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A new report by Community Housing Cymru has outlined the contribution of Welsh Housing Associations to the economy in 2018/19.
It shows over £2bn was spent in the year, with £1.3bn directly spent by associations and 85% of that being retained within Wales.
The impressive results also show that for every £1 the Welsh Government invests in housing associations, the sector returns £5.73 into the economy.
Other headline figures reveal that turnover for the year was £1,006m; an increase from £954m in 2018. Turnover is forecast to rise by 4% per annum to £1,224m by 2024.
The sector was also part of supporting 25,000 FTE jobs in the country, both directly and indirectly.
Other highlights from the report include:
- Housing fixed assets, before depreciation, have continued to rise and now stand at £7.9bn, a 6% increase from 2018. Housing assets are predicted to rise by an average of 8% per annum to £11.5bn by 2024.
- Housing associations in Wales own and manage nearly 165,000 homes, a net increase of 1,838 from the previous year.
- £399m was invested in developing new homes in 2019, a rise from £325m in 2017/18.
- The average turnover per social housing property has increased from £5,250 in 2018 to £5,459 in 2019 representing a rise of 4%.
- Capital and Reserves levels are now £1.17bn (2018: £1.15bn), demonstrating the confidence lenders have in the social housing sector.
CHC say the results "demonstrate a financially robust sector with a clear commitment and capability to support the provision of affordable housing across Wales, significantly contribute to the Welsh economy and help mitigate the impact of poverty on people’s lives."
Steve Evans, Assistant Director, Finance & ICT at Community Housing Cymru said: “The public health crisis caused by the pandemic this year and the resulting economic challenges we face as a nation make it more important than ever that we maintain a strong financial base to invest in communities, homes and people.
"The Global Accounts report demonstrates an ongoing commitment between housing associations and Welsh Government to deliver on our ambition of a Wales where good housing is a basic right for all.
"We have the capability to make a difference and support the provision of quality, affordable housing across Wales, stimulate the Welsh economy and help mitigate the impact of poverty on people’s lives.”