Dallas has earned a nod as an international "knowledge capital" in a new Brookings report that aims to define the ways cities contribute to the global economy.

Gone are the days when just a few huge financial centers like New York, London and Tokyo powered the flow of goods, services and workers around the world, the report says.

Now, thanks in large part to advances in technology, that power is dispersed throughout more cities, which have a wider variety of competitive advantages that make them players on an international stage.

"The pervasiveness of trends like globalization have essentially ensured that all cities touch the global economy," said Joseph Parilla, a fellow with the Brookings Institute's Metropolitan Policy Program. "The question of 'Are you a global city or not?' is sort of a false choice now."

The report divides the world's 123 biggest metropolitan areas into seven types of global cities based on a range of indicators, including gross domestic product per capita, venture capital investment and amount of air travelers.

New York, Los Angeles and London are still big drivers of economic output and centers of financial decision-making so they're categorized as "global giants."

But other Asian metros, such as Beijing, Seoul and Hong Kong, are hot on their heels, thanks to growing wealth and huge amounts of foreign investment.

Meanwhile, Chinese factory cities got their own category because, as the report says, they "exemplify their country's assertion into global markets," as demand for the products they manufacture has grown.

According to the report, Dallas is in league with metro areas you might expect to be considered "knowledge capitals," such as Boston, San Francisco and Chicago. Houston and Austin also earned the knowledge capital label.

Parilla said the 19 knowledge capitals are "the world leading sites of technological innovation."

Most have top-notch research institutions and universities, which spurs innovation and that translates into successful entrepreneurship, Parilla said.

Technological innovation also attracts venture capital investment, which he said acts as a kind of proxy for entrepreneurship in the report.

Venture capital "is a uniquely American" phenomenon -- though one that's gaining steam internationally -- and is likely one reason that 17 of the 19 knowledge capitals in the report were in the U.S., Parilla said.

Because the U.S. has "unbelievably good" research institutions spread out throughout the country, not just on the coasts, American cities that might not have historic reputations as global economic powerhouses have risen. Minneapolis and Denver, for example, were both counted as knowledge capitals.

Zurich, Switzerland and Stockholm, Sweden, meanwhile, were the only non-U.S. cities on the list.

And since they're spread out across the country, knowledge capital cities often act as smaller regional centers for business and financial services, even if corporate headquarters are still more concentrated in New York and L.A. By that measure, Dallas is increasingly a hub of financial services employment.

The Crescent is one of Dallas' hubs of financial activity. (Nathan Hunsinger/The Dallas Morning News)

Another key indicator for knowledge capitals is their transportation connectivity. Dallas also performs well on that measure.

It's ranked third among knowledge capital cities for air passengers, after Chicago and Atlanta.

"People come to Dallas to do business," Parilla said. "It's a major, major asset for Dallas to be able to go anywhere in the U.S. or in the world relatively quickly."

That connectivity, coupled with the Dallas economy's sheer size and the influence of its research institutions, makes the area stand out among its peer cities.

But the region ranked near the bottom of the 19 in other measures, including internet speed and patents per 1,000 residents between 2008 and 2012. Dallas was 18th in both.

The report also found that knowledge capitals actually suffer from their success, as incomes rise among a small set of executives, investors and specialized workers, while wages among middle- and lower-income households stay relatively flat.

Housing affordability is the biggest casualty of that dynamic, according to the report, which means residents of knowledge capital cities are sinking more and more of their money into their homes.

That, in turn, can keep people locked in place who might be more productive if they could move somewhere else.

Pam Stein, executive director of the Urban Land Institute in North Texas, said Dallas' categorization as a knowledge capital reflects North Texas' strong tech base.

"I think going back to the days of Texas Instruments, we've had a highly educated engineering-based workforce," she said in reference to the Fortune 500 chipmaker's growth in North Texas.

While the booming economy makes it difficult for employers to fill jobs requiring high education levels, Stein said she hopes the region's concentration of universities will get their due in a state where Austin's sheen as a start-up mecca and university town often gets top billing.

"We've certainly been pushing for a long time, with all the universities that are here, to get a better reputation," she said.

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