Olympic Games Construction and Refurbishment Market - UK 2008-2012

Countries covered: United Kingdom October 2008 sees publication of the 4th Edition of the report Olympic Games Construction and Refurbishment Market - UK 2008-2012. This significantly updates the previous edition published in July 2007 and provides an overview of the current status of the planned construction and repair, maintenance & improvement projects for the delivery of the 2012 Olympics in London. Following the successful completion of the Beijing Olympics, all eyes are now on London to provide a memorable sporting spectacle. A key element underpinning a successful event is the development of ‘world class’ facilities which requires a substantial investment programme in stadia, accommodation and infrastructure. Key areas in the report: Detailed overview of Olympic planning, design, construction and tender activity, as at September 2008 The 2012 Construction Works Programme and budget estimates on for each venue and project A detailed breakdown of major construction and infrastructure contracts for the Games  A review of both public and private funding for Games and an analysis of revised costs Review of the key players already awarded work and those bidding for current contracts Impact of the global ‘credit crunch’ on plans for the 2012 Games. Areas of Particular Interest: The Report reviews the key 2012 construction and infrastructure contracts already awarded in 2007 and 2008 and progress on venues already on site. Construction progress made during 2007 and 2008 on the ODA’s 10 milestones to be achieved by the closing ceremony of the Beijing Olympics in August 2008, known as 'Demolish Dig Design'. A detailed overview of the ODA’s new set of 10 milestones ‘The Big Build: Foundations’ to be achieved by July 2009 - key projects/construction work. Focus on the commercial opportunities of the 2012 Games for suppliers, manufacturers and contractors. A detailed analysis of the impact of the 2012 Games on the Construction Industry and the economy as a whole including anticipated output values and workloads. 2008/09 Budget plans - Share by Infrastructure, Venues, Transport etc. Key areas covered in the report include: BACKGROUND TO THE OLYMPIC CONSTRUCTION PHASE Brief overview of the revised funding for the 2012 Games. Increases in costs for the Games since 2007. Legacy Capital Costs. Impact of the ‘credit crunch’ on the future costs and plans for the 2012 Games - e.g. Student Village. Overview of the main Olympic venues and changes to venue status. Overview of the 2008 Beijing Games including venues and costs and how they compare to London 2012. NEW BUILD OLYMPIC CONSTRUCTION - PROGRESS TO DATE Overview of the progress made on 2012 construction during 2007 - 2008. Analysis of progress on the 10 milestones to be achieved by July 2009, known as 'Demolish Dig Design' - progress and targets for key projects including nature of construction work. Analysis of the new milestones to be achieved by 27th July 2009, known as ‘The Big Build: Foundations’. Progress achieved during 2007 - 2008 on the Olympic Park with associated costs for each venue. Budget Plans for 2008-09 - Share by Infrastructure, Venues, Transport, Village etc. LEGACY DEVELOPMENTS - PROGRESS TO DATE Analysis of the Legacy Action Plan - Phases 1-6. Overview of the regeneration of Stratford City. Overview of housing provision within Stratford City - impact of financing problems on Student Village. Legacy Capital Costs and Regeneration Investment - risks to schemes. TRANSPORT AND INFRASTRUCTURE PROJECTS Overview of major transport developments for the 2012 Games - key projects, total budgets and 2008/09 planned expenditure. Major Road and Highways Developments. Major Rail Developments. Footbridge Developments. Utilities Developments. 2012 GAMES - CONSTRUCTION ISSUES Impact on the UK Construction Industry of the 2012 Games - anticipated output & workload values. Construction workforce requirements for the 2012 Games & 2012 training programmes. Procurement of 2012 Contracts, contract issues - Contracts awarded to date. Sustainability and environmental issues for the 2012 Games. Review of key projects, contractors, consultants etc.

Additional Information

The Beijing Olympics have generally been regarded as a major success - both in terms of Team GB performance and the infrastructure and facilities developed for the Games. London will have a hard act to follow, but plans and developments for the major locations are well under way and confidence is high that 2012 will be a great success.

AMA Research has recently published its annual review of the 2012 Olympic Games Construction and Refurbishment Market Report. This significantly updates the previous edition published in July 2007, providing a detailed overview of planning, design, construction and tender activity, as at September 2008, together with timescales and budget estimates for each venue and project. In addition, the publication reports on many of the key players already awarded work and those bidding for current contracts, as well as those likely to express an interest in future tenders for 2012.

Also provided is a detailed analysis of the impact of the 2012 Games on the Construction Industry and the economy as a whole including anticipated output values, construction costs and workloads, together with the impact of the global ‘credit crunch’ on preparations for the Games.

The ‘big five’ Olympic Park venues (Olympic Stadium, Aquatics Centre, VeloPark, Olympic Village, media and broadcast centres) account for a substantial share of the venue costs as illustrated in the chart and are all on track. Construction has already started on the Village, Stadium and Aquatics Centre - ahead of schedule. In addition, the clean up of the Lower Lea Valley is well underway, while the majority of the site of the Olympic Park is being cleared and the infrastructure is being put in place. Outside of London, construction in Weymouth and Portland (the Sailing venue) is on track to be completed later this year.

Some slippage has been experienced in the ODA procurement timetable with the award of only 23 of the 33 contracts due to be sealed by March 2008. The delays have been attributed to the time taken to produce specifications and in obtaining project specific planning permissions and necessary stakeholder input. The forecast construction completion dates have slipped for the Main Stadium and the Aquatics Centre, but the Authority still expects to complete its construction activities in time to allow for test events before the start of the Games.

The extent of cost pressures affecting the 2012 Games can be seen in the £106 million increase in the anticipated final cost of the venues since November 2007. The position as at August 2008 is that the total ceiling of £9.325 billion will not be exceeded, with the Olympics minister Tessa Jowell warning that no extra money will be spent on the Olympic Park and other preparations for 2012 beyond the sum already allocated. Any overspending on projects for the Games will be balanced by scaling back projects in other areas.

However, this budget does not represent the full cost of preparing for and staging the Games, but represents the cost to the public sector of building the venues and infrastructure required to host the Games, as well as policing and wider security. Opportunities in the construction sector will be much wider, for example in the leisure / hotels, transport and infrastructure sectors, as a wide range of new developments and improvements are implemented to upgrade facilities for visitors to the events.

The report acknowledges that the ‘credit crunch’ is impacting on some developments, most notably the Olympic Village , but also recognises that the Games represents a key growth sector within a much tougher overall construction market over the next 3-4 years.

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