The Stadio della Roma-Tor di Valle project will deliver almost €20 billion in additional revenues to the city of Rome over the next decade, according to a major research study published today.
'Stadio della Roma: An Economic and Social Impact Study', produced by the Faculty of Economics at Rome’s Sapienza University, underlines the positive economic impact the Tor di Valle project will have from the moment construction begins.
According to the study, the privately-financed €1.6 billion investment will generate a significant increase in the Gross Domestic Product (GDP) of Rome and its surrounding areas: amounting to €5.7 billion in the first three years, €12.5bn within six years, and €18.5bn by 2026.
The study also states that the project will be responsible for an additional €1.4bn in tax revenues over the next nine years – almost €150m a year that will be available to the city to reinvest in other areas of need.
The total impact of the investment provided by the project will cause a reduction of the average unemployment rate in the area by nearly one percentage point (0.8%), with around 1,500 workers employed during the construction phase and a further 4,000 as parts of the project become operational.
Once fully operational, 15-20,000 people will be employed across the stadium and business park.
The findings of the study were unveiled on Monday at Acquario Romano, the headquarters of Rome’s Order of Architects. AS Roma chief executive Umberto Gandini and the club’s general director, Mauro Baldissoni, were present alongside Eurnova president Luca Parnasi as Sapienza University’s Dean of Economics Giuseppe Ciccarone outlined the key details.
“This is one of the most ambitious urban regeneration works that Rome and Italy has ever seen,” Ciccarone said. “According to our analysis, the economic impact on the city of Rome will be approximately two-and-a-half times that generated by Expo 2015 on Milan, and 68% more than the Jubilee of Mercy, relaunching a number of industrial sectors such as construction, extertainment and services.”
Ciccarone underlined that the Stadio della Roma-Tor di Valle proposal, currently in Conferenza dei Servizi with Lazio Regione, the last step before construction work can be given the green light, is not just a project of economic value to the city but will have also have a significant social and environmental impact.
It will create one of the biggest ‘green lungs’ of the city, with almost a third of the site area turned into park spaces, and will also revolutionise transport in the south west of the city – with €440m earmarked for infrastructure upgrades to the road, rail and pedestrian connections around the currently abandoned site.
The area’s hydrological risk is also addressed. Though the proposed stadium and business park sites are not directly affected, the Fosso di Vallerano nevertheless remains a significant problem to the nearby populated areas of Decima and Torrino, which contain over 10,000 inhabitants.
With the Fosso di Vallerano set to be upgraded and reinforced as part of the development, Sapienza University predicts that, once work is completed, the area’s flood risking rating will drop from the current R4 and R3 assessment to the lowest possible level.
Key findings of the Sapienza University project:
- Increase the Province of Rome’s GDP by around 1.5% (on average) per annum, and €18.5bn in its first nine years (2017-2026) compared to what would occur in the absence of the intervention;
- Reduce the Province of Rome’s unemployment rate by one percentage point (0.8%) compared to what would occur in the absence of the intervention.
- Guarantee significant improvements to public green spaces, mobility, security and hydraulic protection for many neighbourhoods in Rome;
- Bring in approximately €142m a year in additional tax revenues – giving the city an extra €1.4bn over the next nine years to reinvest in other areas of need.
- The economic impact of the project would be the same as having a Jubilee of Mercy every two and a half months, or an Expo every five months.