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Construction firms to benefit from Olympic legacy

Construction firms to benefit from Olympic legacy
The London 2012 Olympic Games was brought to a close last night (August 12th) with a spectacular closing ceremony including some of the UK's biggest names in the world of music.

However, with the Games now just a memory, the government's much-talked about 'legacy' will prove the ultimate success of holding the major event.

While many have regarded the sporting, logistical and social side of the Games to be extremely positive, ministers are now looking to ensure that the Olympics provides a substantial benefit to the county for years to come.

The first steps have now been made with the announcement of a major boost to the country's economy, especially in the construction industry.

Deputy minister prime minister Nick Clegg revealed that the UK is aiming to build on the partnerships that have been forged during the Games which have the potential to create an international business legacy estimated to be worth £13 billion. During the announcement, Mr Clegg noted a substantial boost to the construction industry, stating that companies involved with the building of stadiums and other venues during London 2012 will have contracts rolled over to the next event.

The companies involved in these projects are in line for £1.5 billion in work for the following Olympics and Winter Olympics in both Brazil in 2016 and Russia in 2014 respectively.

A number of trade missions are expected over the coming months to identify a number of contracts that will flow from the Sochi games in Eastern Europe to the summer Games in Rio de Janeiro.

There has been a number of British-based companies that have already cashed-in on the popularity of the Games in London with Aecom already securing the contract to design the 2016 Olympic Park while Populous has laid out plans for the Sochi stadium.

Mr Clegg said: "It's not only our athletes who have shown themselves to be world-class, British businesses have played a key role in delivering our most successful games in history.

"Producing the most spectacular show on earth has given UK companies the skills and expertise to support Brazil as the baton is passed to Rio 2016."

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Date: 13/08/2012 16:27:49

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