The economic recovery has erased the Covid air pocket

the essential
All the growth indicators are green in Haute-Garonne, even if industry and construction are still recovering.

We clear it all and start again. After the annus horribilis of the health crisis, the Toulouse economy is gradually regaining its dynamism. It must be said that she has come a long way. Struck at the heart of its aeronautical ecosystem and an industrial specialization which cost it dearly with a sector in decline of 33.4%, when activity in the service sector plummeted by 28.6%. But the Haute-garonne is showing its resilience today. The most telling indicator remains that of employment with unemployment which has fallen by 8.1% over one year, all categories combined. That is to say 127,800 people precisely still clocking in, including 71,140 without any activity at the end of the first quarter of 2002.

The raw materials puzzle

The department has even triggered a new virtuous cycle by exceeding the pre-crisis level for job creation (+ 0.8%), according to the latest figures from INSEE (National Institute of Statistics and Economic Studies) . All economic sectors are not, however, housed in the same boat. While the market sector (shops, services, etc.), particularly catering, is showing a good recovery, to the point of facing a labor shortage, the industry, driven mainly by aeronautics, has not completely recovered. its previous levels. Industrial employment thus remains 1.1% lower than its values ​​at the end of 2019. Another still fragile sector is construction. While the number of building permits rose by +1.8% in Haute-Garonne in the last quarter, housing starts fell at the same time by 11.9%. Held back, again by a shortage of labour, but also of raw materials, which the conflict in Ukraine has aggravated. The lack of housing therefore remains a problem in the Toulouse conurbation. This tension on supplies is also worrying aeronautics and space circles, which foresee shortages of titanium, a metal widely used in the design of planes and satellites.

The hotel industry still in crisis

More worrying is the situation of tourism, which the resumption of the Covid epidemic has plunged back into the red. In the Occitanie region, hotel occupancy was down 20% compared to January 2019. It fell even more sharply in the urban areas of Toulouse at -37%. As for business tourism, which accounts for 69% of overnight stays in hotels, there is still a drop of -21% in the occupancy rate. Still, there are encouraging prospects. Against the background of ecological transition and the development of the green economy, the sectors of the future are already specialties of Toulouse: embedded systems, robotics, digital, artificial intelligence, big data… Enough to regain confidence and bet on the future.

We wish to say thanks to the author of this short article for this remarkable material

The economic recovery has erased the Covid air pocket

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