Housing sector

Column by Lisa Sturtevant: Supporting Virginia’s housing sector is good for the state’s economy | Columnists

While many industries suffered severe downturns due to the pandemic, Virginia’s housing sector has proven remarkably resilient and adaptable, with a range of real estate professionals – from real estate agents to builders, mortgage lenders to property managers – adopting new responsible business practices to adapt to varying needs and changing operating restrictions throughout the year. The housing sector’s ability to continue doing business in Virginia – which was not the case in all states – has allowed the industry to demonstrate its innovation and responsiveness, while working hard to protect health and consumer safety.

Besides the magnitude of the economic impact, the housing sector plays a critical role in Virginia’s economy for at least two additional reasons.

First, the housing business extends far beyond a home sale transaction or the construction of a new home. For example, the sale of a home in the state generates a whole range of economic activity in a local community, from the services provided by a realtor and mortgage broker, to moving companies, pest inspectors , landscaping, renovations and home. furnishing.

Taken in its entirety, the housing industry touches nearly every sector of the state’s economy, including financial services, insurance, non-profit organizations, household services, transportation, and commerce. Retail. Businesses supported by economic activities in the housing sector were able to sustain themselves, and often thrive, during the recession when so many others faltered.