Edward Glaeser: Two great cities – but London has the edge now over New York

First of all let’s take a look at the record of both cities when it comes to jobs. Employment in London is rising, while New York employment is standing still. Between 2001 and 2012 the number of people in work in London rose by a robust 17 per cent while New York’s jobs figure rose by less than three per cent. Both cities have shown great resilience but London’s post-2007 expansion has been far more dramatic.

New York is still the more productive city. However, London’s per capita output levels dwarf those of the rest of the UK. London is also catching up quickly. At the start of the millennium  per capita output was more than 20 per cent higher in New York than in London.