Tag: Job Growth

W.Va. Unemployment Rate Drops To 3.7 Percent In March

Total employment grew by 2,100 over the month, and the number of unemployed state residents dropped by 1,700 to 29,100, WorkForce West Virginia said in a statement Tuesday.

West Virginia’s seasonally adjusted unemployment rate dropped two-tenths of a percentage point to 3.7 percent in March.

Total employment grew by 2,100 over the month, and the number of unemployed state residents dropped by 1,700 to 29,100, WorkForce West Virginia said in a statement Tuesday.

Within the goods-producing sector, employment gains of 300 in mining and logging, and 300 in manufacturing offset a decline of 600 jobs in construction.

In addition, there were gains of 600 jobs in professional and business services, 400 in education and health services, 400 in leisure and hospitality, 200 in financial activities and 100 in information. Job declines within the service-providing sector included 1,100 in government; 800 in trade, transportation and utilities; and 300 in other services.

Total nonfarm payroll employment has increased by 11,800 since March 2021, the statement said.

The national unemployment rate dropped two-tenths of a percentage point in March to 3.6 percent.

Remote Work, Digital Networking To Become New Reality For Pandemic-Era Grads, Marshall Economist Says

Last year, the coronavirus pandemic upended thousands of 2020 college graduates’ career plans, but how does the landscape for jobs look now to the class of 2021?

In a nutshell, there have been fewer opportunities over the past year across the country — and also in West Virginia.

“We know that across the country, nearly half of the [2020] college graduates are stuck looking for work,” said economist Avinandan Mukherjee, a professor and dean of the Lewis College of Business at Marshall University. “And when they do find jobs, I found some numbers that suggest that about 69 to 70 percent are expecting lower salaries than they would before the pandemic.”

However, there is employment hope looming for 2020 graduates and the soon-to-graduate class of 2021.

“The market is definitely still pretty depressed, but we are looking at a pretty good recovery and rebounding of the economy in a very robust way,” Mukherjee said.

The virtual economy is booming, and telecommuting and remote work are likely the No. 1 trend in the future of work, according to Mukherjee.

Extended: Remote Work, Digital Networking To Become New Reality For Pandemic-Era Grads, Marshall Economist Says

He said that’s where the employee landscape is heading, but West Virginia has to be ready — by way of adequate broadband connection and functional infrastructure, both digital and physical.

Mukherjee said West Virginia is on the right track, though, pointing to the recently announced Ascend West Virginia project, which provides a $12,000 incentive, plus a year’s worth of free outdoor recreational opportunities. The goal is to attract more people to move to West Virginia.

“It is, I think, the country’s best remote worker program right now,” he said.

Mukherjee also points to the recent signing of House Bill 2002 — a comprehensive broadband expansion bill. The bill offers new consumer protections to broadband users, makes the deployment of publicly owned infrastructure possible and expands on existing data-collection efforts to identify areas of the state that need high-speed internet.

All of this, Mukherjee said, will help West Virginia enter this new job landscape. He also said the gig economy, people who work in a variety of jobs as independent contractors, is seeing a shift.

“One of the things that’s particularly relevant in this gig economy is this focus on reskilling and upskilling,” he said. “So, for students coming out of colleges and people with experience in the world of business, upskilling and reskilling is all that’s going to matter.”

He said individual skill development, individual accomplishments, and stackable credentials will be important. Stackable credentials means a set of courses, also known as nanodegrees, to show a variety of certifications and skills. Mukherjee said these will be much more attractive to employers in an evolving gig economy.

Finally, Mukherjee said there are three top things that both 2020 and upcoming 2021 college grads need to remember: build skill sets, be comfortable with all kinds of technology and rely on and develop digital networking.

“It is more important than ever, because the jobs that many of these students … will be doing in the new economy of the future, the post-pandemic economy, aren’t there yet,” Mukherjee said. “So, focus on skills, not just knowledge … skills are the currency of the labor market right now.”

W.Va. Sees Increase In New Businesses Registered During Pandemic

The pandemic has been a nightmare for many businesses, with likely more than 100,000 small businesses shut down permanently nationwide, according to a survey from the National Bureau of Economic Research. But West Virginia saw an uptick in new businesses registered in 2020 compared to the last three years.

It might seem counterintuitive to start a business in a worldwide pandemic that has caused economic turmoil, but that’s not necessarily the case, said Ben Eng, a professor of marketing and entrepreneurial at Marshall University.

“It forces people to be scrappy, and innovative,” Eng said. “And like, that’s ultimately what the entrepreneurial spirit is, is finding new ways to solve problems and being scrappy and innovative.”

West Virginia saw more than 13,288 new businesses registered in 2020, and in 2019 there were 13,042. That figure was lower in 2018, when 10,253 were registered.

There are several factors that may have made it simpler to get a business off the ground, said Tricia Ball, associate director for the Center of Entrepreneurship and Business Innovation at Marshall University. Factors include more advanced technology, low interest rates and time.

“I think some changes in unemployment and hours, and not having as many activities or events during the evenings and the weekend really give people some time to work on things that they’ve been wanting to do,” said Eng. “And then kind of have the opportunity to evaluate and be like, “Okay, what have I been doing? You know, is that really what I want to be doing?””

This extra time actually led Melissa Boothe and Brooke McKinney to start their business ‘Bubbles, Bones and Biscuits’ last spring. They make a variety of products for dogs.

“Everything about your world changed,” said Boothe. “People were out walking their dogs, and people were, you know, looking for dogs at the shelters and adopting dogs. So it just clicked in my head. Well, if all these people have all these pets, then they’re going to need stuff for them.”

Because of COVID, they did not open a brick and mortar style shop. Rather they sell products online and at festivals and bazaars.

Boothe and McKinney’s business is classified as ‘Other Personal Services,’ and this was one of the industries that grew the most in West Virginia, with 417 new businesses last year, according to West Virginia’s Business Statistics Database.

Another industry that grew was special food services — like catering and food trucks — which saw 69 new businesses in 2020.

Crafts of Coal is an ice cream truck company based in St Albans, West Virginia that opened early last summer. TJ Douglas is one of three co-founders of the food truck business.

“We knew it was really risky. But the object here was to be a little different,” Douglas said. “And so when we came up with the concept to sell ice cream, we thought it would be best to do it out of the trailer instead of a storefront.”

This allowed people to social distance, Douglas said, adding that business was successful and they are planning to re-open in the spring.

The state also recently streamlined the process for registering a business with the ‘West Virginia One Stop Business Portal,’ which allows people to submit paperwork online, rather than in-person.

“ I think that’s helping the people that have those creative ideas and have that energy that say, “I’m ready to start fresh,”” said West Virginia Secretary of State Mac Warner. “It makes it easy for them to get online and do that.”

However, a registered business does not necessarily mean an up-and-running business. Essentially, the name of the potential business is reserved and approved by the state. Warner said it can sometimes take awhile for the businesses to come to fruition and sometimes they never do.

For the businesses that did register and open during the worldwide pandemic last year, they will have to keep innovating in a post-COVID world, too, said Eng, the associate marketing professor at Marshall.

So far this year, 1,306 new businesses were registered in January, which is about double compared to January 2020.

“The way that people were scrappy during COVID, they should continue to be innovative and scrappy after COVID, you know,” he said. “They should never stop.”

Job Growth in Eastern Panhandle Expected to Continue Upward Trend

An annual Eastern Panhandle Economic Outlook conference was held in Martinsburg, showing job growth is steady in the Eastern Panhandle and is expected to grow in the coming years.

Director of the West Virginia University Bureau of Business and Economic Research John Deskins presented the findings at the conference.

He explained the Eastern Panhandle continues to be a leader in job growth, because of location, increased population, access to better education, and business investments. 

“There’s been no recession here,” Deskins noted, “I mean, the state’s lost a lot of jobs between 2012 and 2016, and this area’s continued to grow at a healthy pace during that period.”

Deskins said that trend will likely go up as more investors like Procter & Gamble look to set up shop here.

WorkForce West Virginia reported in September that Jefferson County has the lowest unemployment rate in the state at 2.8 percent, while Mingo County has the highest rate at 8.2 percent. Overall state unemployment is at 4.4 percent, which is higher than the national average.

Deskins argues West Virginia counties that are struggling should focus on ways to make themselves more attractive to potential businesses, such as improving transportation infrastructure and cultivating a healthy workforce.

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