Construction costs cut for London 2012

Published May. 12, 2011 12:44 p.m. ET

foxsports

The British government says the estimated construction costs of the 2012 London Olympics have decreased by 35 million pounds ($57 million).

Government figures released Thursday show the projected final building costs have declined from 7.301 billion pounds ($11.87) to 7.266 billion ($11.81 billion). The delivery of the Olympics remains on time and within budget.

Construction of the venues and infrastructure is 83 percent complete, with the 7,000-capacity handball arena the latest stadium to be completed. The basketball arena is nearing completion.

Sports Minister Hugh Robertson says the Olympic Delivery Authority ''has continued its focus on costs, driving efficiencies across the program.''