John Armitt, chairman of the Olympic Delivery Authority, acknowledged that the project to deliver the games is now entering its toughest year.
However, he believes the organisation is meeting its commitments to the wider economy, such as ensuring employment and training opportunities for people in the London area, in particular construction professionals.
Mr Armitt commented: "The project remains on track and that is testament to the skill, professionalism and hard work of every single member of the workforce."
The ODA recently reaffirmed its commitment to ensuring high health and safety standards are maintained throughout the extensive building work.
Mr Armitt said the safety record has so far been excellent, but said the surge in construction activity over the coming months means "huge challenges" still lie ahead.