In a pivotal discussion at the GO Virginia Board Meeting on December 10, 2024, state officials unveiled Governor's Executive Order 42, aimed at addressing Virginia's pressing housing crisis. The initiative, presented by Secretary of Finance Steve Cummings and Deputy Secretary of Commerce and Trade Maggie Beal, emphasizes the urgent need for housing development to support the Commonwealth's workforce and economic growth.

Deputy Secretary Beal highlighted that the executive order, rolled out during the Governor's Housing Conference on November 14, outlines key strategies to tackle the housing shortage. A new program at Virginia Housing will assist localities in funding workforce housing, particularly for middle-income earners. This initiative is crucial as Virginia currently produces only one housing unit for every new job created, indicating a significant imbalance between job growth and housing availability.

The board discussed the potential for GO Virginia to incorporate housing plans into grant applications for industrial site development. This approach aims to ensure that new economic development projects are accompanied by adequate housing solutions, fostering communities that are prepared to welcome workers. The conversation underscored the importance of aligning housing development with economic initiatives, particularly in rural areas where attracting residents has been challenging.

Board members expressed strong support for the executive order, recognizing workforce housing as a top priority alongside energy and site development. The innovative pairing of site and housing development was praised as a necessary step to address the complexities of workforce housing needs across the state.

As the meeting concluded, the board acknowledged the importance of ongoing collaboration and the need for concrete action plans to ensure that housing development keeps pace with economic growth. The anticipated outcomes of this initiative could significantly reshape Virginia's approach to workforce housing, ultimately enhancing the state's economic landscape.