West Virginia

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fDi Editor | 05/01/2004 12:00 am

West Virginia’s economic output (gross state product – GSP) grew about twice as fast as the nation’s from 2000 to 2001. The state’s total output was $39bn in 2001, an increase of nearly 1% over 2000.

About 78% of states (including the District of Columbia) lost a higher percentage of manufacturing jobs than West Virginia, according to the June 2003 issue of Economic & Demographic Trends. Fiscal year 2003 brought new economic development in the manufacturing sector in industries such as automotive, adhesives, aerospace, architecture and plastics.

West Virginia’s governor and its legislature are committed to creating a solid foundation of incentives and laws that help the business climate. Changes in West Virginia’s incentive packages reflect a strategy to attract high-paying, technology-intensive and research-driven jobs in fields such as the biomedical, biometrics, science and telecommunications sectors. A new strategic R&D credit, for example, allows for up to 100% tax offset for R&D projects.

According to Economic & Demographic Trends, from 2000 to 2002 West Virginia was one of only 10 states and the District of Columbia to add jobs in business and professional services employment.

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