Housing as Economic Development: A Fundamental Building Block for Economic Prosperity

People may not view housing as crucial to economic development, but it completes a virtuous cycle.

Housing creation generates local job opportunities in fields such as architecture, construction, and real estate. When there is sufficient housing, local businesses can retain and attract workers, making the area more attractive to companies looking to relocate or expand. New residents support local commerce.

With a national housing crisis, cities that offer a healthy supply of housing will have a competitive advantage. When housing is more available, it becomes more affordable, allowing people to build wealth and support the local economy.

A.J. Herrmann, director of policy and program innovation at Accelerator for America, discusses the connection between housing and economic growth. In his current role, Herrmann collaborates with city leaders nationwide to develop plans that foster economic mobility for all. He leads AFA's housing work through the National Housing Crisis Task Force and its Kansas City-focused regional work.

After the presentation, Herrmann moderates a panel discussion between Terrell Jolly, a developer and the founder of Integrity Capital Management, Joe Perry, president of the Lee’s Summit Economic Development Council, and Erin Winn, Johnson County's government relations coordinator, about the local housing market and how it might better serve residents and businesses.

Before joining Accelerator for America, Herrmann was the director of policy for Kansas City Mayor Quinton Lucas. In that role, he was instrumental in establishing and funding the city’s Affordable Housing Trust Fund, as well as creating an independent housing department within City Hall, among many other policy initiatives.