Tuesday, April 23, 2024

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



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.

Whether in the form of public transportation, cutting-edge business districts, or towering residential communities, a single new development requires a whole host of jobs from pre-construction, to construction, and completion. These range from real estate developers and planners to construction workers and suppliers – all requiring extensive collaboration for successful project development.


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 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

On the other hand, cities such as Dubai and the Songdo International Business District (IBD) foster employment by establishing economic prospects from scratch. They employ land reclamation as a strategic approach to urban development, aimed at mitigating issues related to land scarcity and increasing population density.

Dubai's ambitious ventures, such as the Palm Islands, the World Islands, and Burj Al Arab, have transformed it into a cutting-edge hub for commerce and tourism. In 2023, it attracted over 30,000 new businesses, fueling demand for skilled professionals in finance, legal, and digital technology sectors.

Meanwhile, the ongoing construction of Songdo IBD, located on reclaimed land in Incheon, South Korea, represents a pioneering smart city initiative. It is envisioned as an international center for both business and residential activities, incorporating sustainable design principles. By 2020, this 1,500-acre development has already accommodated approximately 30,000 residents and created 33,000 jobs, while boasting 70% lower emissions compared to other similar developments.


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. 

Ensuring job stability, steady incomes, and tax contributions enhances the quality of life for the local workforce, a commitment SM Prime upholds in its developments. This dedication is particularly evident in its future endeavors, including the advancement of smart cities in the Philippines, spearheaded by its ongoing 360-hectare project in Pasay City.

Emerging urban developments serve as catalysts for growth and innovation, fostering increased prosperity and shaping local economies by generating employment opportunities and enhancing livelihoods. The success of these urban hubs relies on a network of opportunities, spanning from pre-construction supply chains to empowering businesses, enabling individuals to thrive and make meaningful contributions to their communities.

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