Munich jobs boom hits accommodation

Since 2011, Munich has seen an impressive increase in the number of new jobs being created, says Work and Economics minister Dieter Reiter (SPD).

Mr. Reiter states that 40,000 new jobs have been created in just two years, but warns that most of these jobs are being filled by people from outside the city and therefore there is a corresponding increase in the number of people looking for accommodation.  This comes amid a period of already steep rent increases and there is concern that the strong economic growth of Munich may be inflating the property rental market.  The rental situation is further compounded by the low number of new housing projects in the pipeline.

The recent figures show that Munich is enjoying its biggest jobs boost in twelve years and continues to buck the European trend.  Much of the reason for this is due to the highly varied spread of business sectors which are represented here; from media to engineering, from automotive to aerospace.  Munich is home to some of the biggest and most successful companies in the world, and many other successful businesses have major operations here.

The growth in jobs is expected to continue and reaffirms Munich's position as a major contributor to the strength of the German economy.