The Role of Housing in the Economic Competitiveness of Virginia’s Communities

• Housing as an Economic Development Strategy for Virginia (November 2023)

Commissioned by Virginia Housing and conducted by Chmura Analytics, this study identifies housing as an increasingly central factor in business decisions about relocation, expansion, and formation. The study summarizes the input received from each of the nine GO Virginia regions, documents ongoing efforts in key Virginia agencies to address housing needs, and lays out recommendations for state, regional, and local efforts to integrate housing and economic development strategies.

Findings:

• Economic development practitioners throughout Virginia say that to remain economically competitive, local, regional, and state officials must address housing availability and affordability issues.
• Once considered outside the scope of economic development concerns, housing is a major consideration for businesses trying to attract workers.
• Virginia’s distinctive regions face different challenges, from aging housing stock to limited infrastructure to a growing gulf between wages and housing costs.
• Housing and labor markets extend beyond political boundaries, and Virginia’s regional bodies are well-positioned to align planning efforts between both.
• Economic development officials need reliable, trustworthy housing data and analysis.
• Virginia’s housing and economic development agencies have already begun coordinating efforts to ensure economic and housing growth are connected.

The report concludes with recommendations for next steps for Virginia’s agencies and communities.