SVAR shares potential housing-market impact from Army downsizing
PETERSBURG —Southside Virginia Association of REALTORS® Legislative Affairs Committee chairman Mary Ann White addressed a full house during the communitylistening session held Jan. 8 at the Army Logistics University at Fort Lee. The gathering was part of a series of Army-sponsored meetings held around the country to assess where and how deep a workforce reduction will impact bases nationwide. Most attendees were key military officials from Fort Lee in addition to state and local government representatives and members of local Chambers of Commerce.
The Army is expected to lose 20,000 troops in 2015’s drawdown, plus an additional 40,000 more in 2016 and 2017 and, possibly, another 10,000 to 20,000 by the end of this decade. White delivered comments on the impact that a base workforce reduction would have on residential real estate in the Tri-Cities area, noting that in the last several years the local market has seen steady improvement. A reduction in workforce will most likely reverse that trend, the REALTOR® said.
White also posed several questions to the Army representatives, including what plans and opportunities the base has – upon downsizing – for facilities reuse that may help to replace jobs and increase housing opportunities through privatization of base assets. Other SVAR attendees were REALTOR® Ken Pritchett and SVAR CEO Joe Croce
SVAR encompasses Colonial Heights, Hopewell, Petersburg, Chester, Emporia and Ettrick, and Dinwiddie, Greensville, Prince George, Surry and Sussex counties and much of Chesterfield County. Southside Virginia Association of REALTORS® members also are members of the 30,000-member Virginia Association of REALTORS® as well as the National Association of REALTORS®.
The term REALTOR® is a registered collective membership mark that identifies a real estate professional who is an active member of the National Association of REALTORS. For more info on SVAR, go to www.SVARealtors.com.