The Madrid Nuevo Norte urban development megaproject, also known as the Chamartín operation, will be one of the major generators of employment in the coming decades and will mean an economic injection for the main sectors of activity in the Community of Madrid that has been estimated at 52,000 million. This is the amount revealed by the study carried out by Professor Luis A. Puch, professor at the Complutense University of Madrid, together with the ICAE team.
The report analyses the construction phase, which covers the first twelve years, and a subsequent development phase, which will last for more than three decades and will begin with the marketing of the properties.
The first of these phases will require 7 billion in investment (excluding the purchase of land) and will generate an economic impact on the Madrid region of 15 billion (excluding building costs), while the second will require 10.15 billion with an impact of 37 billion. In this way, each euro invested in the construction and real estate development of Madrid Nuevo Norte will generate three times the economic impact
in the region, according to the Regional Minister for the Environment, Housing and Agriculture, Paloma Martín.
By sectors, those that will benefit most will be professional activities, with an impact of 15.430 million; transport and information and communication technologies, with 10.865 million; commerce and hotel and catering (9.871 million), real estate (8.421 million), public administrations (4.394 million), construction suppliers (2.390 million) and finance and insurance (1.870 million). The rest will be distributed in other economic areas.
Martín underlined the "extraordinary economic dimension" of the project and indicated that the development of Madrid Nuevo Norte will boost Madrid's visibility among the investment community. "There is an appetite and a desire to invest in the project," he said.
This report is in addition to the one carried out by the Autonomous University of Madrid (UAM), according to which Madrid Nuevo Norte will contribute 15.2 billion euros to the GDP and create 348,064 jobs.