Economy

Flickr / davidwilson1949

For the first time this fiscal year, state tax collections in West Virginia have exceeded monthly projections.
 
     Deputy Revenue Secretary Mark Muchow tells media outlets that despite the surplus of $8.4 million in January, collections through the first seven months of the fiscal year are $73 million less than anticipated.
 

Foo Conner / Flickr

West Virginia residents and small businesses affected by a water-use ban will receive credits for clearing out their water systems.
 
     West Virginia American Water will give small businesses a 2,000-gallon credit worth about $20 per water bill. The credit for 5,280 affected small businesses also accounts for flushing their systems and additional cleaning requirements.
 

Cecelia Mason / West Virginia Public Broadcasting

The Appalachian Regional Commission turns 50 this year and has awarded a grant to West Virginia University and two other agencies to analyze whether it’s been successful.

The $300,000 grant will allow the WVU Bureau of Business and Economic Research and Regional Research Institute to work with the Center for Regional Economic Competitiveness based in Arlington, Va., to identify what economic development strategies have worked.

Legislators, state public health officials, and West Virginia American Water react to reports of formaldehyde found in the water of a Charleston business, the House rejects a resolution that would have allowed those absent while serving in the military to vote in the legislature, and Anne Barth og TechConnect and  Marjorie Darrah of eTouchSciences discuss how the legislature can help spur economic innovation.

Subscribe to the podcast for daily downloads of the program.

West Virginia University College of Business and Economics

A new study says 48 percent of West Virginia's public college graduates over the past decade are working in the state.
 
     The study by the West Virginia University College of Business and Economics looked at work participation and income of the last decade's graduates who worked in the state in 2012.
 
     Their average income in 2012 was $$41,847.
 
     According to the study, more than half of these graduates were employed in social assistance and education services, and health care.
 

According to the USDA, 30 to 40 percent of the food produced in America goes uneaten. Barbara Hartman is a registered dietician and works as the chief of nutrition and food service at the Veterans Affairs Medical Center in Martinsburg, West Virginia. Her mission? To reduce food waste. Mona Iskander of PBS NewsHour reports on how new businesses have emerged to help kitchens reduce food waste while turning a profit.

region1workforcewestvirginia.org

West Virginia's seasonally adjusted unemployment rate fell slightly to 5.9 percent in December.
 
     WorkForce West Virginia says the number of unemployed residents fell by 1,300. For the year, total state unemployment was down 13,500.

A new report says West Virginians paid 1.2 percent more for utilities in 2013 than in the previous year, primarily because of increases in natural gas and water rates.  
 
     The report released Wednesday by the Public Service Commission's Consumer Advocate Division says the average West Virginia utility customer paid $280.62 a month for gas, electricity, water and telephone service last year. In 2012, the average monthly cost was $277.22.  
 

Glynis Board / WVPublic

A new tool to train riverboat workers allows trainees to smack into bridges and barges without risking millions of dollars in damages.

The tri-state port of Huntington is the largest inland port in America—bigger than Baltimore and bigger than Philadelphia, based on the tonnage that travels through. That river activity accounts for more than a billion and a half dollars of West Virginia’s economy, as well as some 10,000 jobs. And the inland maritime industry is projecting 1.5 percent in job growth annually over the next decade.

Dave Mistich / West Virginia Public Broadcasting

House Bill 4175 was introduced yesterday and sent to the new Committee on Small Business, Entrepreneurship and Economic Development. The committee approved the bill to be sent to the finance committee, which today approved it to be sent to the floor. The delegates voted unanimously to suspend the second and third readings of the bill to allow immediate action.

Small Businesses Struggle With Water Ban

Jan 14, 2014

As the water ban was lifted throughout the Charleston area yesterday restaurants and bars started to open their doors for the first time since Thursday.

Deno Stanley is the owner of Adelphia Sports Bar and Grille in downtown Charleston. He said when he received word last Thursday that he would have to close because of the water ban he was not happy.

Aaron Payne

With the challenges of a tight budget year ahead, the first goal was immediately understood because balancing the state budget is mandated by the constitution.

WVU College of Business and Economics

The West Virginia University College of Business and Economics presented their state economic outlook to lawmakers Wednesday.

The report says West Virginia is seeing growth in the areas of employment and per capita personal income.

According to the study, approximately 3,000 jobs were added in the past year, with the natural resource and mining sector contributing most to the increase.

eandi.org

A national moving company says West Virginia ranks high when it comes to people moving out of state.

The ranking is contained in the annual "Migration Study" compiled by United Van Lines. The study is based on the St. Louis moving company's business in the U.S.

The Daily Mail reports that the state ranked the fourth highest in the "high outbound" category. That involves residents who moved out of state.

New Jersey had the highest percentage off outbound moves last year. It was followed by Illinois and New York.

Is this the 1980s all over again for West Virginia – or is it just a temporary blip? That’s the question I have after learning the state lost population last fiscal year.

In fact, West Virginia lost more people that any other state – 2,376 – according to a new census estimate. The only other state to see a population decrease, Maine, lost 199 people.

The truth is, West Virginia’s population has been pretty static since the 1930s, when it reached 1.8 million for the first time. Since then, it’s gone up and down a bit, but always returned to that same number.

Heartwood Forestland Fund

According to a recent report, the top 25 landowners in West Virginia own about 20 percent of the surface in the state. And perhaps not surprisingly, most of those landowners live elsewhere. The report, released by the West Virginia Center on Budget and Policy, is the first to take a close look at land ownership since the 1970s and it’s created quite a stir.

U.S. Bureau of Labor Statistics

The unemployment rate fell in 41 of West Virginia's 55 counties in November.
 
     WorkForce West Virginia said Friday that unemployment rose in 13 counties and was unchanged in one.
 

West Virginia Lottery Director John Musgrave announced today that a lottery ticket for Tuesday, December 17's Mega Millions drawing that is worth $1 million was sold at the 7-Eleven in Belle.
 

Cecelia Mason / West Virginia Public Broadcasting

A West Virginia University economist will brief state legislators on the economic forecast for the coming year.

The annual presentation to members of the state Senate and the House of Delegates is set for Jan. 8 in the House chambers.

The report is compiled by the university's Bureau of Business and Economic Research. The bureau's director, John Deskins, will make the presentation.

WV Center on Budget and Policy

It could be argued that West Virginia has never been “owned” by her inhabitants. Before European settlement, of course, ideas of land ownership were not in vogue. Then King Charles II rewarded many loyal friends with large swaths of land and by 1730s, 800,000 acres in what would become West Virginia was owned by three land companies. For the most part, the same trend continues three hundred years later.

Some have argued absentee land ownership in West Virginia has been a major impediment to economic diversification for generations.

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