Construction Of Olympic Venues Generated An Economic Boost Of $11.6B To The U.K.
Construction of London Olympic venues "generated an economic boost" of £7.3B ($11.6B) to the U.K, according to Roger Blitz of the FINANCIAL TIMES. An independent report commissioned by the government showed that "much of the benefit was felt in London and the south." Accounting organization Grant Thornton said that "the five-year construction period from '07 generated £8.2B ($13B) of gross value added." After "accounting for the displacement of other construction work, that left a net impact of £7.3B" of gross value added. The economic benefit "was most felt in London, the southeast and the east of England, which accounted for £4.8B ($7.6B) of the net gross value added." London-based companies "won 54% of all contracts awarded by the Olympic Delivery Authority" (FINANCIAL TIMES, 11/13).