Supporting Economic Recovery in NSW
Summary
Equity Economics has delivered a new report for NCOSS modelling the impact of Covid-19 on housing affordability, homelessness and residential construction jobs. The report highlights the role of social and affordable housing in supporting economic recovery.
The forecast drop in international migration will translate to reduced demand for housing of 38,500 units over 2020 and 2021 – the equivalent of an entire year of residential housing construction in NSW. As a result, up to 85,000 jobs are at risk in the residential construction sector across NSW over the next 18 months.
At the same time many are facing increased housing pressures with unemployment rising. Our projections find this could lead to an increase homelessness by between 7,905 and 16,140 people in NSW.
Increased homelessness is estimated to cost between $218 million and $445 million each year due to higher health and social service costs.
Building additional social and affordable housing can help recharge the economy, create jobs and reduce homelessness.
The report contains original modelling and analysis of the short and long term cost of the economic crisis, and sets out the policy opportunity presented by social and affordable housing.
Read the full report
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