A State of Transition
Like other states, over the past decade West Virginia began a challenging transition from an economic development model based on raw materials, natural resources, and physical labor to a new economy where “wealth, value, productivity and profit are coming more from our heads as opposed to our arms, backs, and legs.”
Where once man-hours and their physical products measured economic strength and success, economic preparedness now is measured by knowledge, creativity, and skill – the human capital factor of production. It is the shift from a physically-based product to a knowledge-based product, and it is reverberating around the globe and in our state.
Examples of industries in this category include biotech, biometrics, software development, and professional service industries. Read more @ Pg. 8 of Culture, Creativity, and Innovation: West Virginia in the New Economy.