Virginia’s real estate market is red hot according to new data from the federal government.

Michael Pope is digging into the numbers.

A new report from the Bureau of Economic Analysis shows that Virginia has one of the fastest growing real-estate sectors in the country, leading growth across the United States in the first quarter of this year. Cliff Woodruff is an economist at the bureau.

“Virginia grew 2 percent in the first quarter, making it the eighth fastest growing state. The largest contributor was real estate and rental and leasing, and this industry grew 5.7 percent in Virginia.”

5.7 percent growth. That’s a red hot real estate market, especially when you compare it to the last few quarters — most of which had negative growth. Frank Shafroth at George Mason University says that a sign that people from across the country want to move to Virginia.

“Virginia’s really becoming the go-to state in terms of looking for jobs, looking for a future for your family. It’s got a very low unemployment rate. It’s got a really highly ranked public school system.”

Those numbers from the federal government indicate a strong real estate sector in Virginia. But they also show strong growth in other kinds of leasing — and not just rental properties. The sector also includes rental cars and rented heavy equipment.

This report, provided by Virginia Public Radio, was made possible with support from the Virginia Education Association.