Whilst the debate over the number of houses the Island needs will undoubtedly rumble on and continue to divide opinion, one aspect of new home building is regularly overlooked – the local economic benefit. A study into ‘The Economic Footprint of Housebuilding in England and Wales’ conducted by Lichfields in 2018, highlighted the significant positive impact on local economies derived from building new homes. It identified that on average 3.1 jobs are created for every new home built and that £5.9bn was spent in England and Wales (in 2017) by new residents in local shops and services. That means Ryde businesses can expect to see an additional £14.7m per annum spent in the local economy when West Acre Park is complete.
Investment in and delivery of new homes is also critical if the Island is to achieve its economic development and upskilling goals. Setting aside the existing pent-up demand for new homes, created through years of under delivery, the Isle of Wight Council’s Regeneration and Sustainable Economic Development strategies identify the need to grow and attract businesses in sectors such as composites, engineering, the marine sector and horticulture. In addition, the creation of the Solent Freeport covering Portsmouth and Southampton docks, as well as a large area of the Isle of Wight, is forecast to create up to 50,000 new jobs in the area. If the Island is to embrace and maximise these growth opportunities, suitable housing stock must be created to attract those who aspire to live and work here. This is critical for retaining young Island talent (thereby reversing the historic post-education ‘brain-drain’) and attracting new professionals.
Investment in housebuilding can also deliver significant ‘trickle down’ benefits to the local economy. Unlike national housebuilders, whose management positions, central procurement and tradesmen and women are often mainland based, we make a concerted effort to work with Island companies and employ Island trades. Captiva Homes is currently investing over £10m per annum on the Island, employing up to 70 trades and creating apprenticeships across every one of our sites.
“As an Island business, it is a great pleasure for us to work with Captiva Homes, a developer who cares deeply about the Isle of Wight, by investing in the Island’s future. We are especially pleased to continue to work with Captiva Homes who share our customer care and quality values and take great pride in stamping their brand of excellence on every home they build. If a second phase of the project progresses, we will seek to employ more local people and new apprentices to ensure that we continue with our investment in the future employability of the Island’s workforce.”
Martin Terry
Torlock (Wootton Bridge)