Morgantown – Where Things are Happening
- Looking to launch a business? CNN Money says look to Morgantown. They rank Morgantown as #7 on the 2009 “Best Places to Launch a Small Business” list in the “Smaller Cities” category. It was also listed #37 among all cities nationally.
- Morgantown came in at #3 on the 2009 Forbes Magazine “Best Small Places for Businesses and Careers” list.
- “Lowest Rate of Unemployment in the Country”, March 2009 by the U.S. Bureau of Labor Statistics, leading all metropolitan areas
- “Lowest Unemployment Rate in the Nation”, March 17, 2009 NBC Nightly News with Brian Williams
- “Why College Towns Are Looking Smart” in The Wall Street Journal
- 6th in “25 Best Places to Find a Job” by CareerBuilder.com
- 5th in “30 Best Cities to Find a Job”, November 2008, CNN
- 25th “Best Sports City” by Sporting News, Fall 2008
- 5th best “Boomtown City in Country” by Inc.com, 2007
- 5th in “Top 20 Small Cities” with populations under 150,000 by Inc.com, 2007
- 9th in “Best Places for Business and Careers” in smaller metros, 2007 by Forbes magazine
- One of 12 “Distinctive Destinations” by the National Trust for Historic Preservation
- 29th among “50 Smart Places to Live” by Kiplinger’s Personal Finance Magazine
- Named an elite “Well City” by The Wellness Councils of America within its “20 Well Workplaces,” representing more than 20 percent of the City’s workforce (five are located at WVU)
Compiled by WVU Business Incubator Morgantown, WV April 8, 2009, updated October 14, 2009
WVU and Morgantown - Working Together to Make Things Happen
Morgantown
- #1 Best Small City in America by Bizjournals.com
- Best Small City in the East by Prometheus Publications
- 3rd Best Small Town by Men’s Journal
- 5th Best Small Metro by Forbes
- 15th overall Best City by Inc.’s Boomtowns ‘06
WVU
- $2 billion: the amount WVU generates in economic development
- Over $150 million in annual research funding
- 60+ affiliated research centers and institutes
- Named one of the nation’s Best Workplaces for Commuters by the US Dept. of Transporation and the EPA
- Providing over $800 million in health care
Morgantown’s Outstanding Economic Outlook
Morgantown MSA and its surrounding area have experienced phenomenal economic growth over the past five years. The main catalyst for this growth has been the growing needs of West Virginia University and the health center. A well educated and growing population in the Morgantown area has produced a positive investment climate and launched a frenzy of construction. Local, private, public, and institutional investors have confidence in the community and have harnessed the investment climate and encouraged the excellent economic growth.
The economic Health of Morgantown is illustrated by four basic indicators; population growth, job growth, unemployment rate and income growth. Morgantown has ranked highly in all these areas over the past 5 years and is summarized as follows:
- Population growth of 3.9%
- Job Growth of 2.2%. Representing a 14.7% increase. West Virginia and the nation, however, had a net loss in job growth.
- Unemployment of 3.5%. Well below state and national averages of 5.2% and 5.5% respectively.
- Income growth of 5.6% compared with 4.1% nationally.
These figures are empirical evidence of the economic well-being of Morgantown and the success has not gone unrecognized. Over the months of May and June in 2006, Morgantown MSA and its surrounding area’s have fared outstandingly in several national rankings. These include:
- 5th in Forbes Magazine annual list of the “best places for business and careers.” The highly respected magazine ranked 179 small cities across the US based on cost of living and doing business, culture and leisu7re activities, job growth, and educational attainment.
- 12th in Inc. Magazines ranking of “Boomtowns ‘06″. They ranked the “hottest” small cities with employment bases under 150,000.
- 29th among a list of 50 smart places to live compiled by Kiplinger’s Personal Finance. Kiplinger factored in economic vitality giving points to well-diversified economies that are good places to start or expand business.
Forecasts through 2009 suggest there will be steady economic national growth. Morgantown is expected to continue its better than national economic growth including the unemployment rate forecast to drop below 3%. As the University and health center continue to expand Morgantown MSA is well positioned to retain its booming economy and attract further investors. Small businesses looking to start-up as well as businesses seeking to expand can also expect a very inviting climate. The Morgantown area has an abundance of knowledge to draw on and has excellent cooperation between government, business and other entities. This cooperation and need for expansion has produced a city which is beginning to be widely recognized and is primed for further economic success.
Compiled by WVU SBDC Morgantown, WV June 1, 2006
For more information on Morgantown, visit http://shades.wvu.edu/
