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Economy

• The Greater London economy is forecast to grow at an annual average rate of 3.0% between 2008 and 2012, faster than any other UK region. Growth is underpinned by robust expansion in financial and business services.
• Financial and business services dominate the Greater London economy, accounting for almost half of gross value added (GVA), double the UK average.
• The Greater London economy was worth £205bn in 2006, equivalent to 19% of the UK total.

Output

• Worth £11.8bn in 2006, in 2000 prices, construction output in Greater London accounts for around 15% of the UK total.
• Output is forecast to grow at an annual average rate of 2.9% between 2008 and 2012.
• Infrastructure, public non-housing and both the public and private housing sectors are expected to expand robustly during the forecast period. Sizeable schemes include Thameslink, the 2012 Olympic Games facilities and the redevelopment of Victoria station.

Employment

• Total construction employment of 309,330 in 2006 in Greater London is forecast to rise to 325,300 in 2008 and 352,540 in 2012.
• To meet this demand, after taking into account those entering and leaving the industry, 14,930 new workers will be required to join the industry each year.
• The largest annual recruitment requirements are expected to be for construction professional and technical staff, wood trades and interior fit-out and electrical trades and installation.

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