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East London booming from Olympic legacy

Figures from Oxford Economics released by London mayor Sadiq Khan show east London is the fastest growing area of the capital, with 110,000 jobs created since 2012 and a further 125,000 expected by 2030. The London boroughs closest to the site of the 2012 Olympic Games – Barking & Dagenham, Greenwich, Hackney, Newham, Tower Hamlets and Waltham Forest – have experienced growth measured in job creation three times that forecast in 2013, the Oxford Economics report says.

In Tower Hamlets, 50,000 new jobs have been created since 2012, while Newham (17,000) and Hackney (25,000) have seen job growth five times larger than expected. Regeneration of East London has been led by the London Legacy Development Corporation since the 2012 Olympic and Paralympic Games came to a close. The area has seen a significant population increase, now exceeding two million people – 170,000 more than projected in 2013.

Speaking at a Leading London event at the Here East business and technology centre on the Olympic Park, Khan outlined plans for creating further arts and educational development on the site with the Victoria and Albert Museum, the Smithsonian Institution, Sadlers Wells Theatre and the London College of Fashion.

“The legacy of the 2012 Olympics is not just about the Queen Elizabeth Olympic Park. It is about delivering regeneration for an area of London that we want to 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, great news for our city and our country. 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," Khan said.

Chief executive of the London Legacy Development Corporation, David Goldstone, said the Oxford Economics figures are testimony to the value of investment by both public and private sectors and the planning that's gone into creating 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 the Olympic Park,” he said.

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