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ANALYSIS : AFRAMEWORK FORDOWNTOWNBLACKSBURG

CHAPTER 2

GROWTH

PEOPLE AND HOUS I NG

accelerate. While population growth in general will drive demand for more housing and commercial development, the types of development desired will be dictated by the demographic make-up of the town’s residents. Age Between 2010 and 2016, the growth of Blacksburg’s population aged 50 and older exceeded the national average, 21 percent to 17 percent, respectively. Coupled with the fact that nearly 50 percent of the population is aged 18 to 24 due to the large student population, this implies that there will be an increasing need to attract and retain a talented workforce to maintain a sustainable tax base. It is critical that Blacksburg provides the resources to support a well-diversified economy and maintain a competitive workforce. Housing products and development types that serve the needs of these young and mid-career

professional and empty-nester families should be the focus of future town development. Retaining these growing populations through housing and employment opportunities in Downtown Blacksburg will also help to add vibrancy, and increase the variety of retail options and other amenities. Household Income The median household income in Blacksburg ($35,000) is considerably lower than the county ($49,000), Metropolitan Statistical Area ($47,000), and state ($66,000) median income; however, cities and towns with large college student populations tend to have lower income levels since most students are not working full time. While this median income number is instructive, it does not directly inform housing affordability due to the pattern of parental support for students’ living expenses.

The demographic composition of Blacksburg with its large student population is somewhat skewed since nearly 60 percent of the population is enrolled in a degree program. The average age is younger and income levels are lower since most of the population has yet to enter the workforce. Population The population of Blacksburg grew by about three percent between 2010 and 2016, from 42,500 to 44,500. This growth trajectory is estimated to continue and even possibly Population growth is increasing the need for more housing. Strategically, accommodating more young professionals is a priority for the town.

OVER THE NEXT 8-10 YEARS BLACKSBURG IS EXPECTED TO ADD

4,700

4,000

725

3,400

29 Downtown Blacksburg Strategic Plan

Students

Non-Students

VT Faculty and Staff

Non-VT Jobs

Source: Virginia Tech Master Plan, ESRI