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CHARLESTON - Opportunity zones are being established across the state, including in Wood County.
West Virginia Gov. Patrick Morrisey announced Thursday the U.S. Department of the Treasury has certified 52 census tracts across 32 West Virginia counties as Opportunity Zones, providing new federal tax incentives to attract private investment, support business expansion, create jobs, and revitalize communities throughout the Mountain State.
“West Virginia is attracting record levels of private investment, and we want to make sure communities in every corner of our state have an opportunity to share in that growth,” Morrisey said, according to a press release. “These new Opportunity Zones give us another tool to bring investment into communities that need it, create good-paying jobs, and help local businesses grow. We’re building an economy where more West Virginians can find opportunity close to home.”
The designated census tracts are in 32 counties across West Virginia: Berkeley, Boone, Braxton, Brooke, Cabell, Calhoun, Greenbrier, Hampshire, Hancock, Harrison, Jackson, Jefferson, Kanawha, Lewis, Marshall, McDowell, Mercer, Mineral, Mingo, Monongalia, Morgan, Nicholas, Ohio, Pocahontas, Putnam, Raleigh, Roane, Summers, Upshur, Wayne, Wood and Wyoming.
The announcement builds on more than $96 billion in announced private investment and more than 19,000 projected jobs over the past year, according to a press release from the governor's office. The new designations will help attract additional private capital into communities across the state, supporting industrial development, business expansion, housing, and infrastructure improvements.
"Gov. Morrisey's Opportunity Zone designation unlocks extraordinary potential for Wood County," said Lindsey Piersol, executive director, Wood County Economic Development Office. "We have a monumental 30.9-acre, 2.7-million-square-foot industrial riverfront site with direct rail, river, and I-77/US-50 access ripe for modern logistics and manufacturing, alongside historic downtown assets like 714 Market St. and Campbell Plaza.
"This designation gives us the competitive edge to attract investment and catalyze our economy."
Under the Opportunity Zones 2.0 program, investors who reinvest eligible capital gains through Qualified Opportunity Funds can receive federal tax benefits designed to encourage long-term investment in designated communities.
The program also provides enhanced incentives for qualifying rural investments, according to the release. Investments through Qualified Rural Opportunity Funds can receive a 30% basis increase after five years, compared with 10% for standard Qualified Opportunity Funds. Qualifying rural properties also benefit from a reduced substantial improvement requirement of 50%, rather than 100%.
"The Wood County Commission thanks Gov. Morrisey for helping us move this project forward," Wood County Commission President Blair Couch said. "Hand-in-hand with the Wood County Development Authority, we all hope to see success and growth here in Wood County.
"We appreciate the governor’s efforts for our community and state. We all look forward to a bright future here in West Virginia."
The West Virginia Division of Economic Development coordinated the state’s selection process, reviewing nominations from local economic development authorities, county commissions, and regional planning councils. Priority was given to areas with strong potential for business investment, infrastructure development, and long-term job creation.
The new designations take effect Jan. 1, 2027, and will remain in place for 10 years as part of the permanent Opportunity Zones program, providing communities and investors with long-term opportunities for economic development. For more information about Opportunity Zones 2.0, including census tract maps and program details, visit westvirginia.gov/opportunity-zones.