The entrepreneurial scene within the province of Cosenza, Calabria, has revealed its resilience by recording a slight growth rate of +0.52% at the end of 2024, according to recent data. This figure signifies progress but is complicate by demographic challenges, particularly the stark decrease of -4.6% in the stock of business premises compared to the previous year, largely driven by 3,556 official cancellations.
Despite the positive annual growth, the number of business locations plummeted from 81,840 at the end of 2023 to 78,968 by the end of 2024, marking a contraction of -3.5%. This shift triggers questions about the underlying dynamism of the entrepreneurial ecosystem.
Interestingly, this contraction does not necessarily reflect diminishing business vitality. An analysis shows companies within Cosenza have been restructuring themselves increasingly toward more complex legal forms. Capital companies, for example, have surged from 17% of the total businesses back in 2012 to 30% by 2024, whereas individual companies have dropped from 64% to 56% during the same timeframe.
This evolution toward capital companies may be partly attributed to the market pressures faced during economic downturns, as smaller operators often find it arduous to maintain viability. Consequently, more resilient businesses have sought organizational structures able to withstand competitive challenges more effectively.
Delving foundationally, the sector-specific performance reveals broader economic trends: employment expectations across various industries show both promise and contradiction. Cosenza anticipates 10.3% more new hires compared to 2023, surpassing the national average of +0.1%. Companies intending to increase their workforce have also risen from 59% last year to 61% now, indicating growing optimism.
Demand for positions appears strong, especially among restaurant staff, sales agents, and skilled laborers within the construction sector. The greatest expected hires are concentrated within hospitality, tourism services, commerce, and construction sectors.
Yet, juxtaposing these optimistic hiring forecasts against the provincial employment rate, which has remained relatively stagnant, paints a dichotomy. Although the unemployment rate has decreased from 17.8% to 14.9% within the first nine months of 2024, systemic employment challenges remain. Many cite the province's declining demographic trends, particularly youth emigration and rising numbers of economically inactive residents, as contributing factors to these mixed results.
Calabria's Cultural and Creative Production System (SPCC) is gaining traction as potential leverage against these pressing issues. According to the latest "Io sono Cultura" report by Symbola, Calabria has noted impressive growth metrics, being the region showcasing the highest increases both quantitatively and qualitatively—from +10.1% added value to +6.8% increase in employment—when observed from 2022 to 2023. These impressive figures outperform the national average significantly.
Such positive developments hinge predominantly on core cultural activities rather than creative ventures, with specific areas like audiovisual and music production, publishing, and software and video game production seeing remarkable growth rates. Klaus Algieri, the President of the Chamber of Commerce of Cosenza, emphasized these trends, stating, "... secondo l’ultimo Rapporto 'Io sono Cultura' realizzato da Symbola, è in netta crescita almeno secondo i dati più aggiornati (2023 rispetto al 2022)."
These expansions offer fertile ground for addressing both youth unemployment and the overall stagnant job market. By fostering the cultural sector, local policymakers and business leaders may not only stabilize but invigorate their economic environment, ensuring growth and sustainability for years to come.
Moving forward, it will be pivotal for Cosenza to continue embracing these new structures and sectors, balancing the scales against the challenges posed by demographic shifts and competition, all the whilst pursuing growth avenues created through innovation and cultural investment.