Economy in the Soest district: growth meets new challenges!

Economy in the Soest district: growth meets new challenges!

Exciting economic developments are underway in the Soest region, which are shaping both the labor markets and the demographic landscape. A report from Soester Anzeiger shows that the population in the Soest district increased by more than 11,000 people from 2013 to 2023. This means that almost 306,000 residents now live in the region. A positive trend that could not only boost the local economy, but also pave the way for younger people.

What is particularly noteworthy is that the proportion of people under 50 in the Soest district is 53.9 percent, which is higher than in the neighboring Hochsauerland district. While the number of employees subject to social security contributions in the region has increased from 104,561 to 115,349, there is growing concern about the future of the manufacturing sector. There is a slight decline in the number of employees compared to the previous year.

Labor market in focus

However, sales in domestic industrial companies were anything but encouraging: a decline of almost 15 percent compared to the previous year is alarming. Foreign sales even fell by 23.2 percent, while domestic sales fell by 7 percent. Despite these challenges, the unemployment rate in the Soest district remains at 5.9 percent, below the average for South Westphalia (6.1 percent) and the state average of 7.5 percent.

The increase in unemployed people to 10,175 people is another indication that the economic challenges should not be underestimated. While general purchasing power in the region rose by 17.3 percent from 2020 to 2024, consumer prices in North Rhine-Westphalia exceeded this increase by 19.2 percent. This suggests that the cost of living is increasing while purchasing power is not increasing at the same rate.

Demographic challenges

Like the statistics of destatis show, Germany is facing significant demographic challenges. The baby boomer generation will largely retire over the next 15 years, while younger age groups will be unable to fill these gaps. It is predicted that the number of people of working age (20 to 66 years) could fall by up to 4.8 million by 2040 with low net immigration.

Western countries in particular are struggling with a stagnating or shrinking working-age population. In order to maintain a stable number of employable people, high net immigration figures and rising birth rates are essential. Another point is the increasing need for nursing staff: the demand will be loud by 2049 destatis increase by 33 percent, reflecting a dramatic gap in the labor market.

Overall, it remains to be seen how these trends will affect the economic and social structure of the region around Soest. Above all, it is important to develop new strategies to overcome the challenges of demographic change and meet the demand for qualified workers. The developments are affecting everyone involved - but with a good dose of adaptability, the region can emerge from this situation stronger.