The project will generate 118,000 jobs during its execution period and an additional 130,000 from activities in the new neighbourhood
The launch of Madrid Nuevo Norte will not only place Madrid among the most advanced cities in urban development but will also boost wealth and job creation.
According to the report by Antonio Pulido and Julián Pérez, professors at the Autonomous University of Madrid (UAM), the project will create some 250,000 stable, full-time jobs. Of these, 118,000 jobs will be generated during the nearly 20-year period need to complete the project. According to the estimates included in the project dossier, another 130,000 jobs will stem from new activities, in particular at the business district that will be built next to Chamartín train station.
The region of Madrid and its capital will benefit the most from this job creation momentum. Out of the 118,000 direct and indirect jobs created during the execution phase, 80,445 will be in Madrid.
During the execution phase, the profiles most sought-after are those of workers in the construction and building sector. Other sectors will also benefit from the indirect employment opportunities arising from the purchase of goods and services derived from the main activity. Account should also be taken of induced employment, which refers to jobs generated as a result of incomes earned from direct or indirect employment.
The relevance of Madrid Nuevo Norte for Madrid’s labour market cannot be reduced to mere figures. Equally important is that the Spanish capital will finally have a business district that measures up to that of other major cities with which it competes internationally to attract investments and talent.
Physical workspaces are an increasingly relevant factor for attracting and retaining the best talent and companies are aware of this. It is therefore vital for Madrid to have a centrally-located business district with quality office spaces, close to the airport and well connected to a multimodal public transport hub.
Madrid Nuevo Norte’s business district, which will include the tallest skyscraper in Spain, is based on the mixed-use urban concept, i.e. it will have not only office spaces but also housing, public and private facilities and tertiary uses (retail shops, stores and leisure establishments), ensuring an active city life 24/7. Furthermore, the people working in these new offices will enjoy the best working environment possible.
Given these figures, it comes as no surprise that job creation is a significant factor in the citizens’ decision on Madrid Nuevo Norte. This is confirmed by the most recent surveys and feedback from the citizens of Madrid who visited the exhibition held in the museum at 120 Castellana Avenue.