Ecomomic experts speaks to Rotary and WVUP.
Tom Witt, director of the Bureau of Business and Economic Resarch at West Virginia University speaks with Rotarians.
Photo by Wayne Towner
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Ecomomic experts speaks to Rotary and WVUP. |
Tom Witt, director of the Bureau of Business and Economic Resarch at West Virginia University speaks with Rotarians. Photo by Wayne Towner |
PARKERSBURG — An expert from West Virginia University spoke with local leaders on two occasions
Monday about economic issues of interest to the local community. | Director Tom S. Witt with the Bureau of Business and Economic Research in the College of Business and Economics at West Virginia University, began Monday morning speaking with college and community officials at West Virginia University at Parkersburg regarding WVU-P’s impact on the local economy. During the Monday noon luncheon of the Parkersburg Rotary Club, Witt spoke about some of the economic issues facing West Virginia in the future that need to be addressed. During the morning program, Witt said his office recently completed a study on the economic impact of WVU-P. “I think people will be surprised when they see the significant economic impact that this institution provides, in terms of its operation, to the community,” he said. Witt said one of the broader impacts made by institutions of higher learning — like WVU-P — is in the area of human capital development by providing the types of education, degrees and certificate programs that are necessary to compete in today’s economy. “That is, sort of indirectly, the bigger story, I would say,” Witt said. The study included not only the operation of the institution itself, but also the money spent by WVU-P employees in the local economy and the suppliers of goods and services to the college that spend the money they earn in the local area. “What we’ve documented here is the the direct, indirect and induced economic impact, which adds up to a significant total and a major economic force in the state economy,” Witt said. Using the information in the study, Witt said for every dollar provided by the state of West Virginia to WVU-P, the college provides almost $10 in terms of total business volume impact. For the fiscal year 2007, which was the focus of the study, Witt said WVU-P received $8.4 million in state appropriations while its total business volume was $84.7 million for that year. Witt added he considered the amount shown in the report as conservative, since there were a number of factors that could not be measured or included in the study that might increase the economic impact of the college even more. WVU-P President Marie Foster Gnage said she was pleased, but not surprised, but the results of the study. “I didn’t know the numbers. I knew we had economic impact, but I’m real pleased that we’re getting the numbers so we can be sure of that economic impact and know that those are conservative numbers. I think we could make an even greater impact if the state would invest additional dollars here,” she said. “I think its going to continue to grow,” Wood County Commissioner Bob Tebay said of WVU-P’s impact. “I think we haven’t scratched the surface yet with economic development and new businesses.’’
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