Companies around the region are telling Onward NRV they need to grow, which is great, but an unemployment rate in the region of 3.3% makes it challenging for companies to find the talent that they need. That’s why Goal 2 of the Onward 2023 five-year strategy focuses on attracting and retaining more people in the area to broaden the labor pool that companies draw from.
However, one of the region’s major impediments to talent attraction and retention is the lack of available, affordable, and adequate housing options in the region. This challenge is evident through the most recent quarterly housing report from Nest Realty, an Onward NRV investor, which states:
“The third quarter of 2018 saw a drop in overall sales; primarily due to a lack of inventory. Plenty of buyers want to buy a home in the NRV, but not nearly as many sellers are looking to sell their property. In most areas, this lack of inventory is putting upward pressure on sales prices.”
The New River Valley Regional Commission (NRVRC), an Onward NRV investor, was recently awarded funding to conduct a Regional + Local Housing Study for the New River Valley. Onward NRV Executive Director Charlie Jewell will be participating in the study consortium, which is comprised of regional leaders who have an interest in housing issues in the NRV.
The NRVRC has launched a survey asking residents to provide information about their home-buying or renting experiences and housing preferences. Find it here: https://www.surveymonkey.com/r/NRVHousingStudy
Your input will help prepare a report that will guide local housing strategies and future development.
For more information about the study, read the NRVRC blog post.
Virginia’s New River Valley: Virginia’s New River Valley is an eclectic mix of interconnected small towns that each offer their own unique vibe and appeal. The region provides an abundance of cultural and social offerings due to the presence of three world-class universities, while retaining the charm and benefits of small town living. The NRV is home to a diverse and innovative business community with companies that range from high-tech startups to foreign-based corporations to specialty agribusiness. These organizations benefit from the collaborative spirit of our region and a loyal, highly-skilled, and educated workforce. The scenic beauty of the region also fosters a deep connection to nature, which is deepened by access to outdoor recreation and the preservation of our natural environment. It’s clear why Virginia’s New River Valley is “A Natural Fit.”
Onward NRV: Onward NRV is a public/private, regional economic development organization whose mission is to attract and retain world class jobs, investment, and talent in Virginia’s New River Valley. It’s also a movement where leaders from business, government, and higher education work together to promote the economic vitality of the region.