in
Romania (
lei) at the end of 2024 and changes since 2015, by
county.
Timiș County has the highest average
income in the country after
Bucharest, and Timișoara has the highest
standard of living nationwide (53rd in
Europe) Timișoara is one of the most dynamic economic centers in Romania. Based on its proximity to the western border, Timișoara has managed to attract many foreign investments in recent years, forming, together with
Arad, the second largest area in Romania in terms of economic mass. By the mid-2000s, the foreign investments in Timișoara amounted to €753 per capita, compared to €450 per capita at county level. Most of these investments come from the
EU countries, especially from Italy, Germany and France. Similar to other growth poles in Romania, the services sector has developed significantly in recent years, accounting for half of the revenues. In 2016, Timișoara was awarded by
Forbes as the most dynamic city and the best city for business in Romania. Between 2000 and 2013, Timișoara had the highest growth rate of
GDP per capita, surpassing even Bucharest.
Industrial sector , the first
brewery established on the current territory of
Romania. roll machine at
Uzinele Textile Timișoara, 1961. During
Ceaușescu's time, labor force came to Timișoara from all over
Romania After 1989, major changes took place in the structure of industrial activities in Timișoara due to the restructuring and retrofitting processes, industrial production currently including both traditional sub-branches and new, modern and dynamic ones. Unlike cities such as Cluj-Napoca, Iași or Bucharest, the localization of industry within the city is specific to Timișoara. The main industrial groups in the city can be structured in three types: urban industrial areas, with large area and complex profile (Calea Buziașului, Freidorf, pericentral area along the railway, Calea Șagului, etc.), industrial platforms with unitary profile (UMT and Solventul) and dispersed industrial units, respectively. In recent decades, industrial areas have developed along major road or rail arteries, with a tendency to group units by industrial profiles. Developed on the old buildings of the former lens factory, Optica Business Park offices have attracted tenants such as
Microsoft,
Linde or
ZTE. Șagului industrial area includes warehouses of construction materials (
Arabesque, Arthema, Lipoplast, Mobexpert, etc.), as well as a significant number of showrooms and car dealers (
Mercedes-Benz,
Ford,
Mitsubishi,
Hyundai,
Citroën,
Opel, etc.). An important role in the development and diversification of the profile of the area is played by the Incontro Industrial Park, where construction companies are mainly located. Calea Șagului has also become an important commercial area, with hypermarkets such as
Brico Dépôt,
Auchan,
Jysk,
Metro or
Leroy Merlin. Aradului industrial area is the newest industrial area, with various locations for storage and provision of services. Like Calea Șagului, the Aradului area has become an important commercial hub, retailers like
Selgros,
Hornbach, Altex or
Auchan operating here. This economic branch has old traditions. Between 1988 and 1991, the Romanian car model
Dacia 500 Lăstun was made in the Tehnometal factories. The electronics and electrical engineering industry is a successful branch of Timișoara's industry, especially due to the investments of large companies with activities in high tech production (
Flex,
Bosch,
ABB, AEM, ELBA,
Ericsson, etc.), which determined a development of local companies, suppliers or subcontractors. the stock of class A offices available for rent reaching 290,000 m2 in 2020, almost 10% of
Bucharest's stock. The return on investment in office buildings exceeds the level in Bucharest (7%), standing at around 8.25%. City Business Center is the main office park in Timișoara, located in the city center. Completed in 2015, the complex is fully leased, with tenants including international companies such as
Accenture,
SAP,
Deloitte,
Wipro,
IBM,
Visma,
Hella, etc. Named the greenest office project in Romania by
BREEAM, Vox Technology Park was completed in early 2018. Bega Business Park is located near the historic center. The first two buildings were completed in 2015 and early 2018, respectively, and are fully occupied by
Nokia's campus. Under construction are ISHO Offices, part of a larger project, and United Business Center. The latter will include the tallest office building in Romania (155 m).
IT&C sector At national level, Timișoara is one of the poles of the most intense activities in the
IT industry. Well-known companies such as
Google,
Microsoft,
IBM,
Intel,
Nvidia,
Siemens,
Nokia,
Huawei,
Atos,
Accenture,
Endava,
Bitdefender or
Visteon have offices in the city, supporting – through the hubs and the digital workshops created – start-ups and SMEs in the field. Before the rapid expansion of
Cluj-Napoca, Timișoara concentrated the most IT professionals after
Bucharest. In 2014, Timișoara had 7,000 employees in the field. In the same year, the Incuboxx cluster was inaugurated. Incuboxx is the largest IT&C business incubator in Romania, which includes 54 office spaces addressed to entrepreneurs and companies with local capital in the field. Timișoara ranks 394th in the 2019 Innovation Cities Index, an annual list of the world's most innovation-friendly cities. Bucharest and Timișoara are the only Romanian cities on the list published by the
World Economic Forum.
Real estate sector The real estate market in Timișoara, supported by the upward economic trend, has been booming lately. In 2017, about 4,000 living spaces were delivered to the market, an increase of almost 60% compared to the previous year, most of the projects representing high-rise residential complexes, addressed to the mass and mid-market segments. In the first nine months of 2016, according to the National Agency for Cadastre and Real Estate Advertising, over 32,000 sale/purchase transactions were concluded, making Timiș County the largest real estate market in Romania after Bucharest–Ilfov. 87% of them took place in Timișoara and neighboring communes. Among the largest residential complexes in Timișoara are ISHO, Adora Forest, Vivalia Grand, XCity Towers, Vox Vertical Village, Ateneo and City of Mara. After 1989 the rural areas within the city became "hot spots" for housing investors, and the emergence of the
middle class after 2000 changed both the landscape and the prices of houses and land. In 2020, for example, the price of an apartment reached 1,300 euros/m2, the third-highest among Romanian big cities, after
Cluj-Napoca and
Bucharest. On the other hand, the phenomenon of
gentrification renewed a part of the underused housing stock.
Commercial sector at night
Bega Shopping Center is the only shopping center in the center of Timișoara and the first in the city. Bega Shopping Center is structured on six levels and has a leasable area of 7,500 m2, of which 1,300 are allocated to a
Carrefour supermarket.
Bega Group, the holding company that owns Bega Shopping Center, has opened three other
retail parks in Buziașului,
Circumvalațiunii and
Lipovei.
Iulius Mall was inaugurated in October 2005. Following an investment by Iulius Group and Atterbury Europe, Iulius Mall has been integrated into a large urban regeneration project –
Iulius Town, complementing it with retail, office and entertainment functions. Iulius Town has the largest shopping area in Romania (120,000 m2), a space that brings together over 450 stores. The estimated annual traffic for Iulius Town is over 20 million visitors. The shopping center has a leasable area of 70,000 m2, covering almost 20 ha and comprising 110 stores on two levels. Within Shopping City, the largest
Cinema City multiplex outside Bucharest was opened in April 2016, with 13
3D rooms, an
IMAX room and a
4DX room. In the first year since its opening, Shopping City had a traffic of over nine million visitors. The first
strip mall in the city, Funshop Park, opened in 2022. Built on the former industrial platform of Azur, Funshop Park has a leasable area of 10,800 m2 and is provided with an outdoor
food court area. Along with the existing stores in the central area, new supermarkets have been opened by national and international concerns such as
Selgros,
Metro,
Auchan,
Kaufland,
Carrefour,
Lidl,
Penny,
Mega Image or
Profi. On the
bricolage and
DIY market are present the stores of
Dedeman,
Hornbach,
Brico Dépôt,
Arabesque,
Leroy Merlin,
Mobexpert, Mömax,
Jumbo and
Decathlon, among others, part of local and international chains.
Tourism Timișoara constitutes the core of regional
tourism, receiving 80% of the area's tourists. It draws 250,000–300,000 tourists each year and is distinguished by its safety, quality of hospitality, and gastronomic excellence. Recreational tourism (such as city breaks and visits to friends and relatives) accounts for the largest share, followed by business and study tourism. The majority of tourists are young, well-educated individuals, primarily from Romania and other European countries. The average stay is two nights. In 2013, in Timișoara there were 107 accommodation units (comprising 49
hotels, seven
hostels, 50
pensions, and an international
campsite) totaling 5,547 accommodation places. == Education ==