As the capital of Spain, cosmopolitan Madrid is more than a tourist destination. It is one of the country's most important financial and economic hubs. In 2022/2023, the city and wider Community of Madrid led the way regarding job creation.
As of July 2023, the number of new jobs being registered daily in Madrid was 357. Meanwhile, the number of unemployed persons stood at 302,657.
Local economy in Madrid
Madrid is Spain's largest and most densely populated city, with more than 3.3 million inhabitants - 82.9% are of Spanish nationality, and 17.1 % were born in a foreign country.
The main sectors of economic activity in Madrid are services: commerce, transport, social services, business services, hospitality and health. Other important sectors include finance, telecommunications, cultural and publishing industries, freight transport and software development.
As one of Europe's leading tourist hubs, tourism is another important economic pillar. During the height of the pandemic, unlike other parts of the country, the region kept many of its bars, shops and restaurants open. Note that there will always be a demand for English speakers in the tourist industry.
Madrid is also a top international shopping destination, and there are increasing opportunities in the commercial field, especially for bilingual expats.
The labor market in Madrid
In June 2023, the number of unemployed individuals in Madrid decreased by 4,943 compared to the previous year, marking a reduction of 1.61%. Additionally, the first half of the year recorded the lowest unemployment rate since September 2008.
The situation in Madrid reflects the wider picture in the country, where the number of unemployed persons (as of July 2023) has remained below the threshold of 3 million people for 14 consecutive months.
Good to know:
One in four teleworkers in the country works in Madrid.
Popular industries in Madrid and availability for expats
Expats who don't speak Spanish needn't fear looking for work in the Spanish-speaking capital. While the labor market can be challenging, multiple industries in Madrid favor English-speaking and multilingual applicants. Additionally, the greater the need for skilled workers (especially if in short supply), the easier time expats will have both finding work and getting visas in some fields. Information technology is a perfect example of an expat-friendly industry due to extreme worker shortages.
As the country's business center and an important financial hub, many multinational corporations and banks have offices in Madrid. Some international companies in the capital include Accenture, Banco Santander, BBVA, Deloitte, Ericsson, Hewlett-Packard, IBM, KPMG, Mercedes Benz, Movistar, and Vodafone.
English teachers of all levels of expertise are in high demand in the city. Madrid is home to many language academies that prefer native English speakers over fluent locals. While a TEFL certificate or appropriate degree is needed to teach in a private school or university, academies sometimes include training for contracted teachers.
Important:
Following Brexit, UK citizens no longer have an automatic right to live and work in Spain. The only way to land a full-time job is by finding a role on Spain's shortage occupation list.
Useful links:
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