At the 2016 GHC, the coalition of universities that are conducting a study measuring the economic impact of Virginia’s housing industry presented an update on their findings. You may recall that last year the preliminary findings showed that Virginia’s housing industry generated $47.8 billion in economic activity ($21.8 billion in direct output) in 2015, making it the sixth largest private sector industry in Virginia by direct output.
“The economic impact study showcases Virginia’s housing industry as an economic driver that generates thousands of jobs and billions of dollars in economic activity, making it a central component of our economic strategy,” said Governor McAuliffe. “Housing is a key indicator of any community’s vitality, and we will continue to develop strong housing policies as we build a new Virginia economy.”
Some of the new findings focus in on the availability of housing for the Commonwealth’s workforce.
For example, one striking map from the most recent presentation to the Housing Policy Advisory Council shows that Northern Virginia will need to add 113,800 homes for new workers by 2024 to adequately house its workforce. Hampton Roads and Richmond will also need to add approximately 41,000 homes each. In total, Virginia will need to add 225,500 homes to its metro areas to support the demand by the future workforce.
The full analysis is still underway, and Housing Virginia will keep you updated on the group’s findings as they emerge. You can find all the current materials at www.virginiahousingpolicy.com.