There’s life in the Spanish economy outside cities like Madrid, Barcelona and Bilbao. In the Costa del Sol, there has been a considerable rise in the number of new businesses opening up at the start of this year. It would appear that 2022 is the year of recovery, and not just for the MICE sector. According to the Spanish National Statistics Institute, between the months of January and February, 17% more new businesses were set up than during the same period last year. Keep reading to find out why companies choose to make the Costa del Sol their home.
Malaga, a hub of innovation
Malaga is a favourite destination among tech companies looking for new places to expand or a destination to set up a new office. The combination of a number of factors (such as excellent infrastructure, beautiful weather and great connections), which are unique to this Andalusian province, have made it a magnet for digital nomads, start-ups and tech companies in general.
Malaga is therefore an exceptional destination for innovation and new businesses. The latter flourish alongside the development of the regional economy, Malaga university and other institutions such as Malaga Tech Park. And if all that weren’t enough, high visitor numbers - both in the big destinations and other municipalities - and excellent coworking spaces further incentivise the growth of business in the province.
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Growth beyond the service sector
Data from the Spanish National Statistics Institute don’t lie and they show that in the first two months of 2022 over 1,000 new businesses were founded in the province of Malaga. This puts the Costa del Sol in third place in the ranking for destinations where the most new businesses are set up, behind Madrid and Barcelona.
The new businesses setting up in Malaga are not only service sector companies. Tourism is, of course, an important driver of the local economy and we expect to see service companies opening their doors here. Nevertheless, not all the companies making the Costa del Sol their home are dedicated to providing services or are directly connected to tourism.
Indeed, the construction sector appears to be experiencing a rise in the number of new businesses. As is real estate, a sector strongly connected to construction. The ICT and R&D sector is the final area in which we are seeing growth in the city. Companies such as Google and Vodafone chose Malaga to set up a cybersecurity centre and a European research centre, respectively.
Infrastructure as a catalyst for entrepreneurship
From Malaga Business Centre to the many coworking spaces in the province, the Costa del Sol offers companies countless services and facilities. Promoting new businesses and business innovation are two ambitious - and complementary - goals that require excellent infrastructure. Fortunately, Malaga has everything you could possibly need:
- Excellent connections by land, sea and air that place Malaga just a two-hour train ride away from Madrid and three hours from a number of European capitals.
- Many ways for entrepreneurs and employees to spend their free time. There is a busy golf tournament calendar and all sorts of experiences you can enjoy in the great outdoors.
- There are dozens of event venues that make the Costa del Sol a leader in European MICE tourism. This is a big draw for new businesses as convention tourism generates both wealth and opportunities. You’ll be blown away by the new and always evolving business models revolving around events.
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The rise in new businesses opening up in Malaga is a response to a combination of factors that have been consolidated over the past few years. If you’ve been thinking about setting up a business in Malaga but weren’t too sure about the strengths of the province, we hope this post has been of help. Allow your company to benefit from the very many advantages of the Costa del Sol.
