Munich Annual Economic Report 2016
Newly published: Abridged version in English
(21.9.16) The latest report covers the key facts and figures about Munich as a business location.
The Annual Economic Report outlines the past year's most important events and developments in the Munich economy, focusing on the labor market, the development of industry sectors, public finance, the property market and relationships between the city and the surrounding region.
The report was presented on June 24, 2016, by Josef Schmid, Deputy Mayor and head of the Department of Labor and Economic Development.
An abridged (15-page) version of the report is now also available in English.
- Munich's economic growth continued to outperform the rest of Germany and Bavaria in the period under review. Year on year, Munich saw its population increase by 2.1%. Its growing population is accompanied by increasing demand for labor. Current forecasts expect this trend to continue until 2030.
- This positive development is most clearly reflected in a further significant increase in employment levels. Last year, socially insured employment in Munich rose by 2.7%, an increase of around 20,700 jobs. Thus a new record figure of 797,102 people were employed in socially insured jobs in the Bavarian capital.
- In absolute terms, most new jobs were created in the service sector (+19,666 jobs), with 'information and communication' making a particularly notable contribution (+4,610 new jobs). The hospitality industry too delivered above-average growth, a gain of 2,090 jobs. The 'healthcare and social services' sector has for years been experiencing strong demand for labor and saw a 2.9% increase in employment (2,979 jobs) in 2015.
- 2015 also saw a slight decline in unemployment. On average, a total of 44,938 people were registered as jobless. The average unemployment rate fell to 4.6%.
- The boom that Munich has experienced in recent years is making space ever more scarce. Strong demand for rented apartments has prompted further significant increases in rents and property prices.