Berlin's Economy is Booming: Private Businesses Creating more Jobs in the German Capital
Corporates are doing very well in Berlin: During the first six months of the ongoing year, they created 2,400 new jobs in the city. Moreover, resident companies announced their intention to invest a total of 270 million euros in more than 100 projects. This is the upshot of the semi-annual report published by Berlin Partner für Wirtschaft and Technologie GmbH, the capital city's economic development company.
Berlin's Economic Growth Outperforms the Other German States
The semi-annual report also shows that Berlin's industrial sector has benefited more than others from the economic boom. One in every three new jobs is created by an industrial firm. They invest an average of approximately one quarter of a million euros per job. Berlin Partner identified Hella Aglaia Mobile Vision, a developer of visual sensor systems including cameras, as a particularly shining example of the trend. The company is investing more than eight million euros in its Berlin site, creating ten additional jobs in the process.
For several years, Berlin's economy has reported above-average growth. In 2013, the gross domestic product of the State of Berlin increased by 1.2 percent – faster than in any other German state. This compares to a national average in GDP growth of 0.4 percent for the same period. The favourable economic trend was quick to produce palpable results: By the end of 2013, less than 200,000 people were out of work in Berlin. It is the lowest rate registered in the city since its reunification in 1990.
Berlin to be Promoted Worldwide as High-Tech Location
Going forward, Berlin Partner plans to help boost the economic power of the German capital further by attracting new companies to the city in its role as economic development company. Its efforts focus specifically on technology companies. The idea to keep expanding Berlin's position and reputation as an attractive research and development location has met with obvious success: Most recently, a Chinese high-tech company, one of the world's largest, announced its intention to set up a research centre in Berlin.
The job of Berlin Partner is above all to make Berlin internationally known as a great business location. The agency was formed in 1994 as a joint venture of around 200 local companies and the State of Berlin. Berlin Partner is funded by the State Government of Berlin, IBB Investitionsbank Berlin, and the associated companies.