Federal Funding Drives Community Housing Services Market, TBRC’s Community Housing Services Market Report
Community Housing Services Global Market Report 2020-30: COVID 19 Growth And Change
The Business Research Company’s Community Housing Services Market Report - Opportunities And Strategies - Global Forecast To 2030
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The community housing services market consists of the revenues from community housing services and related goods by establishments primarily engaged in providing short-term shelter for victims of domestic violence, sexual assault or child abuse, a temporary residential shelter for the homeless, runaway youths, patients and families caught in medical crisis, transitional housing for low-income individuals and families, and for elderly or disabled homeowners. Establishments that volunteer construction or repair of low-cost houses in partnership with the homeowners who assist in construction or repair of a home, subsidize housing using existing homes, apartments, hotels, or motels, or those involved in a low-cost mortgage or work for all the said end-users are included in this market.
The global community housing market is expected to decline from $77.2 billion in 2019 to $75.9 billion in 2020 at a compound annual growth rate (CAGR) of -1.64%. The decline is mainly due to the COVID-19 outbreak that has led to restrictive containment measures involving social distancing, remote working, and the closure of industries and other commercial activities resulting in operational challenges. The entire supply chain has been disrupted, impacting the market negatively. The community housing services market size is then expected to recover and reach $81.7 billion in 2023 at a CAGR of 2.43%.
The federal funding for social services is a major driver for the market as per TBRC’s community housing services industry report. Funding from the government helps many homeless people get shelter. Many programs are run by different countries to assist homeless people. For instance, every year in the US, the Federal Government allocates funds to States/Territories to support social services for vulnerable children, adults, and families through the Social Services Block Grant (SSBG). In India, ‘Pradhan Mantri Gramin Awaas Yojana’ focuses on providing pucca houses with basic amenities to homeless families. The objective of this scheme is to build one crore of homes of 25 sqm by 2022. The government of India also launched the Shelter for Homeless program under the National Urban Livelihood Mission (NULM). Under this program, various types of shelters such as men’s shelters, women’s shelters, family shelters, and special shelters (for old age, mentally ill, sick persons) are provided. The government of India will finance 75% of the expense for the development of these shelters and the other 25% will be the State commitment. The Indian government is also working on providing rental housing to urban poor belonging to scheduled castes, scheduled tribes and other backward classes, migrants, transgender, and senior citizens. Therefore, different types of federal funding will help drive the market for community housing services.
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