The Register-Herald, Beckley, West Virginia

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September 3, 2010

Consultant says work needed to push economy ‘into high gear’

By Tina Alvey Register-Herald Reporter

WHITE SULPHUR SPRINGS — With the national economy struggling to emerge from what is now generally acknowledged as “the Great Recession,” a continuing theme at the West Virginia Chamber of Commerce’s annual meeting here is the effect of government policies on the economy.

Thursday morning, two related presentations on driving the state’s economy “into high gear” drew a large crowd to Colonial Hall at The Greenbrier. In that luxurious setting, the audience heard J. Mac Holladay, CEO of economic consulting firm Market Street Services, bluntly say, “There is virtually no good news.”

Holladay told the business leaders gathered, “It’s time to get to work. It’s not time to be complacent.”

He listed the state’s challenges as the impact of national energy policies on the coal and natural gas industries, both of which are linchpins of West Virginia’s economy, and the need to complete court reform.

In addition, he said, “The state’s Department of Commerce is underfunded, understaffed and underpaid. You need to be marketing harder.”

Holladay spoke of Greenbrier CEO Jim Justice’s investment in the resort and the recently concluded Greenbrier Classic PGA Tour event, which provided a national platform to display West Virginia at its best. But Holladay said the classic was also an opportunity missed for the state Development Office, whose budget would not allow the creation and airing of television ads on CBS touting the state as a potential location for businesses.

“This is not about us; it’s about our children and our grandchildren,” he remarked.

Panelist Richard Adams, president and CEO of United Bank, said, “If you don’t have the votes in the West Virginia Legislature, there will be no change.”

He added, “It’s all about policy — it’s about tax policy; it’s about court reform policy; it’s about education policy.”

Adams pointed out United Bank is chartered in both West Virginia and Virginia, with capitalization in each at around $4 billion. But the tax bite in West Virginia is substantially higher than in the Old Dominion, making it more expensive and less profitable to do business here, he said.

Panelist Richard Whiting, CEO and corporate director of Patriot Coal Corp., spoke disparagingly of “distant nay-sayers with no skin in the game” who impose “burdensome regulations” that negatively affect the Appalachian region.

Employing the motoring theme of the symposium, Whiting said, “The performance (of the vehicle) depends on both the capability of the engine and the condition of the road. Uncertainty is our worst enemy.”

The chamber’s annual meeting and business summit concludes today with discussions of education, health care reform and workers’ compensation.

— E-mail: talvey@register-herald.com

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