East London’s Olympic regeneration is ‘creating 5 times more jobs than forecast’
A staggering 110,000 new jobs have been created in east London with another 125,000 predicted in the next 12 years—five times larger than expected.
The 2012 Olympic legacy has turned east London into the fastest-growing area in the South East, according to London Mayor Sadiq Khan today.
The economic boom in the Olympic ‘host’ boroughs like Tower Hamlets and neighbouring Hackney and Newham has resulted in five times the number of jobs created than the forecast in 2013, he told a London business conference at the Here East centre in Stratford.
There are now 50,000 new jobs in Tower Hamlets alone since 2012, while Hackney has seen 25,000 and Newham 17,000.
The figures emerged when the mayor set out his plans for the Olympic Park becoming the largest cultural and educational destination in Europe.
“The ‘centre of gravity’ for education and culture is moving to east London,” he said.
“The 2012 legacy is not just the Olympic Park, but the regeneration of east London which is providing tens-of-thousands of new jobs in industries like technology, science and media.
“It shows what can be achieved by bringing together a world-class public realm, access to culture and co-ordination between affordable housing, social infrastructure and transport.”
His plans include collaboration by the Victoria and Albert Museum, the Smithsonian and Sadler’s Wells with the London College of Fashion and University College London.
Nothing had been seen on this scale since the Victorian era with the creation of the museum complex in South Kensington 150 years ago, today’s business conference has been told.
The boom in new jobs is expected to continue to 2030 across the six Olympic ‘host’ boroughs of Tower Hamlets, Hackney, Newham, Greenwich, Waltham Forest and Barking & Dagenham.
London Assembly’s Budget committee member Unmesh Desai, who represents East London at City Hall, said: “The sky really is the limit for this regeneration. We have experienced unprecedented economic growth, with world-renowned educational and arts institutions set to make the Olympic Park their second home.”
The lion’s share of new jobs is predicted to be in science and technology, a report by the Oxford Economics forecast organisation says.
Districts like Canary Wharf and Old Street would benefit enormously.
London Legacy Development Corporation’s David Goldstone said: “East London outperforming the rest of the capital for creating jobs and population growth is testimony to investment and planning. So many of these new jobs will be in science, technology, finance and insurance with local people benefitting from the opportunities being created around the Olympic Park.”
East London’s two-million population is rising 170,000 more than projected in 2013. New neighbourhoods, business centres and cultural areas are appearing on the map, transforming once-run down swathes of industrial wasteland into key destinations for culture, sport, business and education.