Vienna’s Lookin Good!
Klosterneuburg – We are staying in Klosterneuburg, a suburb on the north side of Vienna, just over the hill from the house in Grinzing where we lived for four years. Like Illmitz in the previous post, Vienna appears to be weathering the recession well. There is obvious stimulus money being spent, as many of Vienna’s streets in the First District are torn up for improvements. The Austrians seem to have become Keynesian enough to target much of their stimulus package at infrastructure to get the money moving into the economy quickly. That said, there are other signs of the recession: shops that don’t seem quite as full as they were the last time we visited, and a marked reduction in the number of Turkish and Middle Eastern faces about the city. One assumes they were among the first to be let go.
Shopping on the Graben
Friends in Vienna tell me that, of course, Austria has felt the pain of countries further east because the Austrian banks were and are among the primary lenders in this part of the world. Others say that Austria’s industrial companies seem as busy as ever. One commented that real estate prices really haven’t dropped, especially among high-end properties. The city and the surrounding countryside seem as prosperous as ever. Perhaps income is down slightly, but past savings will keep this economy going for a long while to come.
Tourism note: Vienna itself has enough top sites to keep any visitor occupied, but give some thought to seeing the abbey at Klosterneuburg. This abbey was founded in the 11th century by the Babenburgs and the Habsburgs added a palace. The tours are fascinating.
