Housebuilding sector ‘worth £19 billion’ to UK economy, says HBF
Building homes creates £19.2 billion a year for the UK, as well as bringing less obvious benefits that help society as a whole, the survey by the Home Builders Federation (HBF) has found.
It raises around £1.4 billion a year in tax revenues, while in 2014 it also led to some 6,500,000 trees and shrubs being planted, creating greener, more sustainable environments for communities to enjoy.
Stewart Baseley, executive chairman of the HBF, said: “Whilst housing output has increased, we are still not delivering anywhere near what is needed.
“As well as delivering desperately needed new homes, increasing housing supply would deliver significant additional benefits.”
In its report, the HBF tallied up the contribution made by the housebuilding sector to everything from the UK’s infrastructure to the jobs market.It found that last year construction firms built around 140,000 new properties in the UK, and also put £225 million towards schools, with a further £351 million going on other community infrastructure projects.
In 2014, the sector was responsible for employing some 233,000 people directly and supporting more than 600,000 jobs overall, according to the HBF.
And it is workers’ taxes - including national insurance contributions, stamp duty and land taxes - as well as corporation tax from firms and council tax from residents that generates £1.4 billion for the Treasury. The survey also uncovered some unexpected benefits of building new homes. According to Mr Baseley, new facilities such as community centres and football pitches can often be paid for as a direct result of increasing the housing supply.
He said: “Providing new homes for people also means better facilities for the wider community. These are the very things that turn a collection of houses into communities - brand-new places where people want to live.
“As we approach this important election, politicians must prioritise housing policies to help housebuilders build the homes we need.”