Social housing sector worth over £10 billion to Northern economy
Published by Max Salsbury for 24dash.com in Housing and also in Finance
The social housing sector is worth over £10 billion a year to the Northern economy, research has revealed.
According to data from Sheffield Hallam University, 116,000 full-time jobs are supported by the sector and nearly 700,000 northerners benefit from community work conducted by housing providers.
The academic study found that the North's collective housing associations, councils and ALMOs generate £10.3 billion in output expenditure annually and manage 1,198,000 homes.
Professor Paul Lawless of the Centre for Regional Economic and Social Research at Sheffield Hallam who led the study said: "It’s clear from our findings that affordable housing is big business in the North.
"The scale and scope of activity conducted by housing organisations would surprise many people. What’s important to note from our study is the additional value created by housing – activities like repairs and construction create big economic impacts which ripple out into the wider northern economy."
Northern Housing Consortium's chief executive, Jo Boaden, added: "This study demonstrates the jobs and value created by affordable housing in the North.
"But we could do more – our study has shown that for every £1m government invests in housing in the North, we can create 51 additional jobs.
"Housing organisations already employ as many people in the North as car manufacturing and contact centres combined. The outcomes of this study show that housing organisations really are local engines for growth and are capable of generating."