West Virginia Announces $40 Million Investment to Attract New Businesses and Jobs
CHARLESTON, W.Va. — West Virginia is making a new $40 million investment to help communities attract businesses, create jobs and prepare industrial properties for future development.
Gov. Patrick Morrisey announced the statewide initiative, establishing what his administration describes as the largest competitive industrial site development allocation in West Virginia history.
The investment is designed to address one of the challenges facing economic development efforts across the state: having suitable buildings and properties ready when companies begin searching for locations to expand or establish operations.
The initiative includes $25 million for the construction of industrial buildings and another $15 million for preparing properties for future business development.
Under the first program, local economic development organizations can pursue loans of up to $5 million to construct industrial buildings ranging from 30,000 to 50,000 square feet. These buildings could provide ready-made space for manufacturers, distribution operations and other employers looking to establish operations in West Virginia.
Participating businesses would be required to meet wage and employment expectations, including paying at least 120 percent of the county's median wage.
The remaining $15 million will support improvements needed to make industrial properties attractive to potential employers. Funding can help cover engineering, environmental assessments, land preparation, utilities and other infrastructure improvements.
For communities across North Central West Virginia, including Harrison County, the new programs could provide additional opportunities to attract business investment.
The region has already experienced substantial commercial and industrial development, particularly around the Interstate 79 corridor, the North Central West Virginia Airport and established business parks.
Access to additional development funding could help communities prepare more properties for companies seeking locations with transportation connections, utilities and access to a regional workforce.
Local economic development authorities, county commissions and municipal governments will be eligible to apply for funding. Projects receiving awards will be required to begin within six months.
The announcement also comes as West Virginia reports approximately $96 billion in private sector investment commitments over the past year, representing more than 19,000 projected jobs statewide.
Those figures include announced projects that remain in various stages of development and are not necessarily completed investments or existing jobs.
The new funding is intended to help West Virginia compete for additional projects by reducing the time and expense required for companies to begin construction or occupy industrial facilities.
The announcement also reflects continued efforts by the West Virginia Legislature and Gov. Patrick Morrisey's administration to strengthen business recruitment and economic development across the state. Lawmakers have worked to support programs and policies aimed at attracting new employers, encouraging private investment and creating additional job opportunities for West Virginians.
For North Central West Virginia, the program represents another potential economic development tool as communities continue working to attract employers, expand existing businesses and create additional opportunities for residents to work closer to home.
