Housing the Future Workforce of Hampton Roads

Housing Virginia:

“Dr. Lisa Sturtevant (Executive Director, Center for Housing Policy, National Housing Conference) will present a report on the type, pricing and location of housing needs throughout the region based on projected job growth over the next two decades. A panel of local industry experts will provide a response from the local market perspective.

The panel will include:

• Steve Lawson, Lawson Companies
• Dr. Vinod Agarwal, Old Dominion University
• Michael Carpenter, Virginia Peninsula Association of REALTORS
• William Harrell, Hampton Roads Transit

Sponsored By:

Hampton Roads Community Foundation, The Landmark Foundation, Hampton Roads REALTORS Association, The OBICI Healthcare Foundation, TowneBank, Housing Virginia, The Dragas Companies, The Lawson Companies, Virginia Housing Development Authority, The Beazley Foundation”

~Housing Virginia

Click here to register (by May 6th)

Economic Impact Calculator for Residential Construction: New Housing Virginia Tool Out in Beta Form

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

Housing Virginia Releases Preliminary Findings for Hampton Roads Workforce Housing Study

Housing Virginia

“The study looks at projected job growth in the Hampton Roads region over the next 20 years, and estimates the number of new housing units needed to accommodate its future workforce.

Preliminary findings show that the Hampton Roads region is projected to add over 160,000 new jobs through 2033, which will spread across the 14 jurisdictions that make up the region.  This growth in jobs represents a 22 percent increase from 2013.  The median wage in four of the five fastest growing industry groups is below $50,000. With incomes in this range, housing affordability is expected to be a growing challenge for the region in the next several decades.”

Click here to learn more