Economic Development

Economic Development

Arkansas Economic Development Commission
Monthly Update – September 2021

The August 2021 unemployment rate of 4.2% maintained its status of being less than the national average of 5.2%. There are 66,300 more people employed now than when Governor Hutchinson took office in January 2015. (1,268,800 in August 2021 vs. 1,202,500 in January 2015).

Since January 2015, the Arkansas Economic Development Commission has signed incentive agreements with 546* new and expanding companies.

  • These 546 projects have resulted in approximately 25,251* new jobs for Arkansans.
  • These companies have invested $10,911,367,098.46 in capital in the state.
  • The average hourly wage for the new jobs created is $20.87.

2020 Summary: From January 2020-December 2020, there were 50 new incentive agreements signed, accounting for 2,302 new jobs with an average wage of $20.71. These agreements equaled $832,627,774 total in investment.

In 2021 alone, AEDC has signed new incentive agreements with 26 new or expanding companies, which worked with AEDC to create 2,175* new jobs (with an average wage of $21.42) and invest $619,386,986*. 

This month alone (September 2021), AEDC has signed new incentive agreements.

*The numbers above do not include announced jobs. They are strictly incentive agreements signed.

 

Job creation is broken down into three categories:

  1. Competitive Projects
  2. Facilitated Growth
  3. Market Driven Growth

Competitive Projects: These are projects that the Arkansas Economic Development Commission (AEDC) is responsible for creating — whether it’s new business, expansion of an existing business or the retention of a business currently in the state. An example of a Competitive Project is the recent expansion of HanesBrands in Clarksville. Learn more about AEDC

Facilitated Growth: Jobs created in an area (or industry) where the state has made a conscientious decision to invest funds to help stimulate or foster growth. For example, the state invests X dollars in tourism which resulted in Y total number of tourists to the state and Z total jobs.

Market-Driven Growth: Jobs created by market-driven growth come from our overall business climate in Arkansas, as well as all start-up businesses. Since assuming office in January 2015, Governor Hutchinson and the legislature have lowered taxes, reduced regulations, and increased the speed to market by cutting permitting time — all of which improve market-driven growth.

For more information on economic development in Arkansas, visit arkansasedc.com.

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Newest Announced or Expanded Company

Wipro

Location:
Sherwood

Date:
Aug 24, 2021

Company's Investment:
$3 million

New Jobs:
400

New/Expanded:
new

Product/Services:
Information Technology

Read Full Article →

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