FAIRMONT — Jim Estep, president and CEO of the High Technology Foundation at the I-79 Technology Park in Fairmont, said he’s hopeful that the new Republican leadership in Charleston will invest in growing the state’s knowledge economy.
Estep said he’s “optimistic” that the I-79 Technology Park will receive greater financial support from the state after hearing the new Republican leaders say they plan to emphasize job creation.
“That’s encouraging, be-cause that’s what we’re all about,” Estep said, noting that the Fairmont technology park offers the kinds of careers in science, technology, engineering and math (STEM) that can help diversify the state’s economy.
“I’m just thrilled to hear that,” he continued. “And I step forward on behalf of the High Technology Foundation to say, ‘Hey, we’ve got an activity and a program that’s well underway, and I think we’ve proven we can do it.’”
Estep said he’d like to see the Legislature appropriate an additional $500,000 a year to support continued growth in the I-79 Technology Park.
“It’s very modest when you consider what Ohio and Pennsylvania invest in these kinds of things every year, which is in the hundreds of millions,” Estep said.
Legislative leaders are right to emphasize job creation, Estep said, particularly jobs that lead to economic diversification.
“Not only are they recognizing this need, but I think it’s not only self-evident, it’s scary how badly the state needs this,” Estep said, pointing to the state’s aging population and alarmingly low labor force participation rate.
By encouraging the growth of STEM-related fields in West Virginia, state leaders can help to address a range of economic issues, Estep said. Creating these kinds of jobs could also bring a return on investment for the state’s budget, he said.
“The state gets its biggest tax contributions from personal income tax, and its second biggest contribution comes from consumer sales tax,” Estep said. “If you have STEM-related or knowledge worker sector populations in the mix ... it’s going to have a dramatic impact on tax revenues.”
The state’s economic challenges are well-documented, Estep said, but what remains to be seen is how the new GOP leadership will approach investing in job growth.
“Now my question is, will the bold steps that they seem to say need to be taken include what we’re doing?” Estep said. “And that’s the question I’m waiting to hear an answer to.”
Sen. President Bill Cole, R-Mercer, made it clear that he supports efforts to grow STEM-related fields in West Virginia.
“Technology and STEM fields — I’m all the way there. I think that’s exactly what we need to be,” Cole said. “Generally speaking, I’m highly supportive. That’s a huge, huge part of our future, and anything we can do to move that forward, we should be doing.”
Cole said he “absolutely” wants to see the state continue to diversify its economy.
“We need to be ever-cognizant of those opportunities that are our natural resources, but if we grow in other areas, we can do a lot to smooth out the highs and the lows we’ve suffered through in West Virginia for decades,” Cole said.
But Cole acknowledged that the state’s current budget shortfall complicates the issue.
“I hate to always counter with a negative, but we’re under some pretty severe budget constraints,” Cole said. “We need to go out and create some prosperity and reinvest quickly.”
Still, the senator suggested the Legislature will find a way to invest what’s needed in growing West Virginia’s knowledge economy.
“We will find money. We will be supportive of continued investment, and we’ll find money to do that,” Cole said. “My inclination is to double down or more. It is absolutely one of the critical pieces of the future of our state.”
For his part, Estep said he understands the Legislature’s current fiscal situation. Even with limited funds, any investment can help the High Technology Foundation build toward its long-term goals of a thriving knowledge economy in West Virginia, he said.
“I totally understand that the state is in a bit of a budget crisis right now and has to borrow at least $60-80 million from the Rainy Day Fund,” Estep said. “Even modest support from the state can go a long way, and so I hope it materializes and doesn’t fall through the cracks of the session.”
Exponent Telegram staff writer Jeremiah Shelor can be reached at (304) 626-1409 or by email at jshelor@theet.com
You must be logged in to react. Click any reaction to login.
Keep it Clean. Please avoid obscene, vulgar, lewd,
racist or sexually-oriented language. PLEASE TURN OFF YOUR CAPS LOCK. Don't Threaten. Threats of harming another
person will not be tolerated. Be Truthful. Don't knowingly lie about anyone
or anything. Be Nice. No racism, sexism or any sort of -ism
that is degrading to another person. Be Proactive. Use the 'Report' link on
each comment to let us know of abusive posts. Share with Us. We'd love to hear eyewitness
accounts, the history behind an article.
Post a comment as Anonymous Commenter
Report
Watch this discussion.
(0) comments
Welcome to the discussion.
Log In
Keep it Clean. Please avoid obscene, vulgar, lewd, racist or sexually-oriented language.
PLEASE TURN OFF YOUR CAPS LOCK.
Don't Threaten. Threats of harming another person will not be tolerated.
Be Truthful. Don't knowingly lie about anyone or anything.
Be Nice. No racism, sexism or any sort of -ism that is degrading to another person.
Be Proactive. Use the 'Report' link on each comment to let us know of abusive posts.
Share with Us. We'd love to hear eyewitness accounts, the history behind an article.