The Government's housebuilding target to build 1.5 million homes in their first five years is viewed as critical to solving the country's housing crisis. But as well as tackling the lack of supply and affordability constraints, building new homes has many wider economic benefits.
The Home Builders Federation (HBF) estimate that home building delivers over £50bn in economic activity per year. This is based on the completion of 240,000 net additional homes.
There are benefits for the local area too. In 2023, new homes construction delivered £1.5 billion of local infrastructure and £216 million of spending on open space, youth, community and sports facilities.
Overall, it estimated that 834,000 jobs are supported by the industry and its supply chain, the equivalent to 3.4 jobs per dwelling built. Source: Dataloft by PriceHubble, Home Builders Federation, Lichfields
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