The economic legacy of the Olympics, 2012 and beyond

The London 2012 Olympics will attract billions of pounds of investment to the UK. Thousands of companies will be involved in meeting the needs of the games in London and thousands more will benefit from the increased economic success they will bring. Business will come from all over the world and a significant proportion of this will be focused on the London Thames Gateway area. The games will not only benefit businesses for the four weeks of the Olympic and Paralympic competitions, but for years before and after. They will be a catalyst for economic prosperity in an area that is ripe for development and leave behind not just a sporting legacy, but also an economic one with a robust economy and thriving businesses.

Opportunities will reach across a vast range of business sectors, from construction and manufacturing to business tourism and hospitality. New South Wales businesses alone won over AUS$1 billion in contracts for the Sydney Games in 2000. In September the Mayor announced that the London Olympic Games would create around 12,000 new permanent jobs in the Olympic Park alone – in sectors including industry, commerce, retail and leisure, sport and education. There will also be around 7,000 full time equivalent construction jobs created to prepare for the Games. These jobs will be created by a wide range of businesses already established in Thames Gateway London, alongside new companies moving into the area.

Gateway to London is working closely with these companies, finding solutions for them to help their business grow and prosper and ensuring that they have access to all the facilities and services they need. We are also working closely with our partner organisations on this and will keep you updated on progress over the coming months. Since July, Gateway to London has seen an increase of interest from companies looking to locate in the area from other parts of the UK and abroad. This interest will continue to rise as we continue to actively market the area to attract new investment, and we are confident that this will include companies keen to be a permanent part of London’s future, as well as those looking to benefit directly from the Olympics. In essence, the future of business in London is growing east and will continue to do so long past 2012.