Bilbao grew rich in the nineteenth century from iron ore mined nearby and exported to Britain, and from the banks, shipyards and steelworks that followed. By the 1980s, heavy industry was in crisis, the river was polluted, and the city was shrinking. Local leaders decided to rebuild, with a new metro, a clean river, new bridges, an airport terminal and, in 1997, the Guggenheim Museum, which brought international attention.
Today the economy is diverse: energy, engineering, finance, ports and logistics, health and services. The city's headquarters include large energy and banking firms, and the city comes out above average on jobs and strong on prosperity. Unemployment is 9.0% (2025), and adults with a university degree make up 58% (2024).
Residents of Bilbao are taxed under the Basque foral system, set by the Bizkaia provincial authority rather than by the state tax rules.
The city is hemmed in by hills, so there is little flat land for new building. A typical 70 m² flat rents for about €806 a month (2024), and buying costs €3,529 per square metre (Q2 2026).
The metro, tram and local trains connect the city with the surrounding towns. Public transport carries 37% of commuters of commuters (2021), and the airport is 5 km from the centre. Recorded crime is 68.1 per 1,000 people (2024), and safety comes out below average. The crowded bar streets at weekends are the places to keep an eye on bags and phones.