Fourth quarter of 2024. Between stability and weakening, Tuscany’s economic situation loses momentum.

The new year begins with economic activity and the labor market in Tuscany, as in other advanced economies, gradually losing momentum. Industrial production in 2024 continued to decline across the country and in all Italian regions: Tuscany closed the year with a 5.1% decline in the fourth quarter compared to the same period last year.

The dynamics of exports at current prices show a favorable picture for regional production (+13.8% in 2024), but this is influenced by the anomalous performance of the Arezzo jewelry sector and is otherwise mainly driven by the results of a number of companies in the pharmaceutical and mechanical engineering industries in Florence. The overall figure, at previous year’s prices, is more modest, at +3.5%, and in line with the trend observed in world trade (+2.4%).

The regional production context was affected by the negative performance of the fashion sector, whose crisis was mainly concentrated during the year in the Florentine luxury goods sector.

In this context, although the labor market showed positive signs of resilience overall, it inevitably suffered from the slowdown in production. Hiring declined in 2024, particularly in industry (-9.5%), although the decline in terminations was more pronounced, resulting in a higher number of job openings than in 2023.

The number of employees, as well as contractual relationships, also grew overall in the year just ended (+2.5%), but the trend gradually slowed over the course of the months. Furthermore, with the sole exception of clothing manufacturing, which has also been gradually declining over time, the number of employees decreased in all fashion sectors.

With regard to contract types, the number of permanent workers continues to grow, although monthly trends show a gradual decline in intensity.

Finally, the number of employees with at least one period of ordinary or artisan layoffs increased from quarter to quarter. Less than 7,000 workers were in this situation in 2023, rising to just over 13,000 a year later. This is practically 4 out of every 100, with the leather industry showing the highest intensity (10% of employees). Layoffs for economic reasons also increased, especially in industry, and mainly concentrated in fashion manufacturing.

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