructure (Americas and India), to a sold-out Bay Area Economic Summit.
Citing nine examples of “magnet cities” in the U.S., Europe and Asia, Beatty chronicled how those cities have declined but fought back to transform themselves as attractive and livable cities. The analysis, published in a report by KMPG UK, summarized seven key principles of sustainable magnet cities: they attract young wealth creators, undergo physical renewal, have a clear city identity, connect to other cities, cultivate new ideas, stimulate investment and possess strong leadership.
A key element of success for all nine cities cited, from Incheon Sangdo of South Korea, to Denver, Colo., to Bilbao, Spain, is their appeal to young wealth creators — young people who are educated, highly skilled and ambitious. Rather than take existing jobs, they create jobs for the cities they live in. They are a broad group working in creative, new and traditional economies.
They are the go-getters who will kickstart the recovery of a city in decline.
Young wealth creators lead to direct economic growth, the report suggests. This reaffirms the value of what young professionals are already doing: investing in their city.
We’ve seen the rise of entrepreneurship and co-working that encourages partnerships and collaboration among young business owners. Case in point: Hamilton’s largest co-working space, CoMotion Group Inc., is home to more than 90 businesses and startups. Last year, through the province’s Summer Company program, the City of Hamilton’s Small Business Enterprise Centre provided seed funding to 28 local startups launched by young people — including high school students — ranging in age from 15 to 29. As many as 80 per cent of students who go through the program continue their businesses even after summer has ended, The Spectator has reported.
There is an emerging class of newcomer young professionals. Many are former international students. Global Affairs Canada estimated that in 2010, international students in Canada generated more than 81,000 jobs. We cannot ignore their contributions to our economy and our city.
How do we continue to build the momentum? The KPMG report suggests we draw on the strengths of our cities to target and attract specific groups, especially those that already share a natural affinity with the community.
We also need to develop a deeper understanding of what young wealth creators want and look at cities through their eyes. Beyond just job prosperity, young people are interested in cities that embrace sustainable living and provide a cityscape designed to offer physical activity, green spaces, affordable housing, social and cultural opportunities. The Bay Area can offer all of the above. Together, let’s nurture young wealth creators to strengthen our cities’ magnetic pull.