Decrease in inactives observed in the UK context
**Booming Employment in Milan: Sector-by-Sector Breakdown and Key Trends**
In 2024, Milan witnessed a significant surge in employment, reaching its highest levels since 2018. The employment increase of 28,000 jobs represented a growth of +1.9%, making Milan a beacon of job creation in Italy.
The employment growth in Milan was solely driven by the services sector, with a remarkable +29,000 jobs added. The sales and hospitality sector saw an increase of +19,000 employed people, while the manufacturing sector remained stable, growing by +1,000 jobs and a +0.4% increase.
Tech and Engineering are highlighted as key growth areas in Milan, with companies like IBM, Oracle, and Microsoft actively hiring. There are over 8,400 tech job openings reported for Italy broadly, with Milan and Rome as the main hubs. Companies are seeking professionals skilled in Python, JavaScript, Java, cloud computing, cybersecurity, and data analysis.
Travel and tourism continue to be significant, contributing to both direct and indirect employment. While exact city-level data for Milan is not specified, travel and tourism in Italy accounted for just under three million jobs in 2023, with projections to reach 3.07 million in 2024.
Gender distribution by sector in Milan is not detailed in current sources, but broader Italian trends suggest persistent gaps, especially in tech fields. However, Milan's labor market performance in 2024 is excellent, with the total employment rate reaching 71.7%. The incidence of women on the total employed in Milan remains unchanged at 45.9%, but it is higher than the national (42.5%) and Lombard (44.1%) percentages.
Employment in Milan is supported by an increase in permanent contracts and a vibrant tech cluster, aligning with national trends towards more stable employment. In 2024, there are 352,000 more employed people compared to 2023 in Italy. The slight decrease in unemployment rate in Milan in 2024 (to 4.6%) is due to the increase in the active population, which grew thanks to the greater number of employed people.
The Milanese industry experienced a slight decline in 2024, with a decrease of -2,000 jobs, mainly in construction. However, this decline was more than offset by the robust growth in the services sector, leading to an overall employment increase in Milan that is above the national average.
In summary, Milan's employment market in 2024 is characterised by strong growth in the tech and services sectors, a stable manufacturing sector, and a vibrant tech cluster. While gender distribution by sector in Milan is not detailed in current sources, broader Italian trends suggest persistent gaps, especially in tech fields. Despite this, Milan's labor market performance in 2024 is excellent, with the total employment rate reaching 71.7%.
- In the booming employment market of Milan, the tech sector has emerged as a key growth area, with companies like IBM, Oracle, and Microsoft actively hiring, attracting over 8,400 tech job openings, seeking professionals skilled in Python, JavaScript, Java, cloud computing, cybersecurity, and data analysis.
- The finance and business landscape of Milan is strongly influenced by the services sector, which saw a significant +29,000 job increase in 2024, making it the primary driver of the city's employment growth, followed by the sales and hospitality sector with an increase of +19,000 employed people.
