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

Cities globally, despite their demographic and cultural differences, unite in their quest for advancement via fresh urban initiatives. These endeavors not only alleviate urban congestion but also invigorate local economies and societies through diverse socio-economic endeavors such as employment generation.

Be it through public transit upgrades, innovative business hubs, or towering residential complexes, each new project necessitates a plethora of roles from initial planning through construction to fruition. These encompass various professions from real estate developers and urban planners to construction personnel and suppliers, all necessitating close collaboration 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 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.

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

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 stability of employment, consistent income, and tax contributions play pivotal roles in enhancing the quality of life for the local workforce. SM Prime is committed to fostering these aspects of progress in its ventures, particularly in its future endeavors geared towards smart city development in the Philippines, exemplified by its ongoing 360-hectare project in Pasay City.

Fresh urban projects serve as drivers for progress, innovation, and avenues for heightened prosperity, reshaping local economies by generating employment opportunities and enhancing living standards. The prosperity of these urban hubs hinges on a web of opportunities - spanning from the pre-construction phase to empowering businesses, enabling individuals to flourish and enrich their communities.