city on the Arctic
Oulu is the fastest growing city of Arctic Europe and 3rd in Europe attracting VC. Signs of growth can be seen all over the place.
The strong expertise in ICT has created a unique base for innovations and new business in Oulu. During 2014-16 over 500 startups started operating, and the amount of rented offices has over doubled within the last years. Bigger investments in the area are from Taiwan, China, USA, and Germany.
Population of Oulu is expected to continue grow around 20% during the next decades. Also the consumer potential is growing, as the amount of wage income tax has grown the most (+3.5%) of all Finnish cities.
Significant city center development projects – underground parking facility Kivisydän and Valkea shopping center – have already been finished. However, they are just the peak of the iceberg. Still, around 300-400 million euros in investments, such as Oulu station center and several hotels, are yet to be realized. There are also several other areas of development in reach of investors.