Opening Session Speeches

Mr. Alphonso Jackson, Secretary of the Department of Housing and Urban Development, Government of the United States of America

Thank You Eric [Falt, Chief of the United Nations Information Center] for that kind introduction.

And thank you to the Canadian government, to the people of the beautiful City of Vancouver and to U.N. Habitat for hosting and organizing this important forum.

The large number of housing ministers and other government leaders here today are a testament to the importance of housing worldwide.

We have all come together to discuss ways to improve our cities. And my message to you is this: Homeownership will make your cities stronger, safer, and more prosperous.

As Secretary of the U.S. Department of Housing and Urban Development, one of my primary jobs is to carry out President Bush’s vision for an Ownership Society — especially within low and moderate-income communities and among minorities.

The President and I firmly believe that ownership leads to greater freedom and optimism, and that it creates stronger, healthier communities.

Homeownership is the key to wealth accumulation and financial independence in the United States. And its social benefits are also great.

The U.S. Economy has performed remarkably well over the last five years. Our unemployment rate is at its lowest point in five years. Our GDP growth over the last three has hovered around four percent. Housing has been the key.

More Americans own their own homes today than ever before. This reflects the great optimism the American people have about their future.

Homeowners in the United States are so optimistic about the future that they invest about 20 percent of their income into their homes.

And the effects of this investment on the U.S. economy have been astounding. The housing market made up nearly one fourth of America’s GDP last year. And we estimate that for every home that’s built in the United States, 3.5 jobs are created as a result.

It’s no accident that during the greatest housing boom since World War II, we’ve created over 5 million jobs in the past two years.

And what is the foundation of this optimism? The Democratic principles that lie at the heart of our system of government.

Like all markets, housing depends on transparency to flourish. The rule of law is necessary for a successful housing market.

Our homebuyers trust the mortgage industry because the process is transparent — and we’re pressing for efforts in the housing industry as I speak to make it even more so.

So thank you for having me. I’m delighted to be here. And I’m eager to share some of the lessons we’ve learned in the United States about housing and its importance to a nation’s security and prosperity.

President Bush and I are committed to working with the government officials who are here as you seek to create greater opportunities for housing and homeownership.

Homeownership has strengthened American cities. It can strengthen cities in other nations too.

Thank you