Welsh associations increase spending
Housing associations in Wales have increased their spending by 20 per cent this year, according to Community Housing Cymru.
The umbrella body for Welsh housing associations has found spending on a range of activities, including construction, labour and land acquisition totalled £487 million in 2008/09.
CHC, which commissioned the report from the Welsh Economy Research Unit, says the spending was up 20 per cent from 2007/08 and 80 per cent was kept in Wales.
Nick Bennett, chief executive of CHC, said: ‘The figures in this report are very encouraging and members are certainly doing their bit to help the Welsh economy.
‘Gearing in the sector has increased by more than 4 per cent in the last year and now stands at 45.1 per cent.’
Borrowing increased by £148 million in 2009, he added, which was well over CHC’s promise its members would increase borrowing by £112 million over four years.
The report, Housing Associations in Wales: Measuring the Impact, also highlights 2,142 homes were built by housing associations in 2008/09.
The Welsh Assembly Government has pledged to build 6,500 affordable homes by 2011. It released independent figures from the Welsh Economy Research Unit this summer showing 3,252 homes had been built over the past two years.
The combined direct and indirect economic impact on the Welsh economy of housing associations in 2008/09 was found to be about £998 million, according to the report, and associations supported 14,540 full-time jobs.
Regeneration spend was up 22 per cent to £257 million, CHC said, with £96 million spent on brownfield construction, £16 million on greenfield construction associated with regeneration and £140.2 million on repairs and maintenance
The report includes three new stock transfer organisations, RCT homes, Monmouthshire Housing and Bron Afon Community Housing. The total spend of these three organisations was almost £100 million.
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