Investments Worth $5 Billion Underway, Planned In West Virginia

West Virginia’s economy is receiving a major infusion of investment capital that amounts to nearly $5 billion, according to a quick tally of recently announced and ongoing projects across the state. The $5 billion in capital investments include projects in the energy, health care, research, environmental and automobile industries, to name a few. Among the energy-related projects that are in the works for West Virginia are:

• Coal: Two new coal mines have been announced for West Virginia. One is a new Arch Coal mine in Logan County, and the other is a new International Steel Group mine in Taylor County. These projects will account for nearly $400 million in new investment over the next several years.
• Natural Gas: Columbia Gas Transmission is spending $100 million to expand its natural gas storage facilities in the state, and drilling activity and production investment among natural gas producers is at running at a very active pace.
• Electric: A new power plant (Longview Power Plant) is planned for northcentral West Virginia, and this project will involve an investment approaching $1 billion. In addition, electric power generation stations across the state will be seeing construction and installation of more than $2 billion in emission control technology projects.

The state’s I-79 technology corridor is booming with nearly $1 billion in construction and expansion projects, many of which involve the region’s health care and technology industries. Projects include expansion of the W.V.U Health Center and the Ruby Memorial Hospital, construction of the new Blanchette Rockefeller Neurosciences Center, and the 263,000-square-foot ISR (Institute for Scientific Research) headquarters complex. Other major projects include continued expansion of the office campus in the High Technology Foundation’s technology park and the Charles Pointe mixed-use community.

In the Huntington area, $175 million in new projects are underway, including the $85 million expansion of the Cabell Huntington Hospital, the new $40 million biotechnology research center at Marshall University and the $54 million Pullman Square retail/entertainment complex.

Another business sector in West Virginia that continues to see growing investment is the state’s automobile industry. Earlier this year, Toyota Motor & Manufacturing announced the latest expansion of its massive facility in Putnam County. The company will be investing $120 million in the expansion. Other recent “auto related” investment announcements include those from A.K. West Virginia and Nippon Thermostat of America Corp.

Finally, interest seems to be growing from real estate developers who are searching the state for available tracts of land to transform into residential and recreational areas. Several of these projects are planned in Fayette and Greenbrier Counties.

“This multi-billion-dollar investment in these projects is tremendous news for our state,” said Steve Roberts, Chamber President. “Not only do these projects represent a continued expansion and diversification of our business base, but they also will provide for a large number of construction, material and supply jobs. Additionally, they will create employment opportunities that are designed for the future and will produce benefits for many areas for many years to come.”