A thriving economy, a strong and competitive international position and a pronounced focus on creative start-ups and modern technologies are the prerequisites for the development of Vienna as an innovative Smart City. The current monitoring results confirm Vienna‘s good performance in a number of key areas. However, with regard to the social dimension of the Smart City, they also flag up a core challenge for the coming years: integration of the growing population into the labour market.

The number of company headquarters in Vienna increased from 214 to 221 between 2015 and 2016 – thus Vienna was able to secure its position as a hub for Central and Eastern Europe. Increases were also recorded in business start-ups and foreign investments: just under 9,000 new start-ups in 2016 represent an increase of more than 300 (or +3.5%) compared to the previous year. Investments by international companies in Vienna increased by 11.5 billion euros (+14%).

The situation is different in terms of GDP per capita. Vienna, with rank 17 in the comparison of European regions, is currently not among the top 10. The relative relapse is mainly explained by the comparatively strong population growth of recent years, with which economic momentum could not keep up. In regards to the continuing influx into Vienna, more efforts will be needed in the coming years to support the integration of the growing population into the labor market.

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