Over the past year, the Governor’s Housing Policy Advisory Council (HPAC) has been exploring the importance of housing to Virginia’s economy. At the Virginia Housing Alliance’s Housing Credit Conference last month, VHDA Executive Director Susan Dewey described the preliminary findings of a multi-university study measuring the economic impact of Virginia’s housing industry.
Part one of the study, which was released by the Office of the Governor on September 2nd, found that Virginia’s housing industry ranked as the 6th largest private sector industry in Virginia by direct output.
The impact study, commissioned by the Governor’s Housing Policy Advisory Council, is the first component of a larger research effort, Assessing the Importance of Housing for Virginia’s Economy. This full study is being carried out by the Virginia Coalition of Housing and Economic Development Researchers, which includes faculty and graduate students from Virginia Tech, George Mason University, Virginia Commonwealth University, and the College of William and Mary.
This preliminary look at Virginia’s housing industry impact shows that housing provides approximately 8% of the Commonwealth’s jobs, including agriculture and government employment, and it generated $47.8 billion in economic activity in 2015.
Housing policy advocates will hear more updates on the study’s progress at the Virginia Governor’s Housing Conference this November.