News And Media

Value of the Housing Market to the Economy

Friday, September 19, 2014 | Gerard Caruana

From time to time I have heard economists downplaying the benefits of housing construction for the Australian economy.

 

This sentiment has always puzzled me because the new housing construction industry provides employment, not only for trades people working on projects, but also for employees of building product manufacturers and associated industries such as furnishing and white goods.

 

So, I was interested to see the Housing Industry Association (HIA) fact sheet - Window Into Housing (I am sure there was no pun intended).

 

The number of new homes built in 2013 Australia wide was 167,947. Importantly the number of people employed in housing and construction was 1,037,412. Now these figures do include apartment construction and renovations but it does give some idea of the contribution to the economy through job opportunities.

 

Then as I have mentioned before there are the multiplier factors of employment with building product manufacturers and the furnishing and white goods industries.

 

These are all economic facts but of course you can't put a figure on the benefits of having your own home and the social coherence this provides for families. It gives a feeling of belonging and security.

 

And, with the houses we are designing today you enjoy a high standard of living where you can enjoy the fantastic space and live in comfort as well as entertain friends and family. Proud that you too have achieved the great Australian dream of building your own home.

 

For most families it is the biggest investment you are going to make in a lifetime. But it should be remembered that owning your own home by the time of retirement provides financial security and an ability to live rent free.

 

Another plus of home ownership is that you can use the equity in your home for further property investment to build your wealth.

 

So, after looking at the HIA fact sheet and taking into consideration the social benefits, I was very satisfied we are doing our best not only for the economy but also for our many clients who enjoy the Wincrest lifestyle.

 

More news soon
Gerard Caruana

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