Zurich, Switzerland, one of most liveable cities in the world
In today's rapidly changing world, cities are emerging as key drivers of economic growth and innovation. The World Economic Forum ranks city liveability on six factors: affordability, amenities, connectivity, culture, safety, and sustainability. However, as urbanization continues to shape our planet, creating liveable cities has become essential for fostering sustainable economic development, attracting investment, and retaining local and international talent.
The Inter American Development Bank Creating Liveable Cities report sheds light on regional perspectives towards liveable cities. The key takeaway is that liveable cities play a critical role in the sustainable development of a vibrant destination, offering benefits to communities and businesses alike. Here are a few reasons why this type of urban development matters for countries.
Enhanced Quality of Life
Liveable cities prioritize the well-being of their residents. They provide a range of amenities and services that enhance the overall quality of life. These may include efficient public transportation systems, access to healthcare facilities, green spaces, cultural institutions, recreational areas, and vibrant social communities. When people feel safe, healthy, and have access to essential resources, they are more likely to thrive both personally and professionally. Such positive environments not only attract talented individuals, but also foster their productivity and creativity.
Sustainable Economic Development
Liveable cities lay the foundation for sustainable economic development. By integrating principles of sustainability into urban planning and infrastructure development, these cities create opportunities for economic growth while minimizing negative environmental impacts. Sustainable practices such as energy-efficient buildings, renewable energy sources, waste management systems, and sustainable transportation contribute to resource conservation, reduce costs, and create new jobs in green industries. Liveable cities serve as attractive destinations for businesses seeking to establish a sustainable footprint and capitalize on the growing demand for environmentally conscious products and services.
Investors are increasingly considering liveability factors when evaluating potential locations for their investments. Liveable cities that offer a high quality of life and a conducive business environment are more likely to attract domestic and international investors. These cities provide a skilled workforce, modern infrastructure, reliable public services, and a favorable regulatory framework, all of which contribute to a thriving business ecosystem. Additionally, liveable cities often have vibrant cultural scenes, which attract tourists and boost the hospitality and entertainment sectors, further attracting investment opportunities.
Attracting International Talent
Liveable cities serve as magnets for international talent. In a globalized world, skilled professionals are highly sought after, and they are often drawn to cities that provide a diverse and inclusive environment, robust job prospects, and an enriching lifestyle. Liveable cities with a reputation for safety, cultural diversity, educational opportunities, and a strong sense of community become attractive destinations for individuals seeking to advance their careers and enjoy a high standard of living. The influx of international talent brings new perspectives, promotes innovation, and stimulates economic growth in various sectors.
Retaining Local Talent
Liveable cities not only attract international talent but also retain their local workforce. When a city invests in creating a vibrant urban environment, it helps cultivate a sense of attachment and belonging among its residents. Local talent is more likely to stay in cities that offer career growth opportunities, affordable housing options, reliable healthcare services, excellent educational institutions, and recreational activities. By retaining local talent, liveable cities ensure a steady supply of skilled professionals, maintain a stable workforce, and foster long-term economic sustainability.
By prioritizing the well-being of their residents, liveable cities create environments where people can flourish personally and professionally. The benefits extend beyond the individual level, as businesses also thrive in these conducive ecosystems. As urbanization continues to shape our world, it is crucial that cities prioritize liveability factors to build prosperous, inclusive, and sustainable communities for the future.