NEW YORK - The Economist Intelligence Unit released here on Monday a new research report showing that New York ranks first in competitiveness among 120 world's major cities.

The report titled Hot Spots ranks the most competitive cities in the world for their demonstrated ability to attract capital, business, talent and tourists.

It highlights New York City's innovative Applied Sciences NYC project, which has resulted in the development of a new applied sciences campus being built on Roosevelt Island, expected to generate 6 billion US dollars in economic activity.

"New York City's position at the very top of this list is no accident: it's due to the investments our Administration has made and the world-famous ingenuity and creativity of New Yorkers," said New York City Mayor Michael Bloomberg.

New data from the New York State Department of Labor showed that New York City is leading the nation in terms of economic recovery, and the private sector jobs were added at a rate almost 60 percent greater than the country as a whole in 2011.

London was the second most competitive city, followed by Singapore, with Paris and Hong Kong tied for fourth place, according to the report. Among US cities, Washington DC, Chicago and Boston made the top 10.