Economic impact assessment for Euston Station regeneration

Camden Council

In September 2023, Metro Dynamics was commissioned by the London Borough of Camden to produce an Economic Impact Assessment (EIA) and accompanying strategic narrative for the Euston Area regeneration.

Euston Station’s importance and strategic location make this one of the UK’s most significant development opportunities. Notwithstanding work to develop a broad Growth Strategy for Euston back in 2016, this work was the first time that an attempt was made to fully quantify and articulate the strategic impact and economic benefits of Euston’s redevelopment on local, London-wide, and national scales. The aim was to provide a clear view of the opportunity at a critical time for the project, following the Government’s decision that completing the Euston Station HS2 terminus would require substantial private investment. Our study assesses the transformational economic and place-making opportunities linked to the Euston station broader area redevelopment, which has the potential to contribute 34,000 jobs, 2,500 homes, and £41bn to the economy by 2053. The Economic Impact Assessment is based on a development scenario for Euston that development partners have prepared in response to the Government’s objectives for the development. As part of the economic model, Metro Dynamics also tested a range of scenarios for development, to demonstrate how the benefits could vary for larger, taller, and smaller developable areas, and faster development.