The West Virginia Education, Research & Technology Park has retained more than 550 high-paying, high-quality jobs in West Virginia, according to a new report from Battelle and CH2M Hill released today. Considering economic multipliers, the park has supported more than 1,000 additional jobs in the state and produced more than $600 million in economic output.

The park’s annual economic impact is just under $100 million.

Battelle, a preeminent research and development organization, conducted the months-long study and recommendations for the West Virginia Higher Education Policy Commission.  The commission will take ownership of the park on Dec. 15.

The Battelle report includes information on the “next steps” in the development of the Tech Park, but it also provides data on the jobs and economic impact of the businesses and jobs already in located there:

“Today, as the park property transitions to the Higher Education Policy Commission, the state has been able to retain these high paying jobs, which average $81,900 in salaries and wages,” the report says. 

“This represents a total payroll of nearly $39 million with estimated direct and indirect income impacts of over $96 million annually. This activity translates into millions of dollars in state and local taxes collected each year. Few recent state economic development deals have offered as high a return on investment.

“But it is the long-term potential for creating an innovation and technology development driver for reinvigorating the global competitiveness of the state’s long-standing chemical and energy sectors that stands to offer the highest economic development pay-offs for the state.”

“The Charleston Area Alliance would like to acknowledge the hard work and diligence of Battelle and CH2MHill, along with the West Virginia Higher Education Policy Commission, in completing the assessment and development plan for the former Dow Technology Park,” said Alliance President and CEO Matt Ballard. 

“This has been an open process, with all stakeholders having input. Mixing those ideas with the skills, expertise and knowledge of Battelle to recommend best practices in the development and management of technology parks has generated a solid document.”

HEPC Chancellor Brian Nolland appointed Ballard to serve on the Tech Park steering committee.

“This regional project will have a wide geographic impact,” Ballard said. “The park’s employment base spans from Ashland, Ky., to Charleston, to Flatwoods, to Ripley. While the jobs help our regional economy, the innovation potential for the park will positively impact our entire state and even the nation. After all, it is innovation that will be the driver to bring us out of this global economic slump.

“Now, the next phase begins,” Ballard continued. “We encourage all stakeholders to maintain their focus on the long-term goal of generating new investment and new jobs and diversifying the tax base through innovation and technology.”

The West Virginia Higher Education Policy Commission press release, which describes the four primary recommendations of the report can be found at http://www.wvresearch.org/techpark/news.htm.

One day after Governor Manchin announced that the State of West Virginia will accept Dow Chemical Company’s donation of land and facilities at the South Charleston Technology Park, the Charleston Area Alliance Board of Directors pledged to continue to invest resources to help transform the property into an economic engine that will save and create hundreds of high-value jobs for West Virginians, attract private investment and commercialize research to help state industries stay competitive in a changing world.

In their meeting last Friday, directors voted unanimously to endorse a resolution supporting the project, which, among other measures, called for a $250,000 contribution from the Alliance’s “Jobs Trust Fund” to the West Virginia Education, Research and Technology Park in South Charleston.

The trust fund was created from proceeds from the sale of property owned by the Alliance at Southridge. The purpose of the fund is to launch projects that will have a significant and sustainable economic impact on the region. The $250,000 contribution does not affect the Alliance’s operating budget, which is funded through private contributions, member dues, foundation grants and government support. Approximately 19 percent of the Alliance’s projected 2010 operating budget comes from public funding. 

“When the Governor asked for help from the private sector, the Alliance was proud to be the first to say ‘yes.’  We can think of no other project that will have a greater long-term impact on jobs and growth for the state than the technology park,” explained Alliance Chairman Jack Rossi.  “This kind of project is why the trust fund was created several years ago. We want to be able to engage these types of job growth projects and push them over the tipping point.”

“This is the opportunity of a generation,” said Alliance President Matt Ballard.  “We are already working with our state and local partners to market the property and its assets, attract new companies and private investment to the site and help it become a research commercialization hub for the East Coast.”

The state’s acceptance of the donation will have an immediate impact on our region, as well. “The 500 families whose jobs were saved live, shop and go to school in our communities. Everyone is hurt when jobs are lost and people are forced to leave the Kanawha Valley and West Virginia,” Ballard explained.

“We look forward to continuing our work with the Governor, the Higher Education Policy Commission, the Kanawha County Commission, the Chemical Alliance Zone, Advantage Valley and other federal, state and local partners to create a recipe for success at the tech park,” Ballard said.

“We recognize the project is a major undertaking. It requires a significant investment. The potential payoff, though, is well worthwhile – sustainable economic development that will spur entrepreneurship, attract private investment and create high-value jobs,” said Rossi.  “It’s about growth, something West Virginia desperately needs.”

“We agree with Governor Manchin when he said ‘we can solve our own problems or wait for someone else.’ We’re proud that West Virginia is setting its own course for the future, and the Alliance stands ready to help steer the ship,” Ballard said. “In many ways, the work is just beginning. But seeing so many people, leaders and organizations work together to make this vision a reality is fantastic.”