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CHARLESTON — The state’s economic leaders have one message for the rest of the country. This year, 2024, will be West Virginia’s business debut ball.
“Years ago, we made fundamental changes that would allow West Virginia to work with other states to attract and retain the same great jobs and great opportunities that our people deserve. “Today, all of these changes are paying off and West Virginia has the best value package to bring to the nation and the world,” said Mitch Carmichael, secretary of the West Virginia Department of Economic Development. ”.
Carmichael spoke last Friday during a panel discussion focused on the state’s economic development at a legislative preview event hosted by the West Virginia Press Association. He was joined by Elien Oresch, executive director of West Virginia University’s Office of Student and Faculty Innovation, and Bill Bisset, president of the West Virginia Manufacturers Association.
The canary for coal mining investment that the commission pointed to as a sign of its entry into West Virginia’s business scene was a $700 million investment in the state by South Korean electronics giant LG. This funding will be used to develop new technologies for renewable energy, healthcare, and other forward-looking industries.
The program, named LG NOVA, is expected to bring 275 jobs across West Virginia and start an innovation corridor for the region.
Carmichael said the investment signals a moment of recovery for the state. This has been achieved thanks to the business-first economic strategy promoted by the state.
“This is the strengthening and diversification of West Virginia’s economy that we have all been calling for for years,” Carmichael said. “These jobs could have gone anywhere in the world, but they chose West Virginia.”
Carmichael said world-class companies, like Virgin Hyperloop a few years ago, are concerned about their reputations and backing their development efforts with legal documentation is also a way to prevent false hopes. Stated. Carmichael said 150 of the 275 jobs in the Innovation Corridor are guaranteed.
But businesses cannot thrive without labor. Therefore, the committee also focused on workforce development. Child care and affordable housing are two factors she says could make or break a state’s rise. Olesch went further, pointing to child care as another business that needs to be nurtured, alongside the glitzy jobs in the tech industry.
“When the tide comes up, I think we can lift all the boats here,” Olesch said. “Anything we can do to support small businesses and startups. Businesses should support child care efforts as well so that we can do more child care efforts.”
Bissett added that addressing structural challenges is critical to further unlocking West Virginia’s business potential.
“We have to remove barriers for them to find gainful employment,” Bisset said. “It could be childcare, transportation, housing, and it’s not just new employers, but also small and medium-sized businesses that are facing challenges as well. We’re hearing this all over the world. So what do we do about it? Should I do that?”
Bissett said he also wants to address the legacy of intergenerational aid in the state. He worries that young people who grow up without working role models in their families are holding back the country’s development. He wants to find ways to help employers provide potential employees with a path to employment.
Mr. Carmichael also emphasized the importance of continuing to develop the state’s natural resources. The last thing he wants is to lose out on the natural resources West Virginia has for development and see high-value products made elsewhere.
“I’m surprised West Virginia doesn’t have a gas-fired power plant,” he said. “We absolutely should. But no one will turn their backs on our God-given natural resources, the development of the fossil fuel industry. We continue to work towards the development of the downstream industry. We don’t want to be colonized, right?”
More locally, the state’s economic policies are similar to those of Marion County Commission Chairman Ernie Van Gilder.
“I think it all comes down to the same thing,” he said. “You can talk about recreational facilities and schools and things like that, but if you don’t have manufacturing jobs and good-paying jobs, you don’t have access to other jobs either. Those are the things that attract them and promote them. Work first. You have to have it. It doesn’t work the other way.”
Van Gilder said jobs and business are fundamental building blocks for success both in Marion County and across the state. He said the state has changed the way it does business here because of conservative control of the Legislature. It also provided an opportunity to change the state’s perception in other parts of the country, which is also important in bringing more business to West Virginia.
This year, Van Gilder wants to focus on what he calls “shovel-ready facilities,” meaning facilities that are ready for business from day one. His goal is to make sure Marion County is accommodating to any company that wants to do work. He will work with county representatives and state senators to secure funding for business development projects.
The most difficult part of attracting outside investment to the state is attracting the first investors. Olesch said that with LG’s current involvement with the state, West Virginia’s most closely guarded trade secrets may soon become less secret.
“I’ve visited many times with investors from Silicon Valley to Boston who have come to West Virginia because they get wind that something exciting is happening here,” she said.
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