MITA’s Breaking News

Madison listed as Top 10 Emerging Cities for Global Trade

Nov 09, 2015

Global Trade Magazine, a quarterly publication on the global marketplace, selected Madison as one of the top 10 “Emerging Cities” in the U.S. in its fourth-annual report on “America’s Best Cities for Global Trade. “ The other cities selected in the “Emerging Cities” category are located across the country: Baton Rouge, LA; Charleston, SC; Grand Rapids, MI; Greeley, CO; Las Cruces, NM; Orlando, FL; Sacramento, CA; Toledo, OH; Virginia Beach, VA. 
The magazine sited Madison's educational environment and innovative start-up culture as some of the factors contributing to the designation. "Madison has unique product offerings that are in demand world-wide," said Jen Pino-Gallagher, President of the Madison International Trade Association. 
"This designation confirms what we already know to be true. Madison provides the world with cutting edge technology, goods and services and has grown its exports faster than many other communities of its size. I'm proud of the role that MITA has played in this export growth by delivering world class programming to the Madison region via our monthly international programs" added Pino-Gallagher.
Each year, the Brookings Institution and JPMorgan Chase release an analysis of each metropolitan statistical area, or MSA, and their total exports in comparison to other MSAs as part of its Global Cities initiative. In 2014, the Madison metropolitan region had $3.6 billion in exports with an annualized export growth rate of 5.6 percent from 2003 to 2014. 
According to the Brookings Institution analysis, the top exports from the Madison region included agricultural products, pharmaceuticals, information technology royalties and educational services.
"The growth in the service and technology export categories indicates that Madison companies are successfully accessing international markets with ideas-based products and technologies. From testing labs to engineering design services, Madison companies are benefiting from global demand for their products," noted Pino-Gallagher. 
According to the Brookings Institution research, exports supported more than 24,000 jobs in Madison in 2014.