Experts at the Wheeling Chamber of Commerce’s Economic Outlook Conference predict slow economic growth for West Virginia, with Ohio County reflecting national trends. David McKinley discussed the Federal Reserve’s efforts to manage inflation, while John Deskins highlighted labor force participation improvements and ongoing population declines in local counties, emphasizing the need for job creation in the state.
WHEELING — Economic experts from West Virginia predict a modest growth trajectory for the state, particularly in Ohio County, as it aligns with broader national trends. At the Wheeling Chamber of Commerce’s 2024 Economic Outlook Conference, David H. McKinley emphasized a national “soft landing” following recent inflation, with the Federal Reserve’s maneuvers aimed at slowing economic growth to prevent a recession. He highlighted rising job creation, with 254,000 new jobs reported in September, leading to a healthier unemployment rate of 4.1%. John Deskins from West Virginia University echoed McKinley’s sentiments, foreseeing slow employment growth over the next five years, with about 3-4 million new jobs expected nationally. He detailed how West Virginia’s labor force participation improved, but still faces challenges with 8% of the adult population not engaging in the workforce. Deskins pointed to the significance of this statistic in shaping the state’s economic future. A troubling trend persists, however: counties like Ohio, Marshall, and Wetzel are projected to continue declining in population, with natural decline outweighing births despite a recent positive influx of newcomers. Deskins stressed the necessity for West Virginia to create more job opportunities and become a desirable destination for residents to prevent this trend. He noted that employment growth in churches varied, seeing some positive trends while others stagnated or declined over the past decade.
The economic outlook of West Virginia and the Northern Panhandle reflects broader national trends forecasted by experts, primarily focusing on how slow growth rates will affect employment and labor force participation. High interest rates, inflation management, and demographic shifts present unique challenges and opportunities for the region’s economy. Notably, the insights shared during the Wheeling Chamber of Commerce conference shed light on the future workforce dynamics in the state, particularly regarding employment growth and population trends.
The economic forecast for Ohio County aligns closely with state and national trends, set against a backdrop of slowly recovering markets grappling with inflationary repeats and labor shortages. While signs of progress, such as declining unemployment, present encouraging news, longstanding challenges regarding workforce participation and population sustainability remain. Fostering job growth and retaining residents are critical for West Virginia’s economic vitality in the coming years.
Original Source: www.newsandsentinel.com
