Photo credit to Anamul Rezwan. Construction jobs are generated from new urban developments.
Despite differences in population and culture, cities all around the world strive for advancement through new urban developments. Through a variety of socioeconomic activities, such as the development of jobs, these projects not only improve convenience in the midst of urban congestion but also invigorate local economies and communities.
A single new development, whether it takes the shape of state-of-the-art business districts, public transportation, or tall residential communities, necessitates a wide range of employment from planning to completion. These include suppliers, builders, and real estate developers and planners; all of them need close cooperation to ensure the successful development of projects.
Hudson Yards: Direct and indirect employment opportunities
Photo credit to Following NYC. Featuring ‘Vessel’, a honeycomb-like structure and visitor attraction in the Hudson Yards Development in Manhattan, New York City.
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 for Hudson Yards, New York City’s 28-acre mixed-use development and considerably the United States’ biggest megadevelopment in history. It had created thousands of construction jobs that resulted in transforming Manhattan’s iconic skyline and becoming home to diverse shops, offices, cultural institutions, and hotels and residences. 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 about $19 billion annually to the city’s GDP.
Dubai and Songdo IBD: Creating economic opportunities afresh
Meanwhile, cities like Dubai and Songdo International Business District (IBD) generate jobs by creating economic opportunities from the ground up. They used land reclamation as an urban development strategy to address land scarcity and high population density challenges.
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, property, and mall developments across the country, making it the largest employer with over 140,000 employees.
For every SM mall development by SM Prime Holdings, the integrated property developer of the Group, the local economy is invigorated because of the opportunities created by supporting small and medium enterprises (SMEs) that comprise about 68% of its mall tenants. For instance, SM City Bataan, SM Supermalls’ 83rd mall, employs about 96% of its mall administration staff who are residents called Bataeños, including two in leadership roles. It also proudly showcases local industries by partnering with homegrown businesses like family-owned brands and locally managed franchises.
The local workforce’s quality of life is influenced by tax revenues, steady employment, and job security. SM Prime makes sure that these advancements are reflected in all of its developments, particularly in its plans for future smart city initiatives in the Philippines, which will be led by its ongoing 360-hectare development in Pasay City.
New urban projects shape local economies through the production of jobs and better living conditions. They are also sources of innovation, growth, and opportunities for enhanced affluence. A network of opportunities is necessary for these city centers to succeed, from their pre-construction supply chain to enabling enterprises so that people can prosper and give back to their communities.
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