Timișoara has been an important economic
center since the 18th century when the Habsburg administration was installed.
Due to Austrian colonization, ethnic and religious diversity and innovative
laws, the economy began to develop. The technicians and craftsmen that settled
in the city established guilds and helped develop the city's economy. Notably,
in 1717, Timișoara became host to the region's first beer factory.
During the Industrial Revolution, numerous
modern innovations were introduced. It was the first city in the monarchy with
street
