Vienna: Economic growth through congresses and digital technologies!

Vienna: Economic growth through congresses and digital technologies!

As the economic heart of Austria, Vienna is very much in the focus of global economic discussions. Barbara Novak, the city councilor for finance, economics, labor, international and digital affairs, explained in the “Peter & Paul” business talk that the city can look forward to slight economic growth for the third year in a row. Particularly noteworthy are cultural and congress tourism, which are the key drivers of Vienna's economy. On average, conference and trade fair tourists spend an impressive 565 euros per day, which underlines the importance of this target group.

Novak pointed out that eight of the world's 20 largest congresses will take place in Vienna next year. Major events, such as the Danube Island Festival or the Eurovision Song Contest, attract large numbers of visitors and contribute to economic recovery.

Technology and sustainability in focus

Another focus is on investments in new technologies, particularly in the areas of life sciences, biotech, pharmaceuticals and the digital sector. The city is planning to build a Gigafactory that will serve as a data center. This will not only provide enormous computing power, but also use the waste heat to supply district heating to over 200 households. Vienna is pursuing the goal of becoming CO₂-neutral by 2040, with a focus on creating “green jobs”.

In the same breath, Novak emphasized the need to balance social security, sustainability and economic growth. She expressed optimism that Vienna would overcome the challenges ahead and experience economic relief in the next three to four years.

Tourism continues to boom

The tourism industry in Vienna has meanwhile proven to be extremely resilient. In 2022, a total of 18.9 million overnight stays were recorded in hotels and guesthouses, with sales in the tourism sector increasing significantly. Walter Ruck, President of the Vienna Chamber of Commerce, described the city as one of the most sought-after destinations in the world with significant growth potential.

Vienna is not only a leading congress city with over 6,000 congresses and more than 600,000 participants every year, but also attracts discerning guests. Congress participants generate income of over 500 euros per night, showing how important this sector is for the economy.

Expansion of infrastructure

There are currently around 180 bookable venues with a capacity of over 400 people. Ruck is calling for additional locations, including a new multifunctional hall for up to 1,000 visitors. This could help to further diversify the event landscape and make it future-proof. In addition, a more flexible approval practice for previously unused areas is encouraged. As an example, the current restrictions on concerts in the Ernst Happel Stadium, where only ten events are currently permitted per year, are viewed critically. Here Ruck suggests doubling the number.

A “Vienna Event Board” could specifically bring high-profile events to Vienna, while new attractions should be created in less frequented areas of the city in order to better distribute the flow of visitors. These measures are designed to secure Vienna's long-term economic success and increase regional added value, which amounted to over 5.4 billion euros in 2024.

In addition to the modern event infrastructure, such as the Messe Wien and the Austria Center Vienna, the city plans to expand its capacities in order to be able to respond to the growing demand in the tourism sector.

Vienna shows itself to be a dynamic business location that is prepared, both culturally and technologically, to actively shape the future. The balance between economic growth, social security and sustainability is considered essential.

Further information on economic developments can be found at Leadersnet, and the tourism industry situation Economic Association.

For a more in-depth look at the current situation in Vienna, also visit ORF Vienna.