Umbria is on the rebound from the devastating effects of the 2016 earthquake, according to a recent report from the Chamber of Commerce of Umbria. The report, part of the Project Phoenix initiative in collaboration with the University for Foreigners of Perugia, the Municipality of Norcia, and the Umbrian School of Public Administration, highlights 2024 as a pivotal year for the 14 municipalities hardest hit by the quake, excluding Spoleto, which remains a unique case.
Concrete signs of recovery are now evident, as the report details a significant decrease in inactive businesses, an increase in stable employment, and notable growth in production and added value. The financial stability of these municipalities is also on the rise. Specifically, the number of businesses classified as inactive—those with no production value—has dropped below pre-earthquake levels, marking a steady decline from 2,016 in 2017 to 1,875 in 2024.
The employment landscape has also improved dramatically. Total employment in the 14 affected municipalities rose from 4,792 in 2017 to 5,197 in 2024, surpassing the pre-earthquake figure of 4,884 recorded in 2015. The number of actual employees increased from 2,594 in 2017 to 3,200 in 2024, outpacing the 2,566 employees noted in 2015. This growth reflects a “real increase,” as emphasized by the Chamber of Commerce.
Moreover, the number of capital companies has seen a significant rise, going from 231 in 2015—representing 10.7% of the total—to 335 in 2024, which accounts for 15.7%. This shift indicates a growing confidence in the region’s economic prospects.
Financial metrics further illustrate this recovery. The added value per company has surged by 35.9% between 2015 and 2024, all while inflation during the same period was recorded at 18.7%. The overall value of production also experienced a robust increase of 40.2%. The return on invested capital (ROI) climbed from 1.84% in 2015 to 2.98% in 2024, showcasing improved profitability.
When analyzing the broader context of all 15 municipalities, including Spoleto, the picture becomes more complex. The number of businesses without production has decreased from 4,894 to 4,556, yet the total number of employees across these municipalities has slightly declined from 16,502 to 16,128. Interestingly, the number of non-family employees has seen a slight uptick, rising from 11,077 to 11,243. The added value for these municipalities increased by 21.2%, with the value of production growing by 36%.
In terms of profitability, the return on invested capital rose from 2.2% to 3.88%, while the return on equity increased from 3.3% to 8.36%. These figures underscore the financial recovery underway in the region.
Despite these positive trends, the Chamber of Commerce cautions that structural challenges remain, particularly in the smaller municipalities of Valnerina. Issues such as population decline, aging demographics, and difficulties in attracting economic activities continue to pose significant hurdles. Nevertheless, the signs from 2024 indicate that the region is moving in the right direction, and efforts must now focus on consolidating these gains.
As Umbria emerges from the shadows of the earthquake, the resilience and determination of its communities are evident. The collaborative efforts involving local governments, educational institutions, and business entities have fostered an environment ripe for recovery and growth. The data not only reflects a resurgence in business activity but also a renewed sense of hope among the residents.
Looking ahead, the challenge will be to sustain this momentum and address the ongoing issues that could hinder long-term stability. With the right strategies and continued support, Umbria can build a brighter future, ensuring that the lessons learned from the past propel it toward a more prosperous tomorrow.
