Overview
The West Virginia Forward collaborative is a pioneering initiative, jointly executed by West Virginia University (WVU) and the State of West Virginia. With a focus on diversifying and fortifying West Virginia’s economy, this report is not just an analysis but a blueprint for the State’s economic evolution.
About the WVU Forward Collaborative
West Virginia Forward’s objective is to illuminate new opportunities for economic growth and job creation, built on the foundation of existing state analysis and ventures. This multifaceted effort dove deep into the intricacies of West Virginia’s economy, its potential areas for diversification, and appraised the state’s competitiveness across four economic pillars.
- Ease of doing business
- Innovation and business development
- Human capital
- Infrastructure
Research Scope
The findings presented herein are a product of exhaustive, fact-driven research. WV Forward’s team, based in Morgantown and Charleston, tapped into:
- 30+ national datasets from government and third-party sources.
- Insights from over 80 industry experts spanning diverse sectors.
- Feedback from over 60 community leaders in West Virginia.
The comparative analysis with other states offers invaluable insights into West Virginia’s strengths and potential areas of improvement.
Key Outcomes
Four economic sectors have been earmarked as particularly promising for the state:
- Maintain and Support Existing Industries With Growth Potential: Key sectors include mining, aerospace maintenance, automotive parts manufacturing, and agriculture.
- Retain or Grow Through Differentiation: Especially sectors like downstream oil & gas manufacturing.
- Tapping into High Growth Prospects: Such as cybersecurity, cloud services, higher-end tourism, and data centers.
- Longer-Term Growth Opportunities: Exploring life sciences and automotive assembly.
Strategic Directions
While the sectors mentioned above provide avenues for economic growth, addressing West Virginia’s competitiveness is equally crucial. Key considerations include:
- Ease of Doing Business: Despite business-friendly changes, areas like electricity prices and quality of life outcomes need a closer look.
- Innovation & Business Development: From enhancing the role of the West Virginia Development Office to recalibrating incentives and fostering innovation, a holistic approach is proposed.
- Infrastructure: A renewed focus on transportation and broadband infrastructure, exploring innovative financing mechanisms.
- Human Capital: A concerted strategy to improve workforce participation, educational attainment, and talent retention. Addressing health challenges, such as the opioid crisis, is also imperative.
Moving Forward
The report also sketches an implementation plan. Backed by a memorandum of understanding (MOU) between the partners, the coming months will witness the initiation of the outlined initiatives, stakeholder engagement, and expansion of the WV Forward endeavor.
Conclusion
West Virginia Forward envisions a brighter, robust economic future for the State. As we embark on this transformative journey, the goal remains clear: ensuring West Virginia’s prosperity in the dynamic economic landscape of the 21st century.
Get Involved
If the prospects of this initiative inspire you, or you wish to learn more, feel free to reach out to:
- Rochelle Goodwin, WVU: [email protected]
- Sara Payne Scarbro, Marshall University: [email protected]
For regular updates, visit: wvforward.wvu.edu
Reflecting Back
Compare WV Forward’s 2018 report to the report Create WV compiled with A Vision Shared in 2007 entitled, “Culture, Creativity, and Innovation: West Virginia in the New Economy.” This report shares similar themes mapping pathways for economic growth especially for the creative class in West Virginia. We still find this report as relevant as it was in 2007, and are grateful for some updated insights with the WV Forward initiative.
