Economic sustainability for Crossrail was built on the ethos of contributing to a strong, stable economy that will help provide prosperity and opportunities for all. Our goal was to deliver a sustainable transport choice that would support economic growth in the UK and improve travel quality by easing congestion, shortening journey times and increasing London’s accessibility.
Helping the city grow
The Elizabeth line is part of the UK’s plan to help meet London’s growing population, which is expected to reach 10 million by 2030. It will increase central London’s rail capacity by 10 per cent, the largest single increase in the capital’s transport capacity in over 70 years.
The net economic benefit of Crossrail is substantial. From the jobs created during construction and operation and time saved by improved transport connections to the enhanced accessibility the line brings to millions of people, the project is estimated to generate at least £42 billion for the UK economy.
Enhancing local communities
Crossrail is the first project in the UK to design the stations, surrounding areas and oversite development opportunities at the same time. This approach and wider master-planning was to help maximise regeneration along the route and create an excellent experience for the travelling public.
Key stakeholders such as TfL and the local authorities have contributed funding alongside Crossrail to develop designs and deliver public space improvements around the stations. Alongside the public realm, three million square feet of high quality office, retail and residential space is also being delivered directly above or near the new central stations. These 12 property developments are estimated to raise £500 million towards Crossrail’s funding package – reducing costs to the taxpayer.
In addition, independent forecasts show the project is unlocking or accelerating the supply of over 90,000 homes and over 4.4 million square metres of commercial office and retail space, adding £10.6 billion to property values in London.
Benefits across the UK
Crossrail actively engaged with suppliers across the country to maximise the economic benefits to UK businesses by trying to attract a wide and diverse base of potential bidders for Crossrail work and ensure UK businesses, irrespective of size and location, were made aware of the opportunities available.
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
- 4.4 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 90,599 new homes along the route are predicted by 2021 and 180,000 by 2026