West Virginia’s economy has been one of the most unstable in the nation. It ranks among the lowest in per-capita income, in employment, and in the number of adults with college degrees.

Mining dominates West Virginia’s economy. Even with a federal court ruling that shut down four of the state’s largest mines because of environmental concerns, Moody’s Economy.com believes that the increasing demand for coal could attract significant investments into the state in the future.

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Tom Witt, professor of economics and director of the Bureau of Business and Economic Research at West Virginia University, said that even with the state’s economic volatility, he does not believe it is in a recession.

“We haven’t seen, in the short run, the budget shortfall that other states have had,” he said. Witt also said that, except in the eastern panhandle, West Virginia has not been as affected by the subprime mortgage crisis as have other parts of the country.

Witt believes the biggest concerns for the state include its aging work force and the number of college graduates choosing to leave the state after graduation.

“We have the oldest age of population of any state in the country,” he said, “and we face a pretty high proportion of people who have withdrawn from the labor force.”

Witt believes, however, that the state may finally be trying to capitalize on its higher-education system. To combat the loss of college graduates, the state provides $50 million to fund a new initiative called Bucks for Brains. Modeled on a program implemented in Kentucky, the fund provides incentives “to stimulate world-class research and development and to reap the related benefits of high-tech, high-wage industries.”

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Traditionally, much of West Virginia’s youth has emigrated to neighboring states in search of greater economic opportunities. However, an increasing number of young professionals and entrepreneurs are bucking that trend, instead choosing to build careers and futures in West Virginia.

The State Journal, a premier business and government publication in West Virginia, recently announced its 2008 Generation Next class, recognizing 40 professionals under age 40 from across the state. These individuals represent various industries and professions, and each person uniquely contributes to the state’s betterment. Some assist communities and schools, while others expand business capacity, market our destinations, govern our cities, and even sell us frozen lemonade. Congratulations to each of the Generation Next designees, and a sincere thanks for your efforts!

Recipients are encouraged to share their thoughts via comment. Why did you stay or move to West Virginia? How do you envision West Virginia 10 years from now? General thoughts are also welcome. Other readers, now is your chance to commend these people, as a colleague, friend, relative or simply an admirer. Now let’s start a discussion.

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