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BUSINESS
New study indicates W.Va. economy making progress
A new report indicates West Virginia's economy is making progress.
Market Street Services analyzed how West Virginia is performing in today's economy and used those findings to assemble a work plan for accelerating progress.
"What is clear is that West Virginia is making progress in areas that are priming the state for future success, including public policy and funding," J. Mac Holladay, founder and CEO of Market Street Services, said in a press release. "However, many challenges linger related to education and the economy."
Vision Shared Inc., a statewide community and economic development nonprofit organization, asked Holladay's Atlanta-based company to update research that first prompted state leaders to create Vision Shared several years ago.
"Economic development is a process, not a snapshot in time," Holladay said in the release from Vision Shared. "Goals should be pursued with the understanding that it could take a decade -- or longer -- to produce results. What is important is to maintain a commitment to get there."
Among Holladay's key findings were that West Virginia has made solid progress, and has considerable assets or implemented programs to improve future performance in: Adding quality jobs to the economy; implementing tax and workers' compensation reform; providing accessible and affordable public education; and priming primary and secondary students for success.
The report also said West Virginia is making progress in offering residents a low cost of living with abundant outdoor amenities and an environment rich in natural beauty. It also is proving a strong commitment to the arts and philanthropy and doing more to support entrepreneurs and researchers, the report said.
The five priority areas Holladay said West Virginia needs to focus on are judicial system reform, improving community health and well-being, creating a 21st Century work force, leveraging and supporting entrepreneurs and researchers and enhancing West Virginia's image by attracting and retaining more young talent.
West Virginia continues to struggle in areas such as health care costs, the health/well-being of its residents, the perception of its judicial system as being anti-competitive, difficulty in retaining college graduates and meeting employers' work force needs, Holladay's study said.
Vision Shared has projects under way and is already working toward reversing some of these trends. Visit www.visionshared.com for information or to sign up as a volunteer.
