The innovation economy continues to pop up its head in West Virginia. While still not quite up to the growth rate found in other states, West Virginia's technology, biomedical and related R&D-driven industries are beginning to share the impact they are having on our prosperity.
The most recent update was from WVU, supported by the Pharmaceutical Research and Manufacturers of America, who released a study demonstrating that the biosciences industry was responsible for nearly 22,000 jobs and a business volume of about $7.2 billion in 2006. Ongoing research at Marshall University and WVU in the field generated an additional $200 million in 2007.
The average salary in this industry is currently $55,000, much higher than the state average salary of $37,000. For every salary dollar above average, it is important to also understand the ripple effect in job creation in service sector and other industries. Most of the biosciences jobs are clustering around West Virginia's university communities in Cabell and Monongalia Counties, and in the largest urban county, Kanawha. According to the study, there were 400 jobs in the bioscience field in Cabell County in 2001. That has tripled since then, growing to 1,200.
There is much more opportunity to be found with a research-focused economic development strategy. While West Virginia is benefiting from early efforts, the study ranked West Virginia 41st out of the 50 states in an aggregate of research funding, financial capital, educated work force and an innovative pipeline. It is critical that the "Bucks for Brains" investment currently being debated in the legislature is passed, and hopefully, grown in the future.
The South Charleston-based MATRIC organization has been a poster child for R&D-based growth. The research organization, which has made a living off of hiring ex-chemical industry Ph.D.'s laid off by former industry icons Dow and Union Carbide, announced yet another growth initiative: Mid-Atlantic Technical Engineering or MATE. MATE will cater to clients in the chemical, energy, biofuels and aerospace industries, and it will hire more than 50 engineers and support staff this year, said MATRIC president Keith Pauley.
For too long, West Virginia has often waited for innovation to be delivered in other parts of the country, and then tried to compete for the production-related jobs that resulted. But the more we can participate in the early part of the curve, developing a reputation for innovation and cutting-edge breakthroughs in energy, biosciences, biometrics and other intellectual property-based industries, the more we can secure these high-income jobs for our region. WVU, Marshall, MATRIC and others are proving that we can thrive in the innovation game and bring real opportunities to our state.
Recent Comments