ASHLAND, Ky. (KT) - Braidy Industries will have a huge economic impact on the neighboring states of Ohio and West Virginia, according to a report released Tuesday by Dr. James V. Koch, Board of Visitors Professor Emeritus of Economics and President Emeritus of Old Dominion University.
The report found substantial economic impact in the Tri-State as a result of Braidy. It focuses on Braidy’s impact as an employer within Lawrence and Scioto counties in Ohio, and Cabell and Wayne counties in West Virginia, a region where individuals commonly work across state lines. The U.S. Census estimates that more than 5,000 individuals travel from these counties daily to Boyd County to work.
The report supplements a previous economic study released in April 2019 on Braidy’s impact on the Commonwealth of Kentucky. That report found that Braidy will catalyze $2.8 billion in economic growth in Kentucky and $1.54 billion within the six-county Eastern Kentucky region from construction through the first year of production in 2021.
Utilizing the U.S. Department of Commerce’s RIMS-II economic impact model, the study forecasts significant economic prosperity generated by Braidy through 2021, including:
• An average Braidy weekly wage 17.5 to 35.5 percent above regional averages within West Virginia and Ohio.
• An estimated impact on the value of output in Ohio of $153.0 million, and a comparable figure in West Virginia of $238.3 million.
• An estimated annual total earnings in Ohio of $205.1 million and $185.3 million in West Virginia.
•West Virginia will experience 61 percent of the non-Kentucky economic output impact of Braidy, while Ohio will experience approximately 39 percent of it.
• 52 percent of the economic impact of non-Kentucky jobs will occur in West Virginia, while 48 percent will be in Ohio.
• Nearly one-in-every six jobs in Wayne County, West Virginia will be tied to Braidy, as well as one-in-every-seven jobs in Lawrence County, Ohio.
“The Tri-Sstate region is home to a talented workforce eager to help companies like Braidy create prosperity. We chose Ashland, Kentucky because of these dedicated and hard-working people.” said CEO Craig Bouchard. “Dr. Koch’s study shows the power of private companies and communities working together. We have assembled a multi-disciplinary team consisting of the best of the best to make these impact estimates a reality,”