Housing associations in Wales contributed an estimated £2bn to the economy in 2013/14.

The results were revealed in an independent report by the Welsh Economy Research Unit at Cardiff University.

The report, commissioned by Community Housing Cymru (CHC), the membership body for housing associations in Wales, will be launched at their Annual Conference in Cardiff today. The report assesses the wider economic benefits provided by the sector in Wales and demonstrates their 'more than housing' remit.

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Now in its seventh year, the report indicates that the sector provided 1,850 new affordable homes in 2013/14 and is on target to meet Welsh Government's revised target of 10,000 affordable homes for this term of Government.

Housing associations contributed £1027m to the economy in 2013/14; 26% of this on direct labour costs, 21% on construction and 29% on maintenance, repair and upgrading homes. Of the £1027m directly spent, 80% was retained in Wales. Added to indirect transactions between different sectors of the economy, the combined direct and indirect economic impacts total almost £2bn. Since the beginning of the report series, an estimated £5.66bn has been directly spent by Welsh housing associations in Wales.

(CD/MH)