London construction work 'supports jobs in north-east'

London construction work 'supports jobs in north-east'

Construction activity in London understandably has a positive impact on the local economy, but people both inside and outside the industry may not have realised just how important it is to regions quite some distance from the city. A recent report by PricewaterhouseCoopers (PwC) and commissioned by London First found building work in the capital actually triggers a raft of benefits in the north-east of the country. In total, the boost enjoyed by the north-east is worth £12 million a year and includes 280 jobs, reports the Northern Echo. PwC looked at the direct and indirect impact of a variety of developments in London since 2008, as well as those that are due to be finished by 2016. It was discovered that London can have a wide-reaching effect on the UK economy. 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." It seems that companies handing out construction jobs in London are actually having a hugely positive effect on the nation. For instance, 84 per cent of expenditure on central London office developments was found to remain in the UK. Marcus Robinson, partner at PwC Newcastle, said: "While it is no surprise that London benefits from office development, it is striking that further contribution to the regions is almost double with a significant part going to the north-east." In total, the construction of offices in London creates 34,600 jobs, with 22,400 of these held outside the city itself. This trade also adds some £1.7 billion of gross added value to the UK economy. With this in mind, the creation of construction jobs is not only vital in London, it could also be more important than many people realise to various parts of the UK, including the north-east.

Please rate

Comments 

Name
Email
  Ctrl + Enter

Most Read

Turner & Townsend wins £23.3m Lower Thames Crossing contract

Turner & Townsend wins £23.3m Lower Thames Crossing contract

The award of the commercial partner marks the completion of the Lower Thames Crossing integrated client team, comprised of National Highways, a technical partner, and an integration partner.   The eight-year contract will see Turner & Townsend work as part of National Highways

HS2 prepares to host biggest ever ‘Meet the Contractor’ event

HS2 prepares to host biggest ever ‘Meet the Contractor’ event

Businesses from across the UK are being invited to register to attend the online meet the contractor event, and snap up the opportunity to participate in one-to-one meetings with HS2’s contractors. HS2 will be offering meetings with Tier 2 contractors, providing even more opportunities

One year on: HS2 reaches 20,000 jobs landmark

One year on: HS2 reaches 20,000 jobs landmark

Companies right across the country are now forming part of HS2’s ever-growing supply chain. Contracts have already been awarded to over 2,200 businesses, 97% of which are UK-based.   HS2’s jobs boost is also benefitting those in need, with bespoke initiatives designed to

This website uses cookies to enhance your user experience. By continuing to use this site, you consent to our use of these cookies. See our Cookie Policy.