Creative brain drain in New York [International Herald Tribune]

They may not have the money of the hedge fund managers who line up at bonus time at the open houses for $5 million homes, and their numbers do not equal those of health care workers. But New York City’s creative sector – which includes architects, potters, filmmakers and clothing designers – has long helped fuel the city’s economy because of its size and its role in drawing the wealthy to town.

But relentless inflation in real estate and health care costs is endangering New York’s long dominance in the creative sector, according to a new report, as artists and companies migrate to less expensive cities eager to lure them.

For example, 20 years ago, New York was the headquarters for half of the world’s advertising agencies, but it is now home to fewer than a third, according to the report, written by the Center for an Urban Future, a New York research group that analyzes urban policy issues.

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