The Economic Footprint of Home Building in England and Wales report illustrates the boost to growth Labour can achieve by hitting its target of 1.5 million homes.

This would support an additional 350,000 jobs and £100bn in economic activity across the parliament compared to the last five years.

The research carried out by Lichfields for the Home Builders Federation (HBF) found that last year, delivering 240,000 homes generated:

• £53.3bn of economic output
• £6.4bn in revenues for the exchequer (via SDLT, Corporation tax, NI, PAYE etc)
• £9.2bn of new ‘affordable’ housing (20% of all new homes are ‘affordable’)
• £1.5bn investment in infrastructure
• £16.6bn spent in the construction supply chain (90% stays in UK)
• £216M investment in open space, community and sport facilities
• Supported 834,000 jobs, including 10,000 apprentices and trainees

The new report, produced in association with United Trust Bank, starkly illustrates how increasing the number of homes built increases the economic benefits.

Delivering 240,000 homes last year generated an additional £15bn of activity compared to 2019, when 224,000 homes were built.

The findings also demonstrate the massive boost to growth the new Government can unleash if it hits its ambitious housing targets.

If Labour were to meet its housing targets of 1.5 million homes built throughout this Parliament, this could result in:

• 1,043,000 jobs supported each year, including 10,250 graduate and apprenticeship positions
• £330 billion generated in economic activity
• £57.5 billion for affordable housing
• £42.5 billion spending in local shops
• £40 billion in tax receipts, including £3 billion in additional council tax
• £9.4 billion in funding for infrastructure, including £4.2 billion for new and improved schools
• £1.35 billion in spending for open spaces

The home building industry has welcomed the swift and decisive interventions Labour has made on planning that have primarily addressed the significant barriers to land coming through the system.

It is now urging the Government to address the other constraints to delivery, particularly on the demand side.