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The cities of Helsinki, Espoo, Vantaa and Kauniainen, as well as Local Government Pensions Institution Keva, MuniFin Municipality Finance and the Association of Finnish Local and Regional Authorities donate a professorship of urban economics to Aalto University. The donation is worth EUR 2.5 million.

Expertise in urban economics supports the development of cities especially in terms of vitality, industrial policy, the benefits of concentration, land use and questions related to the location decisions of companies.

The professorship enables education of experts in the methods of urban economics. Cities continuously produce data about their activities, and this data can be utilised as the research of urban economics grows stronger. In addition, the professor and his/her community will support decision makers and ensure that development is managed in an economically, ecologically, socially and culturally sustainable manner.

'The significance of urban economics offering support to cities’ key decisions and design is growing in Finland, but there are currently no professors focused on urban economics. The professorship will help strengthen the competence base in the field, and for this reason, I want to express a warm thank you to the donors,' says Aalto University President Ilkka Niemelä.

Aalto University is committed to cover the total costs of the professorship for the next 20 years.

The professor will work closely with the Urban Academy and Helsinki Graduate School of Economics (Helsinki GSE). The Urban Academy strengthens the interaction between Aalto University, the cities and the University of Helsinki in order to secure sustainable urban development. Helsinki GSE is a joint project between Aalto University, Hanken School of Economics and the University of Helsinki, and it aims at constructing an internationally competitive graduate school and research unit of economics.