The Eastern Panhandle economy will continue to grow at a fast pace over the next five years, according to a West Virginia University study released today (Nov. 2) at the Eastern Panhandle Outlook Conference at the Holiday Inn in Martinsburg.
The Eastern Panhandle has been adding jobs and residents at rates far exceeding both West Virginia and the nation during the last four years,said George Hammond, research associate professor at the WVU Bureau of Business and Economic Research and primary author of the forecast.In fact, without the nearly 19,000 residents added to the Eastern Panhandle since 2000, West Virginia as a whole would have registered population decline.
The region has also posted strong job growth since 2000 with construction; professional and business services; leisure and hospitality; and health care leading the way. The region lost jobs in manufacturing and trade, transportation and utilities during the period.
Construction activity in the region has been particularly strong lately, with the region adding almost 1,000 construction jobs since 2001, and with the value of construction contracts more than tripling since 2001,Hammond commented.
The forecast for the next five years calls for the region to continue to add jobs and residents at very strong rates,Hammond said,with job gains expected across all sectors, including manufacturing.
This is expected to be accompanied by strong population gains which keep construction activity robust in the face of rising mortgage interest rates. Strong job gains support income growth in the region, as well as contributing to low rates of unemployment during the forecast.
The conference was sponsored by Centra Bank and the WVU College of Business and Economics and co-sponsored by the Gateway New Economy Council and the economic development authorities of Berkeley, Jefferson and Morgan counties. Additional underwriting support was provided by the McLaughlin Economic Outlook Fund.
The Eastern Panhandle includes Berkeley, Jefferson, and Morgan counties in West Virginia.
The detailed forecast publication is available free of charge at the Bureau of Business and Economic Research web site,www.bber.wvu.edu.
