Vienna’s economy is growing against the trend – innovation projects and local supply areas in particular are increasing – the city’s support measures are creating around 2,000 jobs
Vienna (OTS) – The economic situation in Austria currently gives little cause for celebration. However, the city of Vienna is an exception: While economic output in Austria is shrinking by 0.6%, according to the WIFO forecast from October 2023, Vienna is still in the black with slight growth of 0.1%. “In view of multiple crises such as the war in Ukraine, persistently high inflation across Europe, the Middle East conflict and the still noticeable effects of the corona pandemic, the Vienna economy is surprisingly resilient,” explains City Councilor for Economic Affairs Peter Hanke.
Strong demand from local suppliers
The positive general mood and ongoing willingness to invest and innovate in Vienna can be seen particularly clearly in the area of local supply, which is so important for the city. The interest of companies here was so great that the number of projects supported by the Vienna Business Agency increased by 75% to a total of 551.
“But even more important are the investments triggered by this, which amount to 33 million euros. Every euro of funding in the area of local supply triggers more than four euros of investment. A remarkable balance,” sums up Hanke.
The evaluation by the mobile advisory team of the Vienna Business Agency shows that dynamic growth in the Viennese economy can continue in the future. This year, 600 projects were supervised at the general project consultation days for companies and founders alone. This is an increase of 20% compared to the previous year.
Overall balance for 2023: Funding from the Vienna Business Agency secured 2,000 jobs
The investments triggered by the entire funding measures of the Vienna Business Agency also have a considerable job effect. In 2023, a total of 1,486 funded projects not only triggered investments amounting to EUR 165.95 million, but also secured or created around 2,000 Viennese jobs. “These pleasing results are no coincidence. The Vienna Business Agency has further developed its offerings in such a way that innovations and investments are triggered exactly where there is a corresponding need,” says Gerhard Hirczi, Managing Director of the Vienna Business Agency, summarizing the strategy. A total of 50 million euros in funding was awarded in 2023.
Number of employees at a historic high
Just as economic output is increasing slightly, the number of employees in Vienna is also growing at the same time: in November 2023, a new historical high was reached with 925,267 employed persons. This represents a slight increase in employment compared to the previous month of October, an increase of 11,000 compared to the comparable month of November 2022 and even an increase of 37,000 compared to November 2021. WIFO forecasts suggest that this trend will continue in 2024. “These figures clearly show that the Viennese economy and its companies are defying the crises and have created a good basis for future growth with a lot of entrepreneurial dynamism and innovative spirit,” continued Hanke. “I am particularly proud that we were able to provide significant impetus for this with the Vienna Business Agency.”
Questions & Contact:
Mag. Roberta „Louis“ Kraft
Media spokesperson City Councilor Peter Hanke
Phone: +43 1 4000 81211
roberta.kraft@wien.gv.at
Uschi Kainz
Communications Vienna Business Agency
+43 699 1408 6583
kainz@wirtschaftsagentur.at