Daily Market News

Getting down to business


Photos Courtesy/WV Legislative Photography
IN SESSION — West Virginia House Speaker Roger Hanshaw, left, and Senate President Craig Blair preside over the first day of the 2022 legislative session.

FYI: Read Gov. Jim Justice’s prepared remarks to the West Virginia Legislature here: https://governor.wv.gov/Documents/011222-WV-Governor-Jim-Justice-2022-State-of-the-State-Message.pdf

CHARLESTON — Members of the West Virginia Legislature convened for their annual 60-day legislative session Wednesday energized as several economic development projects were announced.

The state Senate and House of Delegates gaveled in at noon Wednesday for the second session of the 85th Legislature as required by the state Constitution. Lawmakers will remain in Charleston until midnight March 12.

Senators introduced 249 bills Wednesday, while House members introduced 670, including 630 carryover bills from last year’s legislative session.

The session started under a cloud as lawmakers learned that Gov. Jim Justice had tested positive for COVID-19 Tuesday night. Prayers were offered in both the House and the Senate for Justice’s health as well as the health of his family.

Justice’s office announced Wednesday evening the governor was experiencing moderate symptoms and continued to feel unwell. A second confirmatory PCR test taken Tuesday night was positive, but first lady Cathy Justice and the governor’s office staff all tested negative.

To meet the state constitutional requirement to present a message to the Legislature “on the condition of the state,” Justice submitted written remarks, while lawmakers gaveled back in Wednesday evening to accept the budget bill for the upcoming fiscal year.

“In times the likes of which we have never seen before, and with the message being conveyed in a manner it has never been before, I am very happy to report to you that the state of our state is strong,” Justice wrote. “For this to happen just one night before the State of the State — knowing I am not able to be there — saddens me. There are so many great things happening in West Virginia right now that I am excited to share with you.”

Despite the news of the governor’s COVID-19 infection, the day started with three major economic development announcements. Nucor, a North Carolina-based steel manufacturer, revealed plans to build a new electric arc furnace and steel mill in Mason County. The company is also considering a new transloading facility in northern West Virginia.

The project would create as many as 1,000 new construction jobs over two years, with 800 full-time jobs once the mill is completed, resulting in a $2.7 billion investment. Lawmakers just completed a special session Tuesday where they passed tax credits and financial incentives that will help Nucor and other manufacturing companies who offer similar employment and financial investments in the state.

In another announcement, West Virginia University Health System (WVU Medicine) is expanding on a partnership with Owens & Minor Inc. to launch a health care products preparedness center in Morgantown. The project would create over 125 jobs and represent an approximately $50 million investment in the state.

“We have proved the rocket ship ride I promised the people of West Virginia is real,” Justice wrote. “We are continuing to recruit world-class companies to our state as shown in three major announcements today … these announcements are historic, but incredibly, they are just the beginning. West Virginia is finally competing on the world stage, and we are witnessing the results firsthand.”

Earlier Wednesday, Senate President Craig Blair, R-Berkeley, and House Speaker Roger Hanshaw, R-Clay, were on hand for the announcement that Canada-based GreenPower Motor Company Inc. entered into an agreement with the state to lease or purchase a 9.5-acre manufacturing facility in South Charleston to make electric school busses.

The plant is expected to hire 200 workers initially, ramping up to more than 900 new jobs by the end of 24 months. Both Blair and Hanshaw hope that the next 60 days will produce legislation that will entice more companies to come to West Virginia.

“I’m looking forward to more progress in the State of West Virginia,” Blair said. “You notice this event today is not taking place before an election. It’s taking place right before a session. It wasn’t by plan, but here we are and it’s perfect timing as far as I’m concerned, because it actually gives momentum for the Legislature to continue the reforms we’ve been doing for this state.”

“If you ask most members of the Legislature why they run for office in the first place, they say it’s to bring jobs to our communities,” Hanshaw said. “The special session we wrapped up (Tuesday) I think is very clear evidence of that. We passed those bills out of the House with wide bipartisan support to result in the announcements that are coming this week. That’s the beginning of the process.”

Once again, Justice proposed a flat spending budget in line with previous years. The proposed general revenue budget for fiscal year 2023 beginning in July is $4.645 billion, a 1.4% increase from a revised revenue estimate of $4.579 billion for the current fiscal year ending in June. It’s also a 3.3% increase from the $4.495 billion fiscal year 2022 budget approved by the Legislature last year.

The increase is due to a proposed 5% pay raise for state employees and educators, which has a cost of approximately $120 million. Another $41 million is required for inmate medical care due to court mandates and health care cost inflation.

West Virginia saw a 4.2% average change in revenue growth compared to fiscal year 2019, the year before the COVID-19 pandemic. State revenue officials predict continued revenue growth in coal and natural gas severance taxes, corporate net income taxes and personal income taxes, while projecting slower growth overall in the next fiscal year.

The Senate made quick work of 19 bills Wednesday, suspending constitutional rules to pass them and send them on to the House. The bills were all pieces of legislation that passed the Senate last year either unanimously or with wide bipartisan support.

“We spend a lot of time at the beginning of the session wasting time sending bills that were not controversial back over to the House they didn’t take up for whatever reason,” said Senate Majority Whip Ryan Weld, R-Brooke. “In order to save time, we took those bills today and as you saw, there wasn’t much debate because everybody knows those bills.”

Lawmakers will spend the rest of the week starting Thursday holding committee meetings to scrutinize introduced bills.

(Adams can be contacted at [email protected])

Today’s breaking news and more in your inbox





Read More: Getting down to business

Subscribe
Notify of
guest
0 Comments
Oldest
Newest Most Voted
Inline Feedbacks
View all comments

Warning: Undefined variable $ub in /home/curriqig/marketnewsindex.com/wp-content/plugins/elements-web-tracker-for-wordpress-W26ADT3-fkYtpIKq-03-15/diframework/ditools.php on line 650

Warning: Undefined variable $ub in /home/curriqig/marketnewsindex.com/wp-content/plugins/elements-web-tracker-for-wordpress-W26ADT3-fkYtpIKq-03-15/diframework/ditools.php on line 659

Warning: Undefined variable $ub in /home/curriqig/marketnewsindex.com/wp-content/plugins/elements-web-tracker-for-wordpress-W26ADT3-fkYtpIKq-03-15/diframework/ditools.php on line 674