With Office for National Statistics population projections consistently identifying Coventry as the fastest growing city outside of greater London, Cllrs say that it is also good news for the economic growth of the city.
The Council is processing record numbers of planning applications for new homes and working with its neighbouring authorities to support and plan positively for growth.
It has also continued to support the delivery of new homes across all parts of the city and more than 90 per cent of new homes in Coventry have been delivered on brownfield land since 1992.
New house builders are beginning to invest in Coventry and interest is continuing to grow as the city approaches its year as UK City of Culture in 2021.
Cllr John Mutton, Cabinet Member for Strategic Finance and Resources said that the growth is good news for the economy because it means investment in the city and it also results in an increasing Council Tax base in Coventry.
During the past five years the number of properties in Coventry has increased by five per cent. There are now approximately 143,500 properties in the city.
He added: “In the past five years the city’s population has increased significantly. This growth is contributing £8m of additional Council Tax income to support the cost of services provided in the city during this year.”
“Our Council tax base and collection rates reflect positively on the growth of the city as this contributes to providing frontline services like waste collection and grounds maintenance.
“As a Council we have always maintained that a growing economy is vital to the longer-term quality of life for local people. That’s why we are working hard to improve the city centre and encouraging businesses to relocate here.”
In 2013/14 the Council collected 95.6 per cent of council tax which equals to £105 million. In 2018/19 it collected 95.7 per cent which equals £143 million.
In the fullness of time the Council collects about 98.3 per cent of all council tax due.