Harsh.
Forbes’ new list of best metro areas for business and careers is out, and Richmond is ranked 39.
That isn’t terrible considering there are 200 cities on the list, but it is quite a tumble from last year’s number seven spot that has been touted by local economic development agencies.
Richmond’s descent into the rankings isn’t totally a surprise considering the loss of Circuit City, Land America, Qimonda, and Wachovia Securities, as well as sizeable layoffs among the remaining Fortune 1000’s.
But do Forbes rankings really mean that much? When the city is ranked highly it is a point of pride, and when it isn’t it is quietly ignored. In 2007, Richmond was ranked 14. In 2006, the city was ranked number 41, and the year before that we were 14 again. The up and down roller coaster ride really makes one wonder how arbitrary the rankings really are. What happened in 2006 that made us fall to 41?
According to Forbes, the rankings are based on 11 different criteria including job growth, cost of living, income growth, and quality of life.
Harsh.
Forbes’ new list of best metro areas for business and careers is out, and Richmond is ranked 39.
That isn’t terrible considering there are 200 cities on the list, but it is quite a tumble from last year’s number seven spot that has been touted by local economic development agencies.
Richmond’s descent into the rankings isn’t totally a surprise considering the loss of Circuit City, Land America, Qimonda, and Wachovia Securities, as well as sizeable layoffs among the remaining Fortune 1000’s.
But do Forbes rankings really mean that much? When the city is ranked highly it is a point of pride, and when it isn’t it is quietly ignored. In 2007, Richmond was ranked 14. In 2006, the city was ranked number 41, and the year before that we were 14 again. The up and down roller coaster ride really makes one wonder how arbitrary the rankings really are. What happened in 2006 that made us fall to 41?
According to Forbes, the rankings are based on 11 different criteria including job growth, cost of living, income growth, and quality of life.
If you look at the ranking broken down to different categories, 2 categories that really make the Richmond rank lower are:
1. income growth
2 job growth projected
income growth in Richmond is ranked 190 out of 200 and job growth projected is 113.