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Sun May 19 2024

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Olympic builders gave 112%, study shows

14 Nov 12 Construction of the facilities for the 2012 London Olympics provided a £7.3bn boost to the UK economy, according to latest estimates.

Analysis shows that the £6.5bn that was spent on the construction of the venues, infrastructure and the Olympic Village resulted in an estimated £7.3bn of gross value added (GVA) - a 112% return - and 160,000 job years of employment.

The report was commissioned by the government and carried out by a consortium led by accountants from Grant Thornton.

On top of this economic boost from construction, interim findings from the Meta-Evaluation of the Impacts and Legacy of the London 2012 Olympic Games and Paralympic Gamesfound that plans are progressing well to ensure a strong sports legacy, strengthen communities and help regenerate east London.

The Games also brought wider private sector benefits such as encouraging the building of the Westfield shopping centre at Stratford City.

The London Legacy Development Corporation’s plans for the Olympic Park will also further transform the local area, with nearly 7,000 new homes planned.

This is the fourth Meta-Evaluation report published out of a total of five and focuses on data and evidence from the pre-Games period looking at the sports legacy, economic growth, community engagement and the regeneration of east London. The fifth and final Meta-Evaluation report will assess the impacts during the Games and of immediate post-Games activities and is due to be published by summer 2013.

All the reports are available to view on the Department of Media, Culture and Sport's website.

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