Positive Perspectives for Timisoara – Economic overview

Positive Perspectives for Timisoara – Economic overview

Positive Perspectives for Timisoara – Economic overview 2560 1440 ROMANIA PROPERTY CLUB

Timisoara was under the limelight in 2023 as the European Capital of Culture. The program received investments of circa 43 million EUR, 90% of funds provided by public sources. The presence of acclaimed Nobel Prize winners, among which Orhan Pamuk, Nadia Murad, and Eric Stark, and exceptional exhibitions of artists such as Constantin Brancusi, and Victor Brauner brought visibility in the Time Magazine, New York Times, Le Monde, El Pais, and RAI UNO.

The thrilling success of the European Capital of Culture events generated investments in cultural infrastructure – new events space, social and educational centers in various neighborhoods, and two rehabilitated cinema multiplexes. Presently, the authorities are allocating new funds for follow-up events through the Timisoara. Next program, to consolidate the enthusiasm generated in 2023. Moreover, the County Council took the lead by applying to other events that might offer international exposure, such as the 2028 European Gastronomic Region status.

In addition to cultural investments, important steps were completed in transportation, educational, sports, and healthcare infrastructure.

In March, authorities opened a brand new 40 million EUR international airport terminal, with a capacity of up to 1,000 passengers per hour. In Q4 2024, the new 25 km South Belt Motorway shall be finalized; this new road will decongest city-wide traffic. The final part of the Timisoara motorway, the 14 km West Belt, shall break ground soon, as the bidding process for a constructor was completed. The motorway is an important plug for the recently approved 3bn EUR A9 highway, connecting Timisoara to Moravita. A9 will increase the flow of goods and commercial exchange between Romania and Serbia. Another important development is the approval of opening a new border control point at Beba Veche, to decongest Nadlac.

In terms of modern healthcare facilities, the public administration started the official bidding process for building the 230 million EUR Regional Oncological Hospital, which should open in the next three years. This tops investments already finalized or under advanced construction: a new emergency unit for the county hospital, 65 million EUR burn unit, 20 million EUR new maternity building, a children’s hospital building, and a new spa clinic.

Education and a qualitative student pool are key economic pillars that appeal to major corporations considering maintaining or extending their stay in Timis. Thus, the upcoming private and public investments in educational facilities shall consolidate the regional leader status of Timisoara. Authorities allocated more than 20milEUR to modern student housing revamping or building from the ground up. The British International School of Timisoara is increasing its capacity with up to 1,000 seats through a new building on its campus. These modernization efforts should help Timisoara appeal to students, as the registration numbers slightly decreased over the years, in favor of Cluj and Iasi.

In terms of sports and leisure, a 180 million EUR investment in a 30,000-seat stadium (the second largest in the country) began the bidding process, in parallel with the demolition of the existing run-down facility.

The strong economy in Timis not only kept the unemployment rate under 1% but also generated an average net wage of c.a. 1,200 EUR – the second biggest in the country (after Bucharest). The wage increase and the lower housing costs by comparison to all of the other main poles (Cluj, Bucharest, Iasi, Brasov) should make the city more appealing to the young and mobile segment of the population.