Economic Development

Economic Development

 

Arkansas Economic Development Commission
Monthly Update – September 2022

The August 2022 unemployment rate of 3.4% maintained its status of being less than the national average of 3.7%. There are 125,200 more people employed now than when Governor Hutchinson took office in January 2015. (1,327,600 in August 2022 vs. 1,202,400 in January 2015). The labor force participation rate for August was 56.8%. Manufacturing employment as a percentage of total nonfarm employment was 12.41%. Non-retail, hospitality, or government employment as a percentage of total employment was 75%. Average hourly wage of all industry sectors, 1st Quarter 2022: $27.10. Average hourly wage of manufacturing sectors, 1st Quarter 2022: $26.54.

Since January 2015, the Arkansas Economic Development Commission has signed incentive agreements with 495* new and expanding companies.

  • These 495 projects have resulted in approximately 25,924* new jobs for Arkansans.
  • These companies have invested $14,013,848,502.46 in capital in the state.
  • The average hourly wage for the new jobs created is $20.62.

AEDC signed 2 new incentive agreements in September 2022.

2021 Summary: From January 2021-December 2021, there were 36 incentive agreements signed with new or expanding companies, which worked with AEDC to create 2,716* new jobs (with an average wage of $20.62) and invest $722,168,683.

This year alone (2022), AEDC has signed 19 new incentive agreements, which is expected to result in 2,918 new jobs created with an average wage of $27.45. These new or expanding companies plan to invest $4,002,214,392 in capital in the state.

Business & trade data: 

  • CNBC Cost of Doing Business Ranking: 4
  • 2021 Arkansas GDP: $145B
  • Arkansas’ total export value for 2021: $5.6B
  • Arkansas’ top five export partners in 2021: Canada, Mexico, United Kingdom, Japan, China
  • Arkansas’ top five exports in 2021: Aircraft and parts, Machinery, Plastics, Arms and Ammunitions, and Rice.

*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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Governor Announces DXC Technology To Expand in Conway, Create 1,200 Jobs 

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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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