Building shares gain after Olympic announcement
Construction shares shot up after the announcement that London will host the 2012 Olympic Games yesterday.
The stocks soared seconds after the announcement, with many businesses gaining around 4 per cent.
Estimates on the cost of the 2012 games have been ranging from just over £1 billion to more than £5 billion.
The majority of that money will be spent on building new sporting arenas, venues and travel links.
Currently around £728 million will be spent on land purchases and construction.
House prices are also expected to rise on the back of the announcement with each of the previous four host cities seeing house prices rise by more than the national average in the lead up to their games.
In Barcelona house prices rose by 131 per cent over the five years leading up to the 1992 games.
London defeated Paris at the International Olympic Committee vote in Singapore yesterday afternoon, after competitors Madrid, New York and Moscow were eliminated.
© DeHavilland Information Services plc
The stocks soared seconds after the announcement, with many businesses gaining around 4 per cent.
Estimates on the cost of the 2012 games have been ranging from just over £1 billion to more than £5 billion.
The majority of that money will be spent on building new sporting arenas, venues and travel links.
Currently around £728 million will be spent on land purchases and construction.
House prices are also expected to rise on the back of the announcement with each of the previous four host cities seeing house prices rise by more than the national average in the lead up to their games.
In Barcelona house prices rose by 131 per cent over the five years leading up to the 1992 games.
London defeated Paris at the International Olympic Committee vote in Singapore yesterday afternoon, after competitors Madrid, New York and Moscow were eliminated.
© DeHavilland Information Services plc<< Back to Construction and Power Tools News
