The Welsh Economy Research report showed 79% of direct spend was retained in Wales, and associations built nearly 2,000 affordable homes.
This was an increase of 4% on the previous year.
The annual report, commissioned by Community Housing Cymru, looked at the impact of social housing in Wales.
£1.1bn
contributed to the economy in 2014/15
£872m of that was retained in Wales
1,923 new homes built in 2014/15
£301m on repairs/maintenance in 2014/15
£532m on regeneration in 2014/15
Welsh housing associations directly contributed more than £1bn to the economy in 2014/15, an independent report has said.