Home building in Wales and England generated £53.3 billion of economic output and supported 834,000 jobs last year.
The research carried out by Lichfields for the Home Builders Federation (HBF) found that last year delivering 240,000 homes generated:
- £53.3 billion of economic output
- £6.4 billion in revenues for the exchequer (via SDLT, Corporation tax, NI, PAYE etc)
- £9.2 billion of new ‘affordable’ housing (20% of all new homes are ‘affordable’)
- £1.5 billion investment in infrastructure
- £16.6 billion spent in the construction supply chain (90% stays in UK)
- £216 million investment in open space, community and sport facilities
- And supported 834,000 jobs including 10,000 apprentices and trainees
The new report, produced in association with United Trust Bank, illustrates how increasing the number of homes built increases the economic benefits. Last year, the delivery of 240,000 homes generated an additional £15 billion of activity compared to 2019, when 224,000 homes were built.
Neil Jefferson, Chief Executive of the HBF said:
“As well as addressing some of the major social issues the country faces, building more homes drives economic activity. The house building industry sustains hundreds of thousands of jobs, generates huge receipts for the exchequer and boosts investment in infrastructure and amenities across the country.
“Delivering new developments provides energy-efficient, modern homes, and ploughs investment into new roads, schools and community facilities that benefit both new and existing residents.
“If UK Government can deliver on its ambitious housing targets it will reap significant social and economic benefits. The industry welcomes the swift and decisive actions to address the constraints in the planning system, but more is needed to accelerate growth. The lack of affordable mortgage availability means more support for buyers is needed. Creating demand for new homes provides the confidence the industry needs to invest and deliver both private and affordable homes.
“The upcoming Budget provides an opportunity for the Government to take more positive steps to address the mounting housing crisis and to commit to their pledge to get Britain building again.”
