Construction and development plays a huge role in the evolution of society, particularly in developed economies such as the U.S. and throughout Europe. This is central to the advancement of us as individuals too, as fixed structures provide a foundation on which we can build our lives and make the most of modern technology. It also creates jobs and practical skills, driving economic growth across the globe.
The construction of London's new Crossrail Station in the UK provides a relevant case in point, while the benefits that this will offer to commuters in and around the capital have been widely discussed. While it is easy to surmise that such a vast and progressive development will have a positive impact on various aspects of the economic landscape in the UK, however, it is far harder to determine the precise benefits and how they will take hold over the course of the next five years.
5 Key Benefits of London's New Crossrail Station
From widespread economic growth to the impact that this development will have in specific industries and marketplaces, the benefits of such a huge construction project are immense. They are also potentially ground-breaking in this instance, as they will also improve the life of everyday citizens and the individuals that work so hard on a daily basis. So without further ado, let's consider these benefits in closer detail and evaluate their potential impact: –
It will add Homes and Value to the Property Market
According to modest estimates, the Crossrail project will lead to the construction of thousands of residential homes along the associated route. This will add a cumulative amount of Â£5.5 billion the British property market, while also creating additional houses for sales creating a greater equilibrium between supply and demand in the capital. This is crucial, as it will also help to create affordable housing in 2017 and beyond.
It will save invaluable travelling time for commuters
The Crossrail project will also save invaluable travelling time for commuters, especially between Burnham and central locations in London. As shown on the Openpropertygroup.com infographic below, commuters can save a staggering 64 minutes when using the Crossrail to travel between Burnham and Canary Wharf, while those visiting other destinations can also enjoy shorter, daily journeys.
It will make the London Tube 10% more Efficient
In creating a brand new and efficient mode of transportation, the Crossrail will reduce the number of commuters using the Tube on a daily basis. Early estimates suggest that this will make the Tube approximately 10% more efficient, making it a much more viable mode of transportation for those who continue to use it. This is something that local authorities have strived for on an annual basis, so it is a wonderful development.
It will create numerous Jobs and Business Opportunities
The construction of the Crossrail (which began in earnest in 2012) has already created a plethora of jobs, particularly in the building and services trades. This trend will continue as new retail spaces and commercial offices are built along the Crossrail route, with new job opportunities being created both at the front-line and in the field of building maintenance. With unemployment rates already at an impressive low, this will provide momentum in job creation and help secure the economic future of an entire nation.
It will drive Future Economic Growth
Ultimately, it stands to reason that the construction of the Crossrail Station and route will create economic growth through increased investment and the development of a vibrant property market. We should not underestimate the impact that the new project will have on saving time and driving productivity among the London workforce, however, as this will also enable firms to boost their bottom line margins.