Glasgow 2014: Analyst says £769m invested in construction deals
- 24 July 2014
- From the section Scotland business
More than £769m has been invested in Scottish construction contracts linked to the Glasgow 2014 Commonwealth Games, according to a business analyst.
A report by Barbour ABI said much of the money was spent upgrading Glasgow's sports facilities.
About £300m was accounted for by the Athletes' Village.
A combined £217m was spent on the Emirates Arena, incorporating the Sir Chris Hoy Velodrome, and purpose-built SSE Hydro national arena.
A total of £120m was also used to regenerate existing sports facilities in Glasgow and further afield, such as a £30m refurbishment of the Royal Commonwealth Pool in Edinburgh and a £15m extension to the National Swimming Centre at Tollcross Leisure Centre.
More than £50m of post-summer regeneration work is also in the pipeline, according to Barbour ABI, which supplies data to the UK government and the Office for National Statistics (ONS).
Michael Dall, lead economist at Barbour ABI, said: "There is no underestimating how much work is required to get a city ready for a global sporting event, so it's not surprising to see the huge sums of money being spent on construction contracts in and around Glasgow, both new build and regeneration, over the past year.
"With the Scottish economy now growing past its pre-recession levels, and our latest Economic & Construction Market Review showing that the country dominated medical and health, industrial and education construction contracts in the UK last month, the future is certainly looking bright for contractors over the coming months."