The independent economic analysis by Cambridge Econometrics, commissioned by London Mayor Sadiq Khan, states a 'no deal' scenario would lead to 500,000 fewer jobs being created with nearly £50 billion in UK-wide investment lost by 2030.
As well as construction, other sectors that stand to be hit hardest including the financial and professional services sector (119,000 fewer jobs), science and technology (92,000 fewer jobs) and the creative sector (27,000 fewer jobs).
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The report claims even with a softer Brexit deal, such as the UK remaining in the Single Market but leaving the Customs Union after a transition period, would lead to 176,000 fewer jobs being created across the country.
Mayor Khan warned with 10 months to go until a future trade relationship must be agreed between the Government and the EU, time is running out.
"I've released these impact assessments because the British people and our businesses have a right to know the likely impact on their lives and personal finances," he said.
"This new analysis shows why the Government should now change its approach and negotiate a deal that enables us to remain in both the Single Market and the Customs Union."
To view the report, visit here.
(LM)
