Picture credits: Standortagentur Tirol

Economy

Thanks to innovation strategies, companies in the Tyrol are on friendly terms with the highest peaks. Here a technician from IFT is working meticulously on a new filter system for gas turbines.

Peak performers

Companies in Tirol make products in the Tyrol for the entire world. And are on friendly terms with the highest peaks.

30.8 billion euros gross regional product, the third strongest economic growth with in the Austrian federal state rankings (2017: +3,4%, 2016: +2,1%), the highest boost in employment (over 2%) in Austria 2017 (together with Styria), about 40,000 companies – the Tyrol certainly has a vibrant economy. Industry and production form the backbone (28,6% value added share): the total value of industrial production amounted to about 10 billion euros recently with an export ratio of nearly 70%. All businesses producing material goods export about 40% of their goods, worth more than 11 billion euros, every year. With production growth up on the previous year by 6.8%. With Germany as their most important trading partner. And a growth in exports of up to 8.5% in third markets such as Switzerland, Canada and China. How were these performance figures achieved?

A drive for innovation. Winner of the Austrian National Award for Innovation 2014: the Tyrolean model medtech company MED-EL. Winner of the Export Award 2014 presented by the Austrian Economic Chamber: Tyrolean Jet Service and MHMS Mechatronic Solutions KG. And the list is endless. Thanks to the right framework:

The Austrian tax authorities not only now reward active research and development with a tax relief of 12 per cent, but economic policies also encourage strategic innovation efforts and cooperation by offering attractive grants. In the Tyrol this is reflected by the strong academic landscape as well as a research quota of 3.12 per cent - the fourth strongest in all of Austria, significantly more than the European average of about 2 per cent.

In actual fact, small is big. More than 99 per cent of the companies in the Tyrol are micro-entities or small and medium-sized businesses. Whereby the latter employ more than 70% of the workers. And they are often successful with their innovations right from the start. For example, IFT Innovative Filter Technologie GmbH, founded only in 2011, which develops and sells efficient filter systems for gas turbines. The fact that 85% of all companies are family-run means there is often a close tie between the bosses and their employees. The latter are not only highly qualified but also highly motivated. Because if someone enjoys both a high quality of life as well as leisure time on a daily basis, they will usually enjoy work even more.

The large companies also benefit from this. This includes metalworking professionals such as the Plansee Group or Thöni Industriebetriebe, Sandoz AG with Europe's largest production of generic pharmaceuticals in Kundl, the crystal brand Swarovski, MED-EL, companies who have relocated, e.g. the wafer manufacturer Loacker or Durst Phototechnik and many many more. The Tyrolean industry employs about 41,000 of the roughly 312,000 workers in Tirol and exports just under three quarters of its entire production.

New ideas, a number of joint projects, successful innovations and business winners can be found in the heart of the Alps. The companies in the Tyrol are also on friendly terms with the highest peaks.

 

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