Search

East London’s Olympic regeneration is ‘creating 5 times more jobs than forecast’

PUBLISHED: 16:00 09 October 2017 | UPDATED: 16:11 09 October 2017

London Mayor Sadiq Khan visiting a booming east London last month. Picture: Mike Brooke

London Mayor Sadiq Khan visiting a booming east London last month. Picture: Mike Brooke

Mike Brooke

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.

Mayor Khan meeting family just moved iknto new Watts Grove social housing development in September. Picture: Mike BrookeMayor Khan meeting family just moved iknto new Watts Grove social housing development in September. Picture: Mike Brooke

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.

London Assembly's Budget committee member Unmesh Desai on recent visit to east London's booming Brick Lane economy. Picture: Mike BrookeLondon Assembly's Budget committee member Unmesh Desai on recent visit to east London's booming Brick Lane economy. Picture: Mike Brooke

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.

Latest East London News Stories

Tower Hamlets Council is to overhaul the way it awards grants to community and voluntary organisations (VCS) in the borough.

14:41

Yobs have been banned by magistrates from going onto a housing estate in Whitechapel which has been plagued by drug addicts.

Older people in Tower Hamlets are being trained in classical dance by the English National Ballet to commemorate a century since the end of the First World War.

08:18

Police are looking for the driver of a suspicious vehicle which sped away as they approached and was a then in a hit-and-run incident in Spitalfields yesterday.

Yesterday, 15:17

One thousand people left their offices following a basement blaze in Canary Wharf this afternoon.

Yesterday, 13:06

Campaigners have finally sunk plans for the controversial Enderby Wharf cruise-liner terminal going ahead which would have polluted a huge swathe of the Thames and the Isle of Dogs.

Yesterday, 11:00

An advice clinic set up as a temporary free service at Stratford following cuts to legal aid has won a funding contract for a permanent operation.

Tue, 18:00

Optician director Jayesh Maru has seen his way to the ancient mountain-top Inca capital of Machu Picchu and has found his way back to east London.

PROMOTED CONTENT

Are you a landlord looking for a fixed rental income, paid whether the property is empty or not? Steve Westley, general manager at estate agents Elliot Leigh, explains their Guaranteed Rent Scheme and how it takes the stress out of letting your property.

Newsletter Sign Up

East London Advertiser twice-weekly newsletter
Sign up to receive our regular email newsletter

Our Privacy Policy

Most read news

Show Job Lists

Digital Edition

cover

Enjoy the
Docklands and East London Advertiser
e-edition today

Subscribe

Education and Training

cover

Read the
Education and Training
e-edition today

Read Now