CHARLESTON — West Virginia's business environment is resilient and has shown it can adapt to changing market dynamics.
"West Virginia's business environment has shown resilience," West Virginia Chamber of Commerce Vice President of Policy & Advocacy Brian Dayton told The West Virginia Record. "The state has traditionally been strong in sectors such as energy, healthcare and tourism."
Dayton said efforts have been made to diversify the economy, attracting investments and fostering innovation.
"The great thing about West Virginia is our size," Dayton said. "We’re small, we’re agile and can get things done quickly. West Virginia has shown it can adapt to changing market dynamics."
Dayton said the business landscape in the state has shown over the last few years that it is adaptable.
"Over the past few years, West Virginia has seen a good bit of investment," Dayton said. "West Virginia is attracting world-class companies and establishing itself as the best place to live, work, raise a family and start a business."
Dayton said some major players that set their eyes on West Virginia include Nucor, Proctor & Gamble, Form Energy, Omnis Fuel Technologies, Owens & Minor, Berkshire Hathaway, PepsiCo and many others.
"West Virginia has seen efforts to modernize and diversify its economy," Dayton said. "The impact of COVID-19 has been felt, with disruptions to supply chains, changes in consumer behavior and challenges for certain industries."
Dayton said the state has also demonstrated adaptability, leveraging technology for remote work and emphasizing public health measures.
"West Virginia’s challenges are not unlike many other states right now," Dayton said. "We need more people in the workforce, we need to attract and retain talent. Opportunities lie in leveraging natural resources, investing in technology and innovation and fostering partnerships that support economic growth."
Dayton said Chamber members are consistently telling the Chamber that they have good-paying jobs available but are struggling to find employees to fill them.
"This has been a continuous problem since the COVID-19 pandemic," Dayton said. "A major part of this issue is that for many families the cost and availability of childcare is driving parents to make a choice to stay home and care for their children."
Dayton said the Chamber is also hearing that education continues to be a serious issue, with students not being prepared as they should be for the workforce of the future.
Dayton said several sectors have shown growth potential in the state.
"The energy sector, including coal and natural gas, has historically been significant," Dayton said. "Energy and natural resources, technology, healthcare and leisure services have shown growth potential."
Dayton said initiatives supporting education and skills development, infrastructure projects and community engagement play a vital role in shaping the state's economic future.
"The resilience of businesses and communities in the face of challenges showcases the determination to create a vibrant and sustainable business environment," Dayton said.
The West Virginia Department of Economic Development reported that the state's cost of doing business is among the lowest in the country. It also reported that West Virginia's location puts businesses close to supply hubs, distribution bases and customer markets.