West Virginia ’ s Economic Outlook
National Trends Shaping Local Prosperity
JOHN KARRAS
Texas-based TIP Strategies is working with the Charleston Area Alliance on a new strategic plan to guide the organization ’ s growth and the region ’ s economic development over the next five years . As part of the planning process , the firm is evaluating national and global trends that present challenges and opportunities for Charleston , Kanawha County and the broader West Virginia economy . Among the most pressing economic challenges is the shortage of available workers . What is West Virginia ’ s response ? More specifically , what response is needed from the state ’ s business and community leaders to address the factors that drive the next generation of workers ? Through a mix of bold projects , innovative solutions and forward-thinking partnerships , the state is well-positioned for a prosperous future .
The U . S . labor supply faces longterm pressure . For decades , the annual growth of the working age population — ages 18 to 64 — matched or exceeded the average annual net job growth in the U . S . economy since World War II : about 1.5 million net new jobs each year . After 2010 , with the oldest Baby Boomers nearing retirement age , the net annual change in the working age population declined sharply , reaching historic lows around 2020 , exacerbated by the COVID-19 pandemic . It will take another 15 years for the working age population growth to approach
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