The following is a guest post by the Campaign for a Virginia Housing Trust Fund. This post was originally published in the Virginia Housing Trust Fund Newsletter.
The downturn in residential construction – especially in the single family sector has cost Virginia dearly in terms of job losses. The following chart shows the deep decline in residential construction employment over the past five years.
Over 16,000 jobs have been lost since 2007 – a decline of 45%. From a high of over 35,000 jobs, the Virginia residential construction sector now employs fewer than 19,000. This is one more piece of evidence that economic recovery relies on the resurgence of our state’s housing industry. A Housing Trust Fund can not only help to stimulate new construction of affordable housing but also can reduce the overhang of units on the market (foreclosed properties and re-sales) by providing incentives and assistance programs for new homebuyers.