Economically, Winterthur was one of the homes of Switzerland's rail industry and an industrial centre. The rail industry and other heavy industry have largely disappeared. Amongst the most significant companies was Sulzer Brothers, today's Sulzer Ltd., Sulzer AG, commonly abbreviated to Sulzer. Textile production declined even earlier on. Also the Rieter company come from Winterthur.
Switzerland's largest bank, and one of the world's large banks, Union Bank of Switzerland (UBS), since 1998 UBS AG, was also founded in Winterthur.
Peraves, the manufacturer of the fully enclosed "cabin motorcycle" named the Monotracer, predated by an earlier model named the Ecomobile, has been manufacturing the unusual vehicles since the early 1980s. in 2010 Peraves won the Progressive Insurance Automotive X-Prize with an electric powered version of the Monotracer.
Among other commercial organizations, Winterthur was home to Switzerland's largest insurance business "Winterthur Insurance". Until 2006, the company was the largest in Switzerland and was in Europe's top 10. On 1 January 2007 the Winterthur company was officially acquired by the French AXA group and is now known as AXA Winterthur.
Winterthur has an unemployment rate of 3.13%. As of 2005, there were 594 people employed in the primary economic sector and about 97 businesses involved in this sector; 11603 people are employed in the secondary sector and there are 717 businesses in this sector; 39982 people are employed in the tertiary sector, with 3570 businesses in this sector. As of 2007 47.9% of the working population were employed full-time, and 52.1% were employed part-time.
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Famous quotes containing the word economy:
“The aim of the laborer should be, not to get his living, to get a good job, but to perform well a certain work; and, even in a pecuniary sense, it would be economy for a town to pay its laborers so well that they would not feel that they were working for low ends, as for a livelihood merely, but for scientific, or even moral ends. Do not hire a man who does your work for money, but him who does it for love of it.”
—Henry David Thoreau (18171862)
“The counting-room maxims liberally expounded are laws of the Universe. The merchants economy is a coarse symbol of the souls economy. It is, to spend for power, and not for pleasure.”
—Ralph Waldo Emerson (18031882)
“Unaware of the absurdity of it, we introduce our own petty household rules into the economy of the universe for which the life of generations, peoples, of entire planets, has no importance in relation to the general development.”
—Alexander Herzen (18121870)