London’s architecture industry is worth more than the city’s industrial design, graphics and fashion sectors combined and growing almost twice as fast, according to a new report by the mayor’s office.
The London’s Architectural Sector report states the city’s architecture industry is worth $2.1bn and growing at 7.6% per year.
This rate of growth significantly outstrips the figures for creative industries as a whole, which is estimated at growing at 3.9% per annum, and London’s entire economy, which is expanding at 3%.
“The value of architecture in London may be undervalued by creative policy makers,” says the report.
The research was carried out by the London mayor’s economics team, in partnership with the London Festival of Architecture (LFA).
According to LFA director Tamsie Thomson, it shows the importance of ensuring London’s architects continue to thrive after Brexit – when access to foreign talent and international projects may be challenged.
“We cannot take the success of London’s architecture sector for granted,” she said. “Our research shows that this success – including booming exports – is driven by a diverse workforce from all over the world.
“We look to the government to negotiate responsible post-Brexit trade deals if London is to remain the world’s architectural hub.”