Tuesday, April 23, 2024

Jobs on the Rise: New Urban Developments Are Driving Employment Growth

Photo credit to Anamul Rezwan. Construction jobs are generated from new urban developments.

Cities worldwide, while diverse in demographics and culture, share a common pursuit of progress through new urban developments. These projects not only enhance convenience amid urban congestion but also stimulate local economies and communities through various socio-economic activities like job creation.

Photo credit to Following NYC. Featuring ‘Vessel’, a honeycomb-like structure and visitor attraction in the Hudson Yards Development in Manhattan, New York City.

Whether in the form of public transportation, cutting-edge business districts, or towering residential communities, a single new development necessitates a slew of jobs from pre-construction to completion. These include real estate developers and planners, as well as construction workers and suppliers, all of whom must work together closely for project success.

Hudson Yards: Direct and indirect employment opportunities

The cycle of job creation doesn’t stop after completion. A new development also drives indirect employment opportunities generated from industries attracted or related to the development. 

Such is the case with Hudson Yards, New York City's 28-acre mixed-use development and by far the largest megadevelopment in US history. It had created thousands of construction jobs, transforming Manhattan's iconic skyline and making way for a diverse range of shops, offices, cultural institutions, hotels, and residences. The ongoing operations and management of these facilities are expected to contribute to its large-scale economy, such as hosting over 55,752 workers daily and contributing approximately $19 billion to the city's GDP each year. 

Dubai and Songdo IBD: Creating economic opportunities afresh

Meanwhile, cities such as Dubai and Songdo International Business District (IBD) create jobs by developing economic opportunities from the ground up. They used land reclamation as an urban development strategy to deal with land scarcity and high population density issues.

Photo credit to Kadir Avşar. A closer aerial view of the Palm Islands.

Dubai's ambitious projects, including the Palm Islands, the World Islands, and Burj Al Arab, have turned it into an ultramodern metropolis for commerce and tourism. In 2023, it drew over 30,000 new businesses, driving demand for talent in finance, legal, and digital technology sectors.

The Songdo IBD is an ongoing smart city built on reclaimed land in Incheon, South Korea. It’s designed to be an international business and residential hub with sustainable features. As of 2020, the 1,500-acre development hosts about 30,000 residents, 33,000 jobs, and 70% fewer emissions than any other development.

SM’s Integrated City Developments: Empowering local communities and residents

SM Prime contributed photo. An aerial view of SM Mall of Asia (MOA) featuring its iconic Globamaze and thriving network of retail, business, residential, and hotel developments.

The SM Group, a leading conglomerate in the Philippines, has an ecosystem of interests spanning retail, banking, real estate, and mall development across the country, making it the largest employer with over 140,000 employees.

Every SM mall development by SM Prime Holdings, the Group's integrated property developer, stimulates the local economy by creating opportunities for small and medium-sized enterprises (SMEs), which account for approximately 68% of its mall tenants. SM City Bataan, SM Supermalls' 83rd mall, employs nearly all of its administration staff as Bataeños, including two leaders. It also proudly promotes local industries by collaborating with homegrown companies such as family-owned brands and locally managed franchises. 

Job security, stable income, and tax revenues all contribute to the local workforce's quality of life, and SM Prime ensures that these waves of progress are reflected in its developments, particularly its future plans for smart cities in the Philippines, which will be spearheaded by its ongoing 360-hectare development in Pasay City.

New urban developments drive growth, innovation, and prosperity in local economies by creating jobs and improving people's lives. The success of these city centers depends on a network of opportunities, from the pre-construction supply chain to empowering businesses so that individuals can thrive and contribute to their communities.

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