How will the Commonwealth Games benefit our region?
After 5 years of preparation Birmingham is warming up for the Commonwealth Games, with the 11 day event featuring 71 countries set to take place later this summer. With an estimated 1.5 billion viewers due to tune into the event, we look at how the games may benefit our region now and in the future.
Regeneration of key areas in Birmingham is already nearly complete, including a £72 million redevelopment of Alexander Stadium, and a £500 million investment in Perry Barr to deliver 5000 new homes, and transport improvements promising greater accessibility by both road and public transport. Victoria Square has also been redeveloped, and this alongside the ongoing HS2 development is anticipated to drive further investment into the city. It is hoped that other large employers will follow the lead of HMRC, HSBC and others in making Birmingham their headquarters. This would result in a boost to the local jobs market, and to Birmingham’s economy.
Speaking of jobs, the games is estimated to already have created over 4000 new jobs per year since the bid was awarded in 2017, and will provide opportunities and training for up to 12,500 volunteers. It is estimated that in the years to come, there will be a further 950 jobs created as a direct result of the games. This is good news for the local economy but the economic benefits don’t end there. The games are worth an estimated £300 million in contracts for local businesses, and that’s before we factor in the spending power of a potential 1 million new visitors to the region during the games.
In the future, the access to world-class sporting facilities for students will attract more young people to study in the city, again providing a boost for the local economy, particularly the hospitality sector. Improved amenities and leisure facilities, combined with the profile-raising effects of having the cityscape beamed around the world will encourage tourists from home and abroad to visit Birmingham and the wider region. The city and surrounding area will also become a more attractive prospect for commuter relocation, particularly once the HS2 project is complete.
When Manchester hosted the Commonwealth Games 20 years ago, tourism grew steadily in the five years after the games, and foreign investment into the city has dramatically increased, including £1billion from the Abu Dhabi United Group to regenerate East Manchester. It is clear that host cities can benefit for many years after the games, and therefore Birmingham and the wider region can look forward to a whole range of economic benefits in the decade to come.