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Construction News
06/06/2013
Research Shows Office Construction In The Capital Provides £1.1bn Boost
The British Property Federation (BPF) has welcomed research revealing office construction in the capital provides a £1.1bn boost to the UK's regions a year - and £1.7bn nationally.
Research by PWC and London First finds that the development of iconic buildings such as 20 Fenchurch Street (the Walkie Talkie) and 122 Leadenhall Street (the Cheesegrater) in the City of London sees 84 per cent of the investment in items like materials, engineering, demolition and labour spent in the regional supply chain, supporting 22,400 jobs.
The report also estimates that all central London office developments due for completion between 2008 – 2016 could generate a total of £15.5bn to the UK’s GDP.
Liz Peace, chief executive of the British Property Federation, said: "This research confirms what we have known for some time, that the construction industry – and indeed parts of manufacturing and other services – relies on a healthy property development industry to drive orders, work and jobs."
(CD/MH)
Research by PWC and London First finds that the development of iconic buildings such as 20 Fenchurch Street (the Walkie Talkie) and 122 Leadenhall Street (the Cheesegrater) in the City of London sees 84 per cent of the investment in items like materials, engineering, demolition and labour spent in the regional supply chain, supporting 22,400 jobs.
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The report also estimates that all central London office developments due for completion between 2008 – 2016 could generate a total of £15.5bn to the UK’s GDP.
Liz Peace, chief executive of the British Property Federation, said: "This research confirms what we have known for some time, that the construction industry – and indeed parts of manufacturing and other services – relies on a healthy property development industry to drive orders, work and jobs."
(CD/MH)
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