During the Governor’s Housing Conference, Housing Virginia released a beta version of its newest online tool: the Economic Calculator for New Residential Construction. The calculator can estimate job creation, gross fiscal revenues, and economic growth that results from new residential construction. The tool produces both short term and the long term economic outcomes based on the locality, type of housing, total number of units, and average square footage per unit of a proposed project.
For example the calculator estimates a 25-unit garden style apartment development in the City of Richmond with an average unit size of 800 square feet, would support about 52 jobs, generate $150,608 in fiscal revenue, and result in over $3 million in economic growth for the locality while the project is under construction. Over the long term, the operation of the development could be expected to support at least two jobs and annually generate $62,440 in fiscal revenue and $271,545 in economic growth.
The intention is that this tool will help developers, localities and advocates to easily demonstrate the economic benefit of developing affordable housing of all types. For further details about how the calculator works or if you would like to help Beta test the calculator, please contact Jen Wickham at 804-915-7899 or email firstname.lastname@example.org.