The Eastern Panhandle region of West Virginia is expected to post continued job growth over the next few years, according to the latest forecast from the West Virginia University College of Business and Economics.

The forecast was released Thursday (Nov. 6) at the Eastern Panhandle Economic Outlook Conference in Martinsburg, and is part of a series of annual economic forecast events hosted by B&E’s Bureau of Business and Economic Research.

“West Virginia’s Eastern Panhandle has experienced strong economic gains over the past few years, driven primarily by healthy growth in the trade, transportation and utilities sector in the region,” said Dr. John Deskins, BBER Director. “We expect the Eastern Panhandle economy will continue to build upon recent gains, posting a rate of job growth that is above the overall state average.”

However there are factors that present uncertainty for West Virginia and for all states, Deskins cautioned. “Lingering risks to the global and U.S. economies, the inevitable rise in interest rates, and an uncertain federal fiscal environment create risks that cloud our forecast,” he said.

The construction sector is expected to produce the fastest rate of job growth in the coming years, reflecting improved conditions for the region’s homebuilding sector. Services-oriented sectors such as professional and business services, education and health care, and leisure and hospitality are also expected to add jobs at above average rates, according to Deskins.

“Unemployment in the region is lower than it was one year ago and remains well below the state average. The decline in the region’s unemployment rate over the past several years has been driven largely by job growth, rather than by labor force attrition,” Deskins said.

Labor force participation is significantly higher in the Eastern Panhandle compared to the state overall, and even surpasses the national rate in Berkeley and Jefferson counties.

“A remarkable difference for the Eastern Panhandle compared to the rest of the state is the fact that population in the region has been growing at a healthy pace for many years. This trend is expected to continue, due to healthy rates of in-migration and natural increases in population. In addition, the Eastern Panhandle’s population is noticeably younger compared to the state average and tends to have higher rates of educational attainment,” Deskins said.

Full details are available in the printed publication available from the WVU Bureau of Business and Economic Research for $20 per copy, or for free download in PDF format at be.wvu.edu/bber. Visit be.wvu.edu/bber/publications.aspx to purchase the report or view other publications by the BBER.

-WVU-

pg/11/06/14

CONTACT: John Deskins; WVU College of Business and Economics
304.293.7876, John.Deskins@mail.wvu.edu

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