"The year 2024 held both challenges and opportunities for industrial companies in Hamburg. Federal politics were characterised by uncertainties and a tense global trade environment. At the same time, the transformation towards a climate-neutral and digitalised economy is in full swing," said Rieckhof. Industrial turnover rose by 4 per cent in 2024 unlike the oil industry, where it fell by 0.9 per cent due to lower prices.. Turnover increased significantly in vehicle construction (+7.8 per cent) and repair and installation of machinery and equipment (+6.4 per cent). Foreign sales went well (+9 per cent) while domestic sales fell by 1.3 per cent. Gross value added in the manufacturing industry rose by 8.9 per cent last year (price-adjusted: +5 per cent) and grew the total gross value added by 1.7 per cent in 2024, adjusted for price.
Around 3,000 industrial companies with some 110,000 jobs generate around 30 per cent of sales in Hamburg and are well positioned for the future, according to the Annual Report 2024 presented by Andreas Rieckhof, Industry Coordinator and State Councillor in the Ministry of Economics and Innovation. The proximity to R&D is particularly important to the framework conditions. The city is now working at full speed to provide the infrastructure for a hydrogen economy and to become climate-neutral by 2045.
Additional 4 per cent
Thirteen companies in the oil industry accounted for almost 60 per cent of turnover. The defence industry, which includes companies in from the maritime and aviation sectors, is also gaining significance in Hamburg.
Industry X Research
Research in Hamburg is also pivotal to the positive developments. The 3D printing initiative "Industrialised Additive Manufacturing Hub Hamburg" (IAMHH) was founded in 2024, the German Aerospace Center (DLR) opened a new research institute for air traffic and put Hamburg's first quantum computer into operation, the report added. The new "Responsible AI Alliance" focuses on the responsible use of artificial intelligence and Hamburg also celebrated the opening of the second Centre for Applied Aviation Research (ZAL II) in Finkenwerder and the Techhub in the Altona Innovation Park.
Climate neutrality
The city is now striving to ensure that energy-intense companies have sufficient sustainable energy sources at their disposal and to become climate neutral by 2045. Emphasis is on expanding the infrastructure for hydrogen. To this end, parts of the port will become a Sustainable Energy Hub and accommodate everything needed along the hydrogen-related value chain. More information can be found on future.hamburg. The Annual Report 2024 can be found here.
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