HACT launches new built environment bank to measure social value

HACT launches new built environment bank to measure social value

HACT has launched its the built environment bank, which will revolutionise the way social value is measured in the built environment by calculating the social value to individuals, local businesses and the Exchequer.

The built environment bank will enable housing associations, developers, contractors, and construction firms to deliver and implement more meaningful, intentional long-term transformational social impact for people and communities. It will only be available through social value insight.

The built environment bank enables organisations to model, monitor, and measure the impact of their construction, development, and supply chain activities comprehensively across seven themes that cover everything from employment and the environment to construction and the supply chain.

This suite of value outcomes has been designed and tailored in consultation with key sector organisations and provides them with person-centred insights into the social value they generate.

Andrew van Doorn, chief executive of HACT, said: “The launch of the built environment bank marks a significant advancement in our mission to integrate social value into the heart of construction and development projects. We are thrilled to provide this tool to the industry, enabling a more robust and holistic approach to social value measurement.”

Key features of the built environment bank include:

  • Comprehensive value outcomes: includes a diverse set of value outcomes, grouped into seven key themes: employment, supply chain activities, construction, environmental improvements, homelessness interventions, benefits to the local environment and engagement with young people.
  • Verified methodology: Utilising the wellbeing measurement endorsed by the HM Treasury Green Book, the built environment bank is built on a consistent and credible methodology that quantifies social value across individual wellbeing, business benefits, and Exchequer savings.
  • Collaboration with industry leaders: Developed in collaboration with Simetrica-Jacobs and Morgan Sindall Group, as well as other built environment and social housing organisations, the built environment bank incorporates best practices and insights.
  • User friendly access and integration: Available through HACT’s Social Value Insight tool, users can easily access the built environment bank, add projects, and select value outcomes to evaluate their activities’ social impact.
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