The Stadio della Roma-Tor di Valle project in Rome will be worth almost €20bn ($21.2bn/£17.4bn) to the Italian capital city over the next decade, according to a study by Sapienza University.
The privately-financed €1.6bn development will be focused around the Stadio della Roma, which will serve as the new home stadium of Italian Serie A football club AS Roma.
Rome-based Sapienza University estimates that the project will generate €5.7bn in Gross Domestic Product (GDP) for Rome and its surrounding areas in the first three years, €12.5bn within six years and €18.5bn by 2026.
The development is also set to be responsible for an additional €1.4bn in tax revenue over the next nine years, with almost €150m of this to be reinvested into other areas of the city. In addition, the project will reduce Rome’s unemployment rate by 0.8 per cent, with approximately 1,500 workers employed for construction and a further 4,000 as it becomes operational.
Giuseppe Ciccarone, Dean of Economics at Sapienza University, said: “This is one of the most ambitious urban regeneration works that Rome and Italy has ever seen. 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 per cent more than the Jubilee of Mercy, relaunching a number of industrial sectors such as construction, entertainment and services.”
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