Increase in house building delivers huge boost to UK economy
The 74% increase in house building activity in the past four years has provided a huge boost to the UK economy, according to a report by planning and development consultancy Lichfields developed for the Home Building Federation.
Their research shows that the house-building industry in England and Wales is now worth £38bn a year and supports nearly 700,000 jobs.
The report shows that last year the house building industry:
· Supported 698k jobs, including 239k direct (18% of UK construction industry)
· Generated £2.7bn in tax revenues (via SDLT, Corporation tax, NI, PAYE etc)
· Provided £841M towards infrastructure
· Spent £11.7bn with suppliers (90% of which stays in the UK)
· Invested £12bn in land for new homes
· Agreed 50,000 affordable houses through s106 agreements worth over £4bn
Discussing the report, Stewart Baseley, executive chairman of the Home Building Federation commented:
“The house building industry is a massive driver of the UK economy and makes a huge contribution to communities across the country. While delivering much-needed new homes of all tenures, house builders are quietly creating and sustaining jobs, generating receipts for the exchequer and boosting investment in infrastructure and amenities in villages, towns and cities. As well as becoming ever more reliant on private builders to deliver affordable housing through planning agreements, vast sums are ploughed into new roads, schools and community facilities every year.
“The unprecedented increases in housing supply in recent years have delivered significant benefits for UKPLC and the industry is investing in more land and people to enable it to go further and build more.
“The industry is calling on Government to work with it to create the policies that will allow it to deliver the government’s ambition of 300k homes a year in England. Delivering more homes will not only help solve our acute housing crisis, but also provide a further boost to communities and economies up and down the country.”