Building Prosperity: Housing and Economic Development

The world's urban population is growing by 100,000 households a day, presenting an enormous challenge, above all in developing countries. It is also an opportunity, as investment in housing and the provision of shelter is potentially one of the most effective drivers of economic growth and sustainable national development. In recent debates, however, its economic significance and role as an instrument of social policy have been overlooked. This book is a much-needed account, with numerous detailed examples, of the role of housing in economic growth and development by an author in a unique position to understand its importance and the practical measures for delivering that growth.The book analyzes the relationships between housing and economic development. Housing as an engine of economic growth plays a central role at local (city), national and global levels. While the linkages between housing and the macroeconomic environment in developed countries has been studied, very little is known in the case of developing and transitional countries where the author establishes these linkages with great clarity, supported by detailed case studies. On the basis of this analysis, it goes on to develop specific policies and practices to enable governments to enhance the contribution of housing in economic growth.The argument of the book follows a logical structure: starting from a comprehensive conceptual framework for understanding housing and economic development (chapter 2), it assesses the contribution of housing to economic development (chapter 3), explores the importance of housing finance in development (chapter 4), examines the importance of housing as a social policy instrument (chapter 5), critically analyzes the dynamic factors shaping the economic significance of housing (chapter 6), and finally presents key lessons on housing and economic development as well as policy recommendation to enhance the role of housing as a source of economic development (chapter 7). Its frame of reference in analyzing the housing and economic development nexus is global, drawing on cases studies chosen to reflect regional diversity as well as differences in socio-economic development and political systems.