Harrison County Selected for New Federal Investment Incentives to Attract Businesses and Redevelopment
CLARKSBURG, W.Va. — Harrison County has been selected for new federal economic development incentives that could help attract private investment, create jobs and support the redevelopment of historic properties in downtown Clarksburg.
Gov. Patrick Morrisey announced that the U.S. Department of the Treasury has certified 52 census tracts across 32 West Virginia counties as Opportunity Zones, providing federal tax advantages to investors who commit capital to qualifying projects.
Harrison County is among the communities receiving the designation, creating new opportunities for industrial development, business expansion, housing and the revitalization of existing properties.
The designation could be particularly significant for downtown Clarksburg, where several historic buildings have long been identified as potential redevelopment opportunities.
Properties such as the Waldo Hotel and Goff Building represent examples of downtown landmarks that could benefit from additional private investment. The new incentives could make projects involving older buildings more financially attractive to developers interested in restoring commercial space, creating housing or bringing new businesses into the city.
The potential benefits extend beyond downtown Clarksburg.
Harrison County has more than a dozen industrial properties along the Glen Elk and Pinnickinnick rail corridors that local economic development officials believe could benefit from additional investment.
Those properties represent opportunities for manufacturing, industrial expansion and other businesses seeking locations with access to transportation infrastructure and the region's workforce.
The Opportunity Zones program encourages investment by allowing individuals and businesses to reinvest eligible capital gains through qualified investment funds. Investors who meet federal requirements can receive tax benefits in exchange for making longer-term investments in designated communities.
The updated federal program also includes additional incentives for qualifying rural developments, an important consideration for West Virginia.
Certain rural investments can qualify for a 30 percent increase in their tax basis after five years, compared with 10 percent for standard Opportunity Zone investments. The program also reduces some redevelopment requirements for qualifying rural properties, making it easier for investors to improve existing buildings.
The designations are part of a broader effort to strengthen West Virginia's ability to compete for private investment and economic development opportunities.
In addition to Harrison County, several other North Central West Virginia counties received Opportunity Zone designations, including Monongalia, Lewis and Upshur counties.
The West Virginia Division of Economic Development coordinated the selection process, working with local economic development organizations, county commissions and regional planning councils to identify areas with strong potential for future investment.
The new Opportunity Zones will take effect January 1, 2027, and remain designated for 10 years.
While the incentives do not guarantee that businesses will relocate or that redevelopment projects will move forward, they provide another financial tool that communities can use to attract investors and encourage development.
For Harrison County, the designation creates opportunities to build upon existing economic development efforts while potentially encouraging new investment in downtown Clarksburg, industrial properties and other areas positioned for future growth.
As communities across West Virginia compete for jobs and private investment, the new federal incentives could help bring additional attention to properties and projects with the potential to contribute to the region's long-term economic future.
Residents, business owners and potential investors interested in learning more about the program, including designated areas and available incentives, can visit the West Virginia Opportunity Zones website.
