HOUSEBUILDING IN ENGLAND AND WALES IS GENERATING £38BN A YEAR AND SUPPORTING ALMOST 700,000 JOBS, ACCORDING TO MAJOR STUDY.
The research, which was conducted by planning and development consultancy Lichfields and commissioned by the House Builders Federation (HBF), says that the 74% increase in housebuilding activity over the past four years has provided a huge boost to the UK economy, with the construction industry doubling its economic contribution from £19.2bn in 2015.
The consultancy’s report demonstrates the effect that the increased activity has had on investment, jobs and growth, resources for public services and our local communities and environment. Developers have invested approximately £12bn in land and buildings for new homes with 3.1 jobs created for every home built.
Suppliers have also benefited with the overall spend now at £11.7bn compared to £5.5bn three years ago and with 90% of those funds remaining in the UK. Infrastructure has been boosted by £841m with £122m being designated to improving and building new schools and £669m to public transport and highways. A further £45m has been invested in open space, healthcare, community and leisure facilities.
According to the report, delivering the Government’s target of 300,000 homes per year would increase the economic output by £14.2bn and create 260,000 more jobs. Delivering these homes will not only help to solve the UK housing crisis but provide a boost to local communities and economies across the country.
