The West Virginia High Technology Consortium (WVHTC) Foundation is a non-profit economic development agency that works to promote the high-tech business sector in West Virginia and throughout the country. The WVHTC Foundation is headquartered in Fairmont, West Virginia, and has several other West Virginia offices, as well as a Washington, D.C. office. The WVHTC Foundation retained Anderson Economic Group to quantify the size and scope of the technology industry in north-central West Virginia, and to determine the industry’s economic impact on the State of West Virginia.
Our analysis included estimates of the industry’s overall size in terms of employment and payroll. This was provided at the regional level, and broken out by technology industry clusters (advanced manufacturing, chemical and materials, information technology, and other). We then used industry financial ratios to estimate the level of economic activity associated with the industry in the region. Interviews with technology industry employers in the region were also conducted to gain first hand knowledge of the industry. From here we carefully accounted for economic substitutions and intra-industry transfers that do not provide economic impacts, determined the appropriate economic multipliers, and developed a model to estimate the technology industry’s economic impact of the region. We also estimated the economic impact from construction in the I-79 Technology Park.
We provided the WVHTC Foundation with an 80 page final report, which documents the region’s economic history, significant events that helped establish the region’s technology industry, and the economic benefits of the industry. The report also provided profiles of selected technology firms within the region to better illustrate the work that these firms do.
We presented our findings to the WVHTC Foundation executive board, and the foundation’s President and CEO cited our findings in an editorial that ran in the State’s largest newspaper. As of 11/15/06 we are still planning a final public presentation of the report.