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2021 saw the highest number of new start-ups in Hamburg since 2008
The German city of Hamburg, led by mayor Peter Tschentscher, has once again confirmed its status of a very strong business location. In 2021, 5,107 companies were founded in Hamburg.
According to the Statistics Office North, the number of business start-ups increased by 14.3% over the previous year, and reached the highest level since 2008.
Catch-up effect is likely to be one of the causes of the increase, after the restrictions imposed by the corona pandemic were gradually lifted. Simultaneously, when compared to the previous year, the number of business closures increased by 7.1%.
More than 70% of all business registrations were in the legal form of a sole proprietorship. Women submitted 34.5% of these applications, while people with foreign nationality submitted 28.8 percent. This is also the highest proportion of women to start a business in the German city since 2012 (34.6%).
Hamburg has also won several awards at the “European Cities & Regions of the Future Award 22/23,” which was held in the French city of Cannes, Hamburg News reported. Hamburg ranked first in the category of skilled workers and quality of life, and third in the categories of digital networking and economic potential.
Hamburg finished second overall, behind Frankfurt and ahead of Düsseldorf. In addition to these 3 cities, Cologne and Stuttgart also ranked in the Top 10, marking a huge achievement for German cities in this year’s rankings.
Every two years, fDi Magazine, a Financial Times publication, compiles a ranking based on the business potential, financial and economic levels of European cities in several categories. They include Economic Potential, Human Capital and Lifestyle, Business Friendliness, Connectivity, Cost-Effectiveness, and FDI Strategy.
