3min chapter

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The Great Homes Upgrade

New Economics Podcast

CHAPTER

What Kind of Jobs Are Created When People Upgrade Their Homes?

For a million pounds invested in retrofiting, the number of jobs you get is significantly higher than any other sector. But there is a huge skills gap in the construction industry at the moment. And well, we haven't got the training in place to get skilled people up to the level we do need to wrechofit houses. So that's one big issue i think we ne the hopelythis campaign will also prize out from the government.

00:00
Speaker 2
We've spent a long time laying out the problem, and i'm feeling relatively despairing. I want to talk about what we can do about this. S evwe want to upgrade our homes, we'll aily need tradespeople to install heat pumps and insulation. So let's start with you, chatty. Can you tell me about whether the great homes upgrade would create jobs?
Speaker 1
Absolutely othing. That's one of the biggest benefits off the scampin tha pretendant bushpop. Because if you look at any economic analysis out there, in terms of job creation, potential, retrofiting andof building construction, seems to be an area where, for a million pounds invested, the number of jobs you get is significantly higher. Than any other sector. So that's one of the reasons why, emerging from the pandemic, when the jobs and the labor market is s in an spit of a crisis, rentr fitting is one of those er areos arenas investing heavily early on can create a lot of benefits toms and jobs for the long dorn. There's a wide range job creation figures. What we have estimated is anywhere between a hundred and 90 to findr thousand jobs could be created, depending onsid of the pace, the scale and the kind of jobs that you got. Ind there are direct jobs, there are indirect jobs, and theres also induced jobs as part of the economy and ther set of permanent and temporary jobs as well. Considering the whole suite of jobs, ou create anywhere between hored and 90 thousand to find, a thousand jobs could be created through the course of this decade. So we're talking of large numbers. And every job you create is essentially adding to the economy. Ad the jg b, if you're really looking purely in terms with macro economic indicators, all of that is a net benefit to the economy. I mean, it certainly seems so. Martin you work for a company which carries out home up grades. O, what kind of jobs are created when people are are able to upgrade their homes? It's a whole range of jobs, and it ranges from so of we got to master level m c level design engineers, who do the design work for us, all the way across to electricians, plumbers, carpenters, a people ho put in roofing sulations. Sa, it's a whole range of jobs from a range of different levels of skill. But they all need to be there, and if they need to work as a team. The designers have to understand how you design thee things. They have to understand some of the physics of buildings. But the tradespeople need to beo to hav a clear plan of what needs to be done and the skills to do it. But there is a huge skills gap in the construction industry at the moment. And well, we haven't got the training in place to get skilled people up to the level we need to understand how we do need to wrechofit houses. And that's one of my big concerns. If we want to scale up the ability to deliver 19 million aretrofited homes, in the next ten years, it will need a massive upscaling o training capabilities. So that's one big issue i think we ne the hopelythis campaign will also prize out from the government. The investment is not just, if you like, at the level of homes and putting in installation and draft proofing. Is te making sure that the right people are coming through our universities and technical colleges who can really deliver on required so the jobs creation ere yet, aside of this, i think is just a fantastic opportunity which we mustn't let slip.

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