Conference highlights housing sector’s impact on economic growth
Speaking at the West Yorkshire Economic Growth Conference in Leeds last week, Sue Shirt, Stonewater Executive Director Housing said that "when the CBI says that the lack of decent affordable housing is a real barrier to the success of business and the economy, we know we have a national problem".
New homes are a key part of economic growth - not only are they an asset to communities and homes to local people but they create economic benefit in there making.
Stonewater’s own house building programme is helping driving regional and national economic growth.
Over the next few years, Stonewater is looking to increase its regional development programme and deliver up to 610 affordable new homes in Yorkshire. These plans, which could generate more than 1,270 new jobs in the region’s house building sector and £75 million regional investment, including £28 million in land acquisition, are part of a larger business-wide commitment to deliver more than 1,000 new homes annually which could create over 3,100 jobs across England.
“As a sector, we’re not only delivering much-needed affordable housing, but creating significant local employment which in turn, boosts local spending in shops and services. Our housing developments also generate income for the Exchequer through Stamp Duty Land Tax, Corporation Tax, VAT and other taxes.” Sue adds: “Homes are key to helping support families have successful lives - a base from which they and their children can thrive.”
In 2017/18 house building generated £38 billion of economic output into the economy, creating 698,000 jobs including 239,000 directly employed in the industry. During this period, the sector’s significant economic footprint generated £2.7 billion in tax revenues, an £841 million spend on infrastructure development; £122 million for schools, £45 million invested in community, public open spaces and sports and leisure facilities, and £5.9 billion for local shops and services.