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Continuing to Make Progress in West Virginia

I took over as president and CEO of Eagle Manufacturing Company in January 2009, during very uncertain times in Washington, the U.S. economy, West Virginia and in my company. Many manufacturers and all of industry struggled in the wake of the Great Recession with the economy limping along with sub-par 2 percent growth, resulting from increased costs from Obamacare, taxes, regulatory, and utility costs driven up by Obama’s war on coal. Those costs, and the resultant slow-growth, led to inevitable employment and wage contraction, especially in West Virginia.

What happened next supports my belief and experience that many times the toughest challenges present the best opportunities for advancement and growth. In January 2015, pro-growth, fiscally conservative Republicans took control of the West Virginia Legislature for the first time in over 80 years, leading to an economic resurgence in West Virginia. In fact, according to a recent study, West Virginia experienced the most economic growth of any U.S. state in 2017 and had the strongest economy in the nation moving into 2018.

This incredible economic turnaround is being fueled by a substantial reduction in unemployment and the highest year over year per capita personal income and gross domestic product percentage growth in the nation. In fact, in January 2015, West Virginia’s unemployment rate was 6.7 percent. Following three years of a pro-growth, pro-jobs Republican agenda, the unemployment rate currently stands at 5.3 percent, for one of the highest positive changes in the United States.

Wage growth is just as important as jobs growth. According to the U.S. Bureau of Economic Analysis, West Virginia had the highest per capita personal income percentage growth in the nation, from third quarter of 2016 to third quarter of 2017, at 3.4 percent. We also had the second-highest per capita personal income percentage growth in the nation, from fourth quarter 2016 to fourth quarter 2017, at 4.92 percent. Leaders in jobs growth and wage growth in the entire nation.

As a leading manufacturer in West Virginia, we at Eagle Manufacturing closely monitor our state’s gross domestic product (GDP) growth. That important measurement of economic improvement is another bright light for our state, as the latest data from the U.S. Bureau of Economic Analysis indicates that West Virginia experienced the highest GDP percentage growth in the nation, from first quarter 2016 to first quarter 2017, at 6.48 percent. We also showed significant GDP growth in each subsequent quarter of 2017, making West Virginia’s GDP growth one of the highest in the nation for 2017. Again, not rated last, but instead, one of the highest growth rates in the nation.

Further evidence supporting West Virginia’s economic resurgence is in the news daily, with state revenues trending significantly above estimates since April 2018. For example, the state finished with a $36 million surplus for fiscal year ending June 2018, and in the first two months of fiscal 2019 (July & August), revenue collections were about $66 million above budget. Collections on severance taxes on coal and natural gas, sales taxes and personal income taxes have all increased, indicating steady growth across all main revenue sectors.

The challenges created by the Obama years have led to new opportunities for our nation’s economy and especially for continuing West Virginia’s growth and prosperity. President Trump’s pro-business, pro-growth policies are creating these opportunities and have already added to our economic progress. The Trump-Republican tax cuts are promoting business investments, job and wage growth, and are allowing West Virginians and all Americans to keep more of their hard-earned money.

Here at Eagle Manufacturing, increased profits from Trump’s tax cuts are allowing us to invest in new production systems, expand our plastic and fabrication capacities, add new ERP software and additional automation equipment, better train our employees, and most important, we have added over 50 new jobs in the last 18 months. In fact, we are still actively hiring for factory and management positions.

Look, we can either continue to grow our business and industrial base with the pro-growth, pro-jobs agenda of our Republican-controlled Legislature, or we can revert-back to the failed economic policies of yesteryear. I am not a politician, I am a businessman, a proud capitalist, and I enjoy growing jobs and helping to lift up men and women to provide for him/herself, instead of depending on a government subsidy to survive.

That is why I think that it is crucial to keep our Republican majority in the Legislature, so that we can continue to allow West Virginia businesses to grow, attract more industry and investors to this great state, and watch as the jobs and higher wages help hard working families live the kinds of lives they deserve.

Joe Eddy is President and CEO of Eagle Manufacturing Company in Wellsburg, W.Va.

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