The economy of West Virginia’s North Central region has been expanding rapidly, and this is likely to continue during the next five years.
That’s according to a forecast issued Wednesday (March 1) by the West Virginia University Bureau of Business and Economic Research at the North Central Region Economic Outlook Conference in Morgantown.
According to George Hammond, research associate professor in WVU ’s College of Business and Economics, the North Central region has added jobs, population and per capita income faster than the state since 2000, and is forecast to keep growing quickly during the next five years.
The region includes the Morgantown metropolitan statistical area (Monongalia and Preston counties), the Clarksburg micropolitan statistical area (Doddridge, Harrison and Taylor counties) and the Fairmont micropolitan statistical area ( Marion County ).
The region’s job gains, at 1.7 percent per year since 2000, far outpaced growth for West Virginia (0.2 percent) and the nation (0.3 percent),Hammond said.
The same story holds for per capita income growth, although the region outpaced the state, but not the nation, in population growth. Overall, the North Central region has been one of the fastest growing regions in the state. The forecast calls for the North Central region to continue to post strong job gains during the 2006-10 period, with those gains outpacing both the state and the nation.
I expect growth to be fastest in the Morgantown metropolitan statistical area (MSA),Hammond said,with large investments coming in the educational and hospital infrastructure associated with West Virginia University , the health care sector, the utility sector and the office/retail sector. These investments are expected to support strong job gains in the MSA not only in construction, but also in professional and business services, health care, trade and government.
He added,Overall, I expect the North Central region to continue to outpace the state economy and to exceed or come close to U.S. growth by most measures. The region will continue to benefit from a strong concentration of highly educated residents, as well as from the medical, higher education and emerging high-technology concentrations in the area.
The conference was sponsored by the WVU College of Business and Economics, with underwriting support from Centra Bank, Clear Mountain Bank, Energy Village , I-79 Development Council, Morgantown Area Economic Partnership, The Chambers Endowed Program for Electronic Business, The Dominion Post, The State Journal and the West Virginia Department of Revenue.
Printed copies of the forecast are available for $15 each by calling 304-293-7831.