Cosenza's economy continues to showcase resilience, with the latest data from the Chamber of Commerce indicating modest growth even as challenges persist on employment and demography. At the close of 2024, Cosenza recorded an annual development rate of +0.52%, reflecting the balance between new business registrations and cancellations.
Despite this positivity, the overall stock of business locations has declined by 4.6%, primarily due to 3,556 office cancellations, as highlighted by Klaus Algieri, the president of the Chamber of Commerce. "Despite the positive balance between new registrations and cancellations, we observe significant contractions within the local enterprise stock," Algieri noted, stressing the dual immersion of growth amid contraction.
The notable reduction points to a substantial restructuring phase within the local business framework. Data indicates businesses have increasingly moved to more complex corporate structures; since 2012, capital companies grew from 17% to 30% of total enterprises, reflecting the necessity for more resilient organizational forms capable of withstanding competitive pressures.
The regional economy is equally marked by contractions across major production categories with commerce declining by 6%, agriculture by 8.1%, construction by 4.7%, and manufacturing activities declining by 5.28%. Only sectors like real estate, scientific professions, and technical services saw slight increases, showcasing resilience against the general downturn.
On the employment front, businesses anticipated hiring 10.3% more workers than the previous year, according to data from Excelsior. Companies intending to recruit increased from 59% in 2023 to 61% for 2024, with high demand for roles such as restaurant operators, sales personnel, and skilled workers within the construction sector. The most significant hiring is expected within the hospitality, restaurant, and tourism services sectors, including commerce and construction.
Nevertheless, amid these optimistic hiring plans, the regional labor market depicts a complex picture. The unemployment rate has decreased from 17.8% to 14.9%, yet the overall employment rate remained largely unchanged during the same period, indicating underlying demographic challenges. The persistent decline of population, increasing youth emigration, and rising inactive residents contribute to one of the lowest employment rates across Italy.
A potential opportunity to address these demographic issues lies within the Cultural and Creative sectors, where Cosenza is reportedly leading growth according to the recent report “Io sono Cultura” by Symbola. The region experienced the highest growth increase, with cultural production value rising by 10.1% and the number of employed rising by 6.8% within the Cultural and Creative Production System (CCPS), underlining the importance of culture-driven growth.
The data reflects increases primarily stemming from core cultural activities rather than those driven by creativity, indicating notable advancements within audiovisual and musical productions, publishing, and software development sectors. These expansions could serve as pathways not only for economic resilience but also for providing substantial employment prospects to stem youth emigration.
Conclusively, Cosenza showcases both signs of development and deep-seated challenges. While businesses exhibit positive trends, particularly through dynamic changes within corporate structures, significant hurdles remain tied to local unemployment, demographic shifts, and the urgent need for adaptation of the production system to meet market demands. The path forward for Cosenza involves leveraging its economic strengths, mainly seen within the cultural sector, and addressing its pressing social dynamics efficiently.