Friday, June 6, 2014

Xavier University’s Center for the Study of the American Dream and The Burghard Group announced that the Miami-Fort Lauderdale-West Palm Beach FL Metropolitan Statistical Area has been ranked as one of seven American Dream Cities where residents believe that they are working for and achieving a better life for their families and future generations.

The Center’s American Dream Composite Index™ powered by dunnhumby is a unique and robust measure of American sentiment that quantifies the American Dream. It is the culmination of several years of research and remains the only statistically validated measure of the American Dream. The ADCI Study identifies 35 unique dimensions that make up the American Dream for most people. At any point in time, the ADCI score represents the degree to which respondents feel their American Dream has been achieved. These 35 dimensions are in the broad area of economic progress, personal wellbeing, societal trust, acceptance of diversity and environmental quality.

In May 2014, U.S. residents believe they are achieving 64.8% of their American Dream. This implies 35.2% of the American Dream is being left “on the table” unrealized. According to Dr. Greg Smith, in an article published by Fox News, “What’s really setting us back right now is the economic side of our lives.” As our Nation’s economic engine starts to strengthen, residents in turn will begin to feel they are achieving more of their American Dream.

But the economy is not the only variable impacting attainment of the American Dream.

According to a newly released Report by the Burghard Group, where you live also impacts your ability to achieve your American Dream. The Report is an ad hoc analysis of the 2013 ADCI data for metropolitan statistical areas with populations of 1 million or more (51 MSAs in total).

Based on this analysis, only 7 of the studied MSA’s qualified to be American Dream Cities (cities with an ADCI score index of 10 or greater compared to national average). Residents in these cities believe they are achieving the American Dream to a meaningfully greater degree than residents in the balance of MSAs studied.

The 7 American Dream cities are:

1. Hartford-West Hartford-East Hartford, CT
2. Jacksonville, FL
3. Riverside-San Bernardino-Ontario, CA
4. Miami-Fort Lauderdale-West Palm Beach, FL
5. Rochester, NY
6. Columbus, OH
7. Raleigh-Cary, NC

“We are very pleased to be named one of the top American Dream cities in the U.S.,” said Bob Swindell, president and CEO of the Greater Fort Lauderdale Alliance, Broward County’s official public/private partnership for economic development. “We know we rank high in a number of areas including being one of the best places for small business, one of the best places to live, one of the best locations for economic potential, among other factors. This is another example of how our region is working together to provide its residents a great place to live and work as determined by their own feedback.”

“According to the report, executives are interested in knowing the ADCI score for locations where their employees work and live and the survey uncovered a belief that there is a real business benefit to employees feeling they are achieving the American Dream,” said Ray Ferrero, Jr., Chairman of the Greater Fort Lauderdale Alliance CEO Council. The CEO Council works to attract corporate headquarters to the area. “Our high ranking underscores our long-held belief that we have one of the best locations in the world for a company to locate and expand.”

According to Ron Starner, Executive Vice President of Site Selection Magazine, “The inclusion of the Miami-Fort Lauderdale-West Palm Beach FL MSA among the 7 American Dream Cities is indicative of the contributory effectiveness of the area’s economic development strategies and programs over the past several years, such as the Greater Fort Lauderdale Alliance CEO Council’s successful headquarters marketing and recruitment initiative.”

To read an overview of the report, please click here.
To download the full American Dream Cities report, please click here.

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