Thurgau's economic landscape is currently characterized by a contrast between the performance of its export industry and the domestic sectors.
The export industry is facing challenges due to a sluggish German economy. Weak incoming orders have led to lower turnover and profits for over a third of surveyed companies. One in four industrial companies reported unsatisfactory business performance, with a third noting a decline in capacity utilization.
On the other hand, domestic sectors such as construction, retail, and services are faring better. Over 90 percent of construction companies reported a satisfactory to good business situation. The gastronomy and tourism industries have faced setbacks due to unstable weather conditions.
A survey conducted by Thurgauer Kantonalbank (TKB) reveals that half of the businesses reported a satisfactory financial year in 2024, with optimism extending into 2025. TKB anticipates that the heterogeneous development across sectors will continue into 2025.
The ongoing shortage of skilled workers is a significant concern for Thurgau's businesses. The construction industry is facing acute labor shortages. Many companies report difficulties in filling apprenticeship positions due to inadequate school performance among applicants and a lack of applications altogether. Collaboration between educational institutions and businesses is needed to address this issue.
The resilience of domestic sectors and the proactive approach to vocational training may play a critical role in fostering long-term growth and stability in Thurgau's economy.