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Housing Sector- Growth Engine of Economy

Pakistan’s population is about 220 Million and about one third of the same is homeless. The large portion of this segment of population is living in Urban Areas- the Cities. The large portion of the country is also youth having tremendous potential to rise from the current state of slumber. This youth bulge has demand for comfortable housing. Hence, there is a demand for housing sector to grow. Thus the housing sector as a growth engine of economy is prudent. 
The Housing / construction industry plays an essential role in the socio economic development of a country. The industry plays significant role in socio-economic development goals of providing infrastructure, sanctuary and employment. The industry includes hospitals, schools, townships, offices, houses and other buildings; urban infrastructure (including water supply, sewerage, drainage); highways, roads, ports, railways, airports; power systems; irrigation and agriculture systems; telecommunications etc.
The Housing sector deals with all economic activities directed to the creation, renovation, repair or extension of fixed assets in the form of buildings, land improvements of an engineering nature. Besides, the construction industry generates substantial employment and provides a growth impetus to other sectors through backward and forward linkages.
In Pakistan more than 5 billion dollars / year are spent in housing / construction sector. Moreover, many more billions are spent on buying residential and commercial plots. Construction output accounts for 2% of GDP as per the data of Pakistan Bureau of Statistics. The housing sector is approximately 1% of GDP. It is a said that 40 sectors of small and large manufacturing industry involve in the housing / construction sector.
Pakistan is experiencing high rate of urbanization, hence, there is a growing need for urban planning. The housing sector thus can play a major role in the growth of national economy. It is, essential therefore, that, government should announce major incentive for all the stake holders of the housing sector including builders and town planners.

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