Housebuilding boosts UK economy
A recent report released by Lichfields, a planning and development consultancy, has highlighted the positive effect that the England and Wales housebuilding sector is currently having on the economy.
The industry is now worth a staggering £38 billion per year and supports almost 700,000 jobs, according to the research. Commissioned by the Home Builders Federation (HBF), ‘The Economic Footprint of House Building in England and Wales’ also states that market activity plays an economic part in tax revenues (via corporation tax and stamp duty, for instance) and creating funding for local communities and infrastructure.
Fortunately, these fantastic impacts are showing no signs of slowing down. Housebuilding levels have risen by 74% over the past four years, and as outlined in another Longley Concrete blog post in April, the government remains committed to increasing yearly volumes to 300,000 by the mid-2020s. This would apparently bring an additional £14.2 billion to the economy, as well as £1.1 billion in tax revenue and 260,000 jobs.
Commenting on the stats, Stewart Baseley, Executive Chairman of HBF, further emphasises how much of a massive driver housebuilding is for the economy. He reminds of the huge effect it has on communities across the country too.
In supplying high-quality precast concrete products to clients that operate in the building materials sector, Longley Concrete take great interest in housebuilding as a whole and were delighted to hear of this latest news.
From its three manufacturing bases in West Yorkshire, London and Northern Ireland, the business produces enough flooring for more than 28,000 homes per year, based on 80 l/m per house.