Economic sustainability for Crossrail is built on the ethos of contributing to a strong, stable economy that will help provide prosperity and opportunities for all. As well as providing London and the South East with a world-class, high capacity, affordable railway, Crossrail will generate significant economic benefits across the UK.
During construction the project will support over 55,000 full-time equivalent jobs through direct and indirect employment opportunities and place an emphasis on local employment and long-term skills development. The majority of business on Crossrail has gone to UK companies with a high percentage of contracts being awarded to small and medium enterprises (SMEs) and businesses located outside of London.
Crossrail is a key part of London’s future and in an economy that is inextricably linked to that of the whole country, it will be a catalyst for safeguarding the UK’s economic future too.
With up to 24 trains running per hour once operational, Crossrail will bring an additional 1.5 million people within 45 minutes of London, ease congestion, improve connectivity and reduce journey times for passengers.
Minimising whole life costs of the project from design and procurement through construction to operation and maintenance has been essential in delivering a sustainable asset. Objectives are set to ensure good value for money, improved transport efficiency, improved service reliability and provide wider economic benefits.
Economic sustainability in numbers
- At least £42 billion estimated to be generated
- 55,000 jobs supported
- 96% of work awarded to businesses in the UK
- 62% of suppliers based outside London
- 62% of Tier 1 suppliers are small and medium-sized enterprises
- 72% of Tier 2 suppliers are small and medium sized enterprises
- 1.5 million additional people to access central London within 45 minutes when the railway fully opens
- 3 million square feet of high quality office, retail and residential space at 12 sites
- More than 1 million square feet of improved public space across 40 sites
- Delivery of 57,000 homes will be supported by the project
Economic sustainability look ahead 2016-17
- Employment and skills: consolidate the project’s legacy, in particular through ongoing support for apprenticeships, the new Build London Brokerage and targeted opportunities for women, ex-armed services personnel and the long-term unemployed.
- Over-site development: the focus for 2016-17 will be finalising development agreements with partners and signing up new partners to take schemes forward.