LOOKING FORWARD — John Deskins, Ph.D., director of the Bureau of Business and Economic Research at WVU’s John Chambers College of Business and Economics, presented an economic forecast for the Hancock and Brooke County region Wednesday. -- Craig Howell

WEIRTON — An economic researcher from West Virginia University continues to see the potential for the Brooke-Hancock-Jefferson tri-county area, pointing to one company in particular as helping to provide the spark the region needs for new growth.

John Deskins, director of the Bureau of Business and Economic Research within the John Chambers College of Business and Economics at WVU, made a return visit to Weirton Wednesday morning, to discuss current economic conditions in the region, the state of West Virginia, and the country, as well as provide some perspective for the years ahead.

Held in Al’s Community Room at the Lauttamus Event Center, the presentation was made possible through the support of Lauttamus Communications and Security, the Weirton Area Chamber of Commerce, the City of Weirton and the Business Development Corp. of the Northern Panhandle.

“This is our second meeting,” said Paul Lauttamus, president of A.V. Lauttamus Communications. “We plan to have these every other year.”

Deskins said much of the economy has recovered from the effects of the COVID pandemic in 2020, and will continue to see slow growth in the years ahead.

“We have plenty of opportunity as well,” he said.

He noted steps taken during the pandemic, as well as issues resulting from the virus, as being the main factors leading to the economic difficulties in recent years – including supply chain disruptions, increasing energy prices, labor shortages and aggressive fiscal and monetary policies by the government in response.

“We had this perfect storm of four factors,” Deskins explained, noting he feels the Federal Reserve’s decision to increase interest rates, while done later that it should have been, was the key to stabilizing the economy.

In West Virginia, though, there remain hurdles, including having only a 55 percent participation by residents in the labor force. Deskins said the state stands at 49th in that category, moving up by one this year as West Virginia had been ranked 50th since 1970.

“It’s not because we improved,” he said. “It’s because Mississippi fell down worse.”

Deskins pointed to continuing loss of population, poor health and an aging population, drug abuse, shocks to what have been dominant industries and a lack of industrial diversification as among the causes of the “vicious cycle” which has kept West Virginia near the bottom for so many years, but said there has been hope and he sees slow, but stable growth in the next few years in the state’s two panhandles and other areas of northern West Virginia.

“We have to find economic opportunity that encourages people to move into West Virginia,” he said, noting attracting businesses such Form Energy to the region will be key to growth.

Deskins estimates a 9 percent employment increase in Hancock County into 2029, with smaller growth in Brooke County, noting additional economic impacts will be felt through the spending of Form Energy and its employees.

He explained those impacts also will be felt in neighboring areas of Ohio and Pennsylvania, and said his projections are based solely on current known opportunities.

“The bottom line is, the forecast is good,” he said.

He said, though, those opportunities can only continue through continuing investment, including in the local population, educational opportunities, healthcare, affordable and available child care, and diversification.