by M. Anthony Carr
Job growth is on the rise in West Virginia -- state wide -- according to the Herald-Dispatch in Huntington. The unemployment rate dropped to 4.2 percent in July, more than a full percentage point, as the jobless rate dropped in all 55 states across the county. The unemployment rate for the city was at 3.3 percent in July.
Housing growth stems from job growth, and Charleston, West Virginia, is no different. The median price for a single-family home in the city rose 7.1 percent for the second quarter of the year, hitting the $136,000 mark, which is the highest price for a home on record for the capital city. Multi-family properties are going up at a hefty rate. The first quarter of 2008 saw 300 percent more permits issued to build multi-family structures over the same period as last year.
Charleston has long been an economic boom town for the whole state and is also the capital of the state of West Virginia. Besides government, the two industries that help drive the machinery in Charleston are coal and gas. Meanwhile, the largest employment sector is professional, scientific and technical services industries.
For a down-to-earth look at Charleston, tune in to ESPN on September 8 as the city will be hosting the World's Strongest Man competition.
Published: August 29, 2008
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Mr. Carr has covered real estate since 1989. He is the author of 