Housing Virginia
“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.”
Click here to learn more
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