May 3, 2017

Proof of Housing's Impact on Virginia

We already knew it, and now we have an official study to prove it: Housing is huge for Virginia's economy! The study I'm talking about was commissioned by the Governor's Housing Policy Advisory Council, and conducted by a coalition of state universities including Virginia Tech, George Mason, VCU and William & Mary. The first part of the research was completed last year and showed that housing contributed $47.8 billion dollars to Virginia's economy, including $23.3 billion in value added to gross state product, $14.2 billion in labor income, and more than 314,000 jobs. This makes housing the sixth largest private sector industry in the Commonwealth!

The researchers are also looking at other housing-related topics, such as revitalization and development, transportation, workforce issues, health and education. We expect the full study to be completed in the summer or fall of this year, and it will be available at the Governor's Housing Conference. As part of the study, the universities also created this infographic.

Susan Dewey, Executive Director of VHDA

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