Olympics predicted to boost UK economy by £16.5bn. On July 27th after 7 years of planning and heavy investment we will finally see the results of the 2012 Olympics in Stratford, London. The whole world will tune into Britain during the following 6 weeks. An estimate of £9.3 billion pounds will have been invested in the Games. We all need a great boost in the economy and from the economic viewpoint the opportunity to host such a major sporting event is seen as providing a much-needed boost. Lloyds estimates that the Games will help support and create the equivalent of more than 62,200 jobs in London and across the country. The report, The Economic Impact of the London 2012 Olympic & Paralympic Games, examines the overall impact that the Games is likely to have on the UK’s economy. It covers the period from London’s successful bid in 2005 through to 2017. Although around 70% of the total GDP impact expected from the Games will come from the period in the run up to and including the event, the five-year ‘legacy’ is estimated to generate as much as £5bn.
The £9.3bn spent on constructing and hosting the Games is a boost for the economy. The 2012 Olympic Games in London have already given the UK construction industry a huge boost in what are testing times for the industry. Now the amount of people employed through the Olympic Games has risen considerably. The latest figures from the Olympic Delivery Authority (ODA) indicate that 12,635 construction workers are now employed on Olympic projects on the Park and Village. This has risen considerably from the 10,000 contractors that were employed on Olympic projects last October. Most of the employees are from London, with 25% of the workforce living in the areas around the Olympic Park.
Linda Clarke, Professor of European Industrial Relations, discusses latest research into the Olympic Games and legacy for the industry most obviously impacted by hosting. She looks at the different experiences of host cities since 1992 and the implications for London 2012.
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