Housing sector accounts for 15% of global GDP, WB vice president says

The housing sector accounts for approximately 15% of global gross domestic product (GDP), Vice President for Infrastructure at the World Bank Group Valérie Levkov said during a panel discussion at the 13th session of the World Urban Forum (WUF13) in Baku, according to Report.

"The housing sector is one of the key drivers of economic development. On average, it accounts for 15% of GDP and generates employment across a wide range of sectors - from construction and architecture to manufacturing, trade, and finance," Levkov said during the session titled "From Global Housing Finance to Local Action on Affordable Housing: Leveraging Global Development Finance and Subnational Financing."

Levkov emphasized that cities require quality and affordable housing in order to attract labor and sustain economic growth.

"This challenge is not limited to developing economies - it is a global issue," she stressed.

She also noted that housing serves as an integrator of urban infrastructure, as it is through housing that households gain access to utility services and other urban amenities.