Addressing the Impact of Housing for Virginia’s Economy

Abstract

In October 2014, Governor McAuliffe issued Executive Order (EO) 32, “Advancing Virginia’s Housing Policy,” to “identify and implement actions to enable quality, affordable housing, which will strengthen families and communities and foster economic growth.” The Housing Policy Advisory Council (HPAC) was thus established under the leadership of the Secretary of Commerce and Trade to help guide the development and implementation of Virginia’s housing policy. A key directive of EO 32 was identifying the links between housing and economic and community development. To this end, the HPAC commissioned a study from a consortium of researchers at Virginia Tech, George Mason University, The College of William and Mary, and Virginia Commonwealth University, with the premise that successful housing policy must be based on independent analytic findings and best practices. The collaborative research of the four universities provides key information on the Commonwealth housing sector, focusing on the economic impact of housing, future scenarios impacting housing needs, and links between housing and other key policy sectors. This report summarizes the research conducted by the four universities and the implications for Virginia’s housing policy development. The report is designed to assist stakeholders and policymakers think more creatively and collaborate more intensely at the state, regional, and local levels as Virginia strives to build on the successes of the past and meet the pressing housing challenges facing the commonwealth. The entirety of the research is included in nine supplemental appendices listed below: Appendix Report 1: Economic Impacts Of Virginia’s Housing Industry Appendix Report 2: Housing The Commonwealth's Future Workforce 2014-2024 Appendix Report 3: Housing Affordability, Msa Gap Analyses Appendix Report 4: Housing And Transportation Appendix Report 5: Virginia Housing Production Affordability Findings Appendix Report 6: Housing And Economic Opportunity Appendix Report 7: Housing, Education, And Economic Development - Literature Appendix Report 8: Housing, Health, And Economic Development - Literature Appendix Report 9: The Future Of Housing In Virginia