November 21, 2012
According to a report by the government, Olympic construction gave the UK an economic boost of around £7.3 billion. However, the money that was generated through the various Olympic construction projects, from the stadium to the village, seems to be a temporary boost, as recent media reports have commented on the decreased activity of the construction sector.
Construction Industry Benefits
The report on the Olympic construction was conducted by leading accounting firm Grant Thornton. It was found that the £6.5 billion that the Olympic Delivery Authority spent on Olympic venue construction also created 158,600 jobs for a year, from 2007 to the first few months of 2012. It was not surprising that the construction industry benefitted the most from the money the Olympic Delivery Committee spent, compared to all other economic sectors measured. Workers in work trousers also benefited the most from the increased activity in the construction job sector; over 45,000 jobs were created between 2007 and the first quarter of 2012 by Olympic construction.
Olympic Construction Contracts
The Grant Thornton report on Olympic construction found that most of the contracts awarded by the Olympic Delivery Authority went to companies based in London, with a significant percentage going to firms in South Eastern regions. The CompeteFor programme, which was initiated to help smaller firms around the UK win contracts, had a small impact on results. Overall, London and the South East combined profited more from Olympic stadium and village construction contracts then the rest of the UK combined. The economic boost to regional economic is outlined below:
- London: £2.8 billion
- South East: £1.05 billion
- East of England: £950 million
The hard work done in Olympic construction by workers in Dickies overalls and hard hats gave East London the opportunity to regenerate, which has also driven economic growth in the area.
July 17, 2012
In recent weeks the UK construction industry has not enjoyed much positive news, with reports of a slump in the activities and growth of the industry. However, the UK construction industry has responded to these statistics and has created a construction campaign to help bolster the UK construction industry, for the benefit of the British economy and society of today and the future.
The UK construction industry campaign is aptly named Creating Britain’s Future, and aims to promote the achievements and the importance of the UK construction industry, in order to increase investor interest and to encourage potential skilled workers to slip on their work gloves. The UK construction industry campaign is being internally driven by some of the UK’s largest contractors that form part of the UK Contractors Group. The Olympic Games also represents the ideal opportunity for the promotion of the UK construction industry to a world audience, especially considering the success of the construction of the London Olympics iconic structures and improved transport networks. In order to recognise the success of the London Olympic construction projects, which met budgets and time allowances, and to help publicise the UK construction industry campaign, Creating Britain’s Future signage will be placed at key structures around London.
Overall, the Creating Britain’s Future campaign aims to deliver the message that the UK construction industry is important to the UK economy, is a driver of economic growth, employs around 3 million people and has 300,000 established firms, many of which are SME. Furthermore, many smaller industries rely on the success of the UK construction industry, such as the workwear retail market for hi vis vest products and safety workwear. For more information on the UK construction industry campaign and statistics visit the Creating Britain’s Future site.