By Fred Pace, HD Media
WHITE SULPHUR SPRINGS, W.Va. — Despite millions of dollar worth of business investment coming to West Virginia, a lack of housing remains a challenge for the state, according to Federal Reserve Bank of Richmond.
“We’ve talked about a bunch of the investments that are being made, and then we’ve talked about a bunch of the challenges, not the least of which is housing,” said Tom Barkin, president and CEO of the Federal Reserve Bank of Richmond, while attending the West Virginia Chamber of Commerce’s annual business summit at The Greenbrier in White Sulphur Springs.
Barkin said houses getting repurposed as Airbnbs, due to growth in the state’s tourism industry, takes available homes off the market. Coupled with little new construction in the state, he said it has added to the challenge of finding places for people moving to the region to live.
According to the Richmond Fed’s latest data on housing market conditions in the state, the number of residential permits issued increased by 19.5% in July 2024 compared to June 2024. Compared to July 2023, the number of permits issued rose by 11.8%.
