New figures released by the Mayor show an economic boom in the 2012 Olympic host boroughs of Barking & Dagenham, Greenwich, Hackney, Newham, Tower Hamlets and Waltham Forest, with the number of jobs created more than three times the forecast pace of growth in 2013.
According to an Oxford Economics report, this boom is expected to continue with an additional 125,000 jobs across the six boroughs by 2030 with the lion’s share coming in science and technology.
In Tower Hamlets, there are now 50,000 new jobs since 2012, while Newham and Hackney have seen job growth five times larger than expected (Hackney 25,000, Newham 17,000).
The regeneration of East London, led by the London Legacy Development Corporation following the hugely successful 2012 Olympics, has seen a significant increase in the population with more than two million people living in the area – 170,000 more than projected in 2013. It has secured a legacy for all the venues on the Park, built new neighbourhoods, business parks and cultural areas, helping to transform this area of London into a key destination for culture, sport, business and education.
Speaking at the Leading London: London at the heart of business innovation conference at Here East this morning, the Mayor will also set out his plans on how to create a new, world-class cultural destination in the Olympic Park. He is determined to bring together some of the world’s best arts and education institutions, making it one of the largest cultural and educational destinations in Europe.
His plans include the Victoria and Albert Museum, the Smithsonian and Sadler’s Wells working in close collaboration with UAL’s London College of Fashion and University College London.
The Mayor of London, Sadiq Khan, said: “We all know that the legacy of the 2012 Olympics was never just about the Queen Elizabeth Olympic Park. It was about delivering regeneration for an area of London that would last for decades to come.
“I am pleased to see this area of London is providing tens of thousands of new jobs for Londoners in important industries like technology, science and media. This is great news for East London and great news for our city. It shows what can be achieved by bringing together a world-class public realm, access to culture and proper co-ordination between affordable housing, social infrastructure and transport, and should be a good example of providing good growth across our city.
“I’m also working hard to create a new, world-class cultural destination in the Olympic Park, bringing together some of the world’s best arts and education institutions. We’ve not seen anything on this scale in London since the creation of the museum complex on Exhibition Road over 150 years ago, and I’m looking forward to it becoming one of the largest cultural and educational destinations within Europe.”
David Goldstone, LLDC Chief Executive, said: “The report comes as welcome confirmation of the continuing success of the regeneration work in east London. The analysis showing east London outperforming the rest of the capital in terms of job creation and population growth is testimony to the investment by the public and private sector and the forward planning to create a new part of the city. It’s especially pleasing that so many of these new jobs will be in high value and high skill sectors like science, technology, finance and insurance and we are determined that local people will continue to benefit from the opportunities being created in and around Queen Elizabeth Olympic Park.”
Download the Oxford Economics London Host Boroughs Employment Forecast Report below.