CNNmoney.com recently ranked Morgantown, West Virginia #7 among small metro areas to start a small business. The following is from their November 2009 issue:
Morgantown has the convenience of a city with the appeal of a small town. West Virginia University, which is Monongalia County’s largest employer, generates much of the city’s business activity. WVU’s Business Incubator nurtures startups, and the university also provides clientele and an educated workforce.
Major retailers and restaurant chains have made inroads into Morgantown in the past five years. Still, local business owners say Morgantown remains a small, supportive community.
The one thing Morgantown lacks is a major airport. However, the city is not far from Pittsburgh, which lies 75 miles north, and Washington, D.C., is only a few hours’ drive away. Local perks include abundant outdoor leisure activities, including white water rafting and hiking. - Christina Crapanzano
Morgantown Business Statistics
All statistics are for the full Metropolitan Statistical Area. For a complete list of data sources, see “How we picked the Best Places.”
| Business Climate | City stats | Best Places average |
|---|---|---|
| Employer establishments with 1-49 employees (2007) |
2,616 | 27,126.98 |
| Small business growth rate (2004-2007) |
2.6% | 5.92% |
| State business tax climate ranking (out of 50 states) |
36 | N/A |
| Percentage of population with bachelor’s degree (ages 25-34) |
37.4% | 33.48% |
| Violent crime (rate per 100,000 inhabitants, 2007) |
191 | 393.34 |
| Property crime (rate per 100,000 inhabitants, 2007) |
2,386.3 | 3158.51 |
| Demand | City stats | Best Places average |
| Population growth (2003-2008) |
3.9% | 7.84% |
| Per-capita income (2007) |
$31,439 | $36,545.24 |
| Per-capita income growth (2002-2007) |
25.6% | 27.66% |
| GDP (in millions) (2006) |
$4,651 | 59,299.44 |
| GDP growth (2001-2006) |
46% | 38.97% |
| Costs | City stats | Best Places average |
| Average hourly wage (2008) |
$17 | $18.35 |
| Housing foreclosure rate (first half of 2009, 1 per every X housing units) |
2,362 | 1,070.14 |
| Median rent (2009, for a 2-bedroom housing unit) |
$654 | $778.80 |
| Housing price-to-income (HPI) ratio (first quarter of 2009) |
1.9% | 1.70% |
| Long-term HPI ratio (20-year average, 1984-2004) |
1.9% | 1.65% |
| HPI deviation from long-term average | -1% | 1.47% |
To read the full article, please visit CNN Money’s website (make sure and leave a comment at the bottom of the page where CNN asks “What do you think of Morgantown?”). We’d also like to add that the West Virginia University Business Incubator and the West Virginia Small Business Development Center are listed in their “Launch Toolbox” as two of the local startup resources.
Posted by Matt Livengood on October 14, 2009 at 2:53 pm in the following categories: Featured News, Morgantown, Small Business Development Center, WVUBI
