Demand for construction workers in London looks set to grow due to the completion of Crossrail and the extension of the Northern Line alongside other infrastructure projects. But a new analysis reveals the Capital is struggling to attract and train the workforce needed; with London and the South East having a shortfall of 60,000 people in the construction industry. This is according to a first of its kind analysis of the role of migration on London’s economy by London First and PwC. ‘Facing Facts: the impact of migrants on London, its workforce and economy’ argues that London’s growing workforce is significantly contributing to economic growth and helping to create more jobs in the capital. The report, which draws on a comprehensive range of information, including detailed ONS Labour Force Survey data shows how London’s total workforce has grown from 4.3 million people in 2005 to just under 5.2 million, made up of people from around the UK, the EU and the rest of the world.

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In the two years running up to the Brexit vote, London vied with New York and Hong Kong for the title of most expensive world city to accommodate employees and last year it was crowned the most expensive world class city for international businesses to rent office and living space for their employees. Now Brexit’s impact has made the UK look much better value on a world stage as the devaluation of sterling means it now ranks closer to Paris and Tokyo, leaving New York and Hong Kong in a league of their own with much higher accommodation costs. It now costs an average of US$88,800 per person to rent office and housing space in London, well below the price tag of June 2014 of US$124,500, according to the latest Savills Live-Work Index which measures annual accommodation costs per worker in leading world cities. By this measure, London is now 10 per cent cheaper in these terms than it was in December 2008.

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