Economy of West Virginia
[9] As a result of the COVID pandemic, West Virginia's unemployment rate had risen to 6.1% in December 2020,[10] which, by November 2022, had improved from pre-pandemic levels, reported at 4.1%.
[13] Through the first half of 2010, exports from West Virginia topped $3 billion, growing 39.5% over the same period from the previous year and ahead of the national average by 15.7%.
West Virginia receives annually around $261 million in federal Research and development (R&D) funds, ranking 34th in the nation.
Private establishments receiving the most federal R&D contracts in 2009 were Fairmont-based Prologic, Inc., Security Assistance Corporation, Ridgeley-based Alliant Techsystems, Inc., Berkeley Springs-based STS International, and the Fairmont-based West Virginia High Technology Consortium Foundation (HTC).
[21] The state is home to federal institutions such as the portions of the National Energy Technology Laboratory and Forestry Science Laboratory in Morgantown, the Leetown Science Center and National Center for Cool and Cold Water Aquaculture in Leetown, National Radio Astronomy Observatory in Green Bank, the Forest Service Timber and Watershed Laboratory in Parsons, the Appalachian Farming Systems Research Center in Beckley, West Virginia District Office of Water Resources in Charleston, and Department of Veterans Affairs R&D units in Clarksburg and Huntington.
In December 2010, the West Virginia Higher Education Policy Commission began a $23 million renovation of a research park formerly home to Dow Chemical.
[23] The state has one of the nation's highest concentrations of chemical supply and generic pharmaceutical industries aided by the presence of corporations such as Germany-based BASF and Bayer, DuPont, PPG Industries, Dow Chemical Company, Mylan, founded in White Sulphur Springs, and Texas-based Alcon.
Mining safety and ecological concerns are also major challenges to West Virginia, which still produces the majority of the coal used in the U.S.[25] West Virginia is considered a national energy hub, leading the nation in net interstate electricity exports and underground coal mine production,[26][27] while experiencing a growing natural gas industry as a result of the Great Shale Gas Rush.
[26] The state has a growing renewable energy portfolio, anchored by chemical and biodiesel manufacturer AC & S, based in Nitro.
[31] West Virginia is the largest coal producer east of the Mississippi River, and accounts for 10% of the nation's production.
The state has a growing renewable energy portfolio, anchored by chemical and biodiesel manufacturer AC & S, based in Nitro.
In 2008, public higher education institutions had a $7.9 billion economic impact on the state, creating 40,600 employment positions.
[38] Along the western edges of the state the large rivers of the mid-continent erode a distance into the hills and it is here, in the west, that some dense pockets of heavy industry appear.
[41] In December 2010, Russia-based Mechel announced plans to construct a new $12 million coal processing plant in McDowell County.
It is home to major automotive operations such as Japan-based Toyota in Buffalo, and others including Diamond Electric in Eleanor since 1996[44] (in 2014 Diamond moved their North American headquarters to West Virginia),[45] NGK Spark Plugs in Sissonville, and Italy-based Sogefi and Japan-based Okuno International in Prichard.
[18] West Virginia's largest manufacturing employer is Viatris, followed by Toyota, Northrop Grumman and several other Fortune 500 companies that operate facilities in West Virginia,[46] with Owens & Minor[47] Clorox[48] and Commercial Metals Company breaking ground and expanding into the state during 2022.
[50] Manufacturing operations also include Homer Laughlin China Company in Newell, Blenko Glass Company in Milton, Champion Industries in Huntington, Gabriel Brothers in Morgantown, MTR Gaming Group is Chester, and PNGI Charles Town Gaming.
Terradon Communications Group, located in Poca, is a leader in website design and development, with clients including Whirlpool International.
Other attractions include the Huntington Museum of Art, the Mountain Quest Institute in Pocahontas County, Avampato Discovery Museum in Charleston, the Oglebay Institute in Wheeling, West Virginia State Wildlife Center in French Creek, Greenbrier Resort, Pete Dye Golf Club, Samuel Taylor Suit Cottage, Blennerhassett Island Historical State Park, Moncove Lake State Park, Camden Park in Huntington, West Virginia Zoo, West Virginia wine, Prickett's Fort State Park, Blackwater Falls State Park, the Mountaineer Race Track & Gaming Resort in Chester, Mardi Gras Casino and Resort near West Virginia, Wheeling Island Racetrack & Gaming Center, Hollywood Casino-Charlestown, the Scottish Heritage Festival in Bridgeport, Italian Heritage Festival, Vandalia Gathering in Charleston, Appalachian String Band Music Festival, West Virginia Coal Festival in Madison, the Johnny Johnson Blues and Jazz Festival, the Music in the Mountains Bluegrass Festival, the Appalachian Festival in Raleigh County, and the BBQ & Bluegrass Festival.
On the other hand, only 50.5% of the state's farmers considered farming to be their primary occupation, with a significant number of hours worked elsewhere each year.
This description of farming portrays an independent and self-sufficient base of small land owners, but also a significant amount of rural poverty.
Wild gathered ginseng contributed about $2 million in 2000 to the West Virginia economy, a figure larger than many conventional cultivated vegetable and fruit crops.
Forestry-based industries employ 15,600 West Virginians through major corporations such as Atlanta-based Georgia Pacific in Mount Hope, Seattle-based Weyerhauser in Heaters, North Carolina-based Coastal Lumber with several locations throughout the state, Virginia-based American Woodmark in Moorefield, and Pittsburgh-based Babcock Lumber Company with multiple locations throughout the state Due to the rural demographics in West Virginia, the state isn't dominated by any major U.S. banks.
