Virginia’s Housing Industry Economic Impact Study Released
~ Research finds that housing industry is the sixth largest private sector industry in Virginia ~
Richmond, Va. (September 14, 2016) – (RealEstateRama) — A new study measuring the economic impact of Virginia’s housing industry has been released. The study found that Virginia’s housing industry generated $47.8 billion in economic activity in 2015, with $21.8 billion in direct output, making it the sixth largest private sector industry in Virginia by direct output.
“As ambassadors of the real estate industry and homeownership, REALTORS® especially know the impact of housing on Virginia’s economy,” said 2016 Virginia Association of REALTORS® (VAR) President Bill White. “In addition to the employment and spending impact cited in this report, we are proud that homeownership uplifts individual families with the opportunity to build wealth through equity, creating even greater long term economic benefits to individuals and to our entire state.”
Some notable statistics from the impact study include that the housing industry in Virginia supported more than 314,000 jobs paying more than $14 billion in annual wages, salaries and benefits in 2015. The housing industry is one the largest contributors to the Virginia economy. Using only direct output as a measure of industry performance, the housing industry is the sixth largest private sector industry and provides approximately 8 percent of Virginia’s jobs, including agricultural and government employment. The Virginia housing industry is a diversified group of economic sectors representing construction, finance, retail trade, transportation and professional and residential services.
“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.”
Created as a result of Governor McAuliffe’s Executive Order 32, “Advancing Virginia’s Housing Policy,” the Housing Policy Advisory Council is chaired by Secretary of Commerce and Trade Maurice Jones and is tasked with developing housing policy initiatives aimed at addressing Virginia’s critical housing needs. The study was commissioned by the Governor’s Housing Policy Advisory Council and is the first component of a larger research effort, Assessing the Importance of Housing for Virginia’s Economy, being performed by the Virginia Coalition of Housing and Economic Development Researchers. The coalition includes faculty and graduate students from Virginia Tech, George Mason University, Virginia Commonwealth University and the College of William and Mary.
To view the study, visit www.virginiahousingpolicy.com.
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About the Virginia Association of REALTORS®
The Virginia Association of REALTORS® is the largest professional trade association in the state, representing approximately 32,000 REALTORS® engaged in the residential and commercial real estate business. VAR serves as an advocate for homeownership and homeowners, and represents the interests of property owners in the Commonwealth of Virginia. For more information, visit www.varealtor.com or follow VAR on Facebook and Twitter.
NOTE: The term REALTOR® is a registered collective membership mark that identifies a real estate professional who is a member of the National Association of REALTORS® and subscribes to its strict Code of Ethics.
