Economists at a Wheeling Chamber conference predicted slow economic growth for Ohio County, in line with national trends, while acknowledging improvements in job creation and labor force participation. However, challenges remain, necessitating strategic investments to enhance the state’s attractiveness and ongoing efforts to stimulate economic vitality.
At a recent Wheeling Chamber of Commerce Economic Outlook Conference, West Virginia economists discussed the prospect of slow economic growth for Ohio County, mirroring state and national trends. David H. McKinley from McKinley Carter Wealth Services noted the U.S. economy is expected to achieve a ‘soft landing’ post-inflation and is at a turning point with moderating interest rates and decreasing inflation. He pointed out recent job growth, with 254,000 new jobs created in September, reflecting a healthier unemployment rate of 4.1%, which the Federal Reserve aims to maintain by encouraging slow economic growth. Following McKinley, John Deskins from West Virginia University provided insight into the national and state economies, echoing the expectation of slow but positive growth. He forecasted America would add 3 to 4 million jobs over the next five years and predicted a steady GDP growth of 1.75%. Despite avoiding a recession, Deskins emphasized the nation would still face challenges such as slow employment growth due to high interest rates and almost full employment. Deskins highlighted West Virginia’s improvement in labor force participation, rising from 50th to 49th in the nation, yet warned that without greater workforce engagement, the state would not achieve economic prosperity. He pointed out that 8% of the adult population remains sidelined, mainly attributable to an aging demographic and rigorous economic challenges facing prime working-age individuals. Zooming in on Ohio, Marshall, and Wetzel counties, Deskins addressed ongoing population declines attributed mainly to natural decreases, despite a positive influx of individuals into the state. Although job growth in these counties has stalled over the past decade, the focus should turn to attracting more opportunities and making West Virginia an enticing place to live. With historic low unemployment rates in Ohio County at 4.1% and per capita personal income exceeding $75,000, Deskins remains optimistic despite a slow recovery from pandemic-related job losses. He concluded that the changing landscape requires West Virginia to promote its outdoor amenities and invest in quality-of-life enhancements to attract residents, aligning with the belief that jobs will follow after people choose to live in the state.
The article discusses the economic outlook for Ohio County as presented by two economists at a conference. They explore national and state trends, emphasizing the concepts of slow economic growth, labor force participation, and job market dynamics. The insights provided reveal the complexities and challenges that West Virginia faces economically while also highlighting improvements in labor force metrics.
Both economists agree on a cautiously optimistic outlook for Ohio County, emphasizing the need for improved labor force participation and the right investments to attract a workforce and new opportunities. While the current economic climate presents challenges, the potential for growth emerges, underscored by the importance of quality of life in drawing people to West Virginia.
Original Source: www.theintelligencer.net
