IHK survey: The economy in Cologne and the region is picking up again
Cologne –
The economy in Cologne and the region is recovering from the consequences of the corona pandemic much faster than originally expected. That is one of the central results of the autumn economic survey by the Cologne Chamber of Industry and Commerce. A total of around 660 companies from the IHK district (Cologne, Leverkusen, Rheinisch-Bergischer Kreis, Rhein-Erft-Kreis, Oberbergischer Kreis) took part in the survey from August 16 to September 24.
“Corona is not over yet. But many companies are already back to pre-crisis levels, which is very gratifying, ”says IHK General Manager Uwe Vetterlein when presenting the results.
Good business again
The economic climate indicator rose from 102.6 points in the spring to 117.9 points. It has thus been above the long-term average since the beginning of the pandemic.
The indicator for the company’s business situation has increased by 23.5 points to 26.8 points compared to the previous survey. More than 40 percent of the companies reported good business in autumn 2021. Only 16 percent state that things are going badly.
The situation has improved particularly in all branches of industry, the construction industry, the area of business-oriented service providers and wholesaling. It again corresponds to the pre-crisis level. “Industry and construction have pulled the economy out of the valley again and are crucial for the economic recovery,” says Vetterlein.
The situation for private service providers, retailers and the hospitality industry has also improved. Due to the strong slump caused by the Corona crisis, these industries are still below the pre-pandemic level.
“In many places things are looking better again, but depending on the orientation, this is still difficult, for example for hotels that are geared towards business travelers and trade fair visitors,” says Vetterlein. “It is important for this industry that 2 or 3G regulations remain possible even with increasing incidences.”
Confidence for the future
Overall, companies are on the whole looking to the future with more foresight. “But there are risks for further recovery,” warns Uwe Vetterlein. Because the shortage of raw materials, a lack of skilled workers and high energy prices are slowing the upswing in some cases massively. Many companies could not work as successfully as they actually could.
“Like the rise in energy prices, the shortage of raw materials is a global phenomenon, but taxes and duties make energy in Germany particularly expensive in an international comparison.” In addition to the high costs, companies are also uncertain about the future energy supply in the Cologne region. The companies need clarity about the expansion of alternative energies and grid expansion, said Vetterlein.
And that is what 58 percent of the companies surveyed said high energy and raw material prices pose a risk to their further economic development.
Almost as many companies (59 percent) identify the shortage of skilled workers as a threat to their company. “The demographic development remains the share factor on the labor market. Corona has not changed anything about that,” says Vetterlein.
80 companies in all industries have problems filling vacancies, especially many in the booming construction industry (percent) and in the industries particularly exposed to corona (hospitality 70 percent, consumer services 65, percent retail 64 percent). “Meeting this challenge effectively and creatively is a central task for companies, politics and also the Chamber of Industry and Commerce,” says Vetterlein.