The Home Builders Federation and Nathaniel Lichfield & Partners recently collaborated to deliver a report which outlines the economic footprint of house building, and its significance to the UK.
The key facts are outlined here:
- £12.6bn invested in land and buildings for homes.
- £5.5bn spent on suppliers (90% stays in the UK).
Jobs & Growth
- £19.2bn of economic output based on the last quarter of construction sector orders.
- More than 600,000 jobs - 233,000 directly employed by the industry.
- 4.3 jobs for every home built.3
- 700 apprentices, 400 graduates and 500 other trainees each year.
Resources for Public Services
- £1.4bn of tax paid (Stamp Duty Land Tax, Corporation Tax, NI, PAYE, Residents’ Council Tax).
- £3.1bn of new ‘affordable housing’ - 38% of all new homes built in the UK are ‘affordable’.
- £576m for infrastructure including £225, on new and improved schools.
Stronger Local Communities & Environment
- 6.5m trees and shrubs planted or retained.
- £131m invested in open space, community, sport and leisure facilities.
- 80% of construction waste recycled.
- £3.8bn spent in local shops and services by residents of new homes.
If the UK increased the annual supply of homes by at least 100,000 this would mean:
- £1.1bn more net capital expenditure.
- £13.6bn increase in economic output.
- 430,000 extra jobs.
- £1.2bn more tax paid.
- £432m extra investment in local infrastructure.
- £3.2bn resident spending on goods and services.
To read the full report click here.