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London construction sector providing thousands of regional jobs

London construction sector providing thousands of regional jobs
The increase in construction work in London is providing a significant boost to a number of regional economies.

Research by accountants PwC for business group London First revealed that the English capital is going through somewhat of a boom when it comes to office building work and this has had a knock-on effect with wider communities. The organisation explained that construction work in London is generating twice as many jobs outside the city and is estimated to be worth £1.1 billion to regional economies.

The report assessed the financial programmes provided by developers such as Cadogan Estates, Canary Wharf Group, The Crown Estate and Derwent London among a host of others and found that 84 per cent of direct investment in central office development is spent in the UK. The capitals benefits from around £600 million a year from major schemes but this is substantially improved across other areas.

Baroness Jo Valentine, chief executive of London First said: “The value of investment in London is huge in terms of generating jobs and economic benefits in London itself , but the knock – on contribution to regional economies is more impressive and shows the boost that London businesses provide to the rest of the UK.”

London is said to be performing well in terms of construction and is now at the point where it can rival major international hubs such as New York and Dubai for major office building contracts and that more companies are looking to have a base in the city.

The report comes after transformation plans at Royal Albert Dock were unveiled. Mayor Boris Johnson announced the £1 billion project that is designed to attract more business from the Asia-Pacific region. Officials are looking to forge strong links with China and other financial centres within the continent.

It is expected to create 20,000 jobs as well as providing £6 billion to the UK economy with other forms of investment also due to be provided.ADNFCR-3337-ID-801593681-ADNFCR

Date: 03/06/2013 16:06:00

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