Madrid Nuevo Norte contributes 15.2 billion euros to national GDP and creates 350,000 jobs – CVBJ

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Urban project in the capital

Updated Tuesday, December 21, 2021 – 3:45 PM

These actions will also generate tax revenue of 5,868 million euros for public administrations, according to a study by the Autonomous University presented on Tuesday.

Reconstruction of the Madrid Nuevo Norte project.

Urban regeneration works north of Madrid, which include the Madrid Nuevo Norte action and others directly related such as the renovation of the Madrid Chamartn-Clara Campoamor station, the remodeling of the main crossroads in the north of the city and the of the last section of Paseo de la Castellana, will have an impact of 15.2 billion euros on the national economy, equivalent to 1.3% of current GDP, and 12,000 million in the Community of Madrid (5.2% of regional GDP).

These actions will also generate tax revenue of 5.868 million euros for public administrations and will result in the creation of 348,064 jobs, 201,576 jobs during the 25 years of project implementation, to which will be added 146,488 additional jobs when the office and commercial spaces are operational.

These are some of the data that emerge from the study Socio-economic Impacts of Madrid Nuevo Norteconducted by the Autonomous University, through its Institute for Economic Forecasting Lawrence R. Klein, which was presented this Tuesday by its director, the professor of applied economics, Julin Prez, at a ceremony held at the headquarters of the College of Economists of Madrid. (CEMAD), to explain the strategic contribution of this project to the country’s economy.

An act which was presented by the dean of CEMAD, Amelia Prez Zabaleta, and which had the presence of the Minister of Environment, Housing and Agriculture of the Community of Madrid, Paloma Martn, who assured that “the scale of this development, its potential for transforming the city and its attractiveness as an economic and financial center will enable us to play in the league of the large metropolitan areas of the world”.

The study shows that this great urban action not only profoundly transforms the city of Madrid with new infrastructure, public facilities, green spaces, housing, mobility improvements and the largest area of ​​economic activity in southern Europe , but also the investments necessary to achieve this will be a very relevant boost for the country’s economy, with a significant ripple effect and a very positive contribution to GDP, job creation and the collection of taxes.

Investment of 25,197 million

In total, it is estimated that the investment to mobilize all urban actions over the next 25 years will amount to 25,197 million euros, of which 11,069 million will be allocated to the urban transformation works, including the purchase of land, of which approximately 14,128 million will come from real estate transactions.

The data on investment in projects, taken from the financial report that accompanies the specific modification file of the General Urban Plan of Madrid with the detailed planning of Madrid Nuevo Norte, definitively approved by the Community of Madrid in July 2020, details that, of the 11,069 million euros needed to deal with the projects, 9,256 will come from private initiative, while 1,813 will correspond to public investment, which the State will have to face, hand in hand with the public company Adif, the City Council and the Community of Madrid.

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