With the announcement that Mylan Pharmaceuticals is closing its manufacturing facility in Morgantown, West Virginia University’s Bureau of Business and Economics director John Deskins says the “major blow” to the regional economy will be spread beyond job loss.
“This represents a major blow to the regional economy. The 1,500 layoffs in and of themselves are a major loss to the North Central region, which has around 110,000 jobs in total. But given the facts that this is an exporting industry that brings dollars into the region, and that many of these jobs are well paying and high skilled, the loss will create significant ripple effects throughout the region. Ultimately this will create further losses in employment, spending, and tax revenue. It will also damage the housing market in the Morgantown area. Ultimately it would probably take at least a couple of years to recover from this loss of this magnitude, aside from concerns associated with the pandemic.”—John Deskins, director, WVU Bureau of Business and Economics
West Virginia University experts can provide commentary, insights and opinions on various news topics. Search for an expert by name, title, area of expertise or college/school/department in the Experts Database at WVU Today.
CONTACT: John Deskins
WVU Bureau of Business and Economics
Call 1-855-WVU-NEWS for the latest West Virginia University news and information from WVUToday.
Follow @WVUToday on Twitter.