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AP Money and Markets |

Published: November 30, 2008 01:39 pm    print this story  

WVa in the black thanks largely to coal

Associated Press
Associated Press

WHEELING — West Virginia is one of only nine states not facing the prospect of budget deficits, and a leader in the coal industry says that’s no accident.

West Virginia Coal Association Vice President Chris Hamilton says the booming coal industry is largely responsible for keeping West Virginia afloat while economic woes afflict other states.

As the price of coal has risen, state tax revenues derived from the industry have consistently come out ahead of projections.

Hamilton predicts continued growth in the industry, although he says it will be moderate. That may mean companies won’t be hiring many new workers.

Next week, Gov. Joe Manchin plans to meet with President-Elect Barack Obama and about 39 other governors to discuss how the economic crisis is affecting states.

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