Economic Development

Economic Development

Arkansas Economic Development Commission

Monthly Update – January 2021

The December 2020 unemployment rate of 4.2% maintained its status of being less than the national average of 6.7%. There are 57,300 more people employed now than when Governor Hutchinson took office in January 2015. (1,244,300 in November 2020 [most updated] vs. 1,187,000 in January 2015). 

Since January 2015, the Arkansas Economic Development Commission has signed incentive agreements with 516* new and expanding companies.

  •      These 516 projects have resulted in approximately 22,932* new jobs for Arkansans.
  •      These companies have invested $10,349,243,306.46 in capital in the state.
  •      The average hourly wage for the new jobs created is $20.66.

2020 Summary: From January 2020-December 2020, there were 47 new incentive agreements signed, accounting for 2,241 new jobs with an average wage of $20.87. These agreements equaled $830,988,511.00 total in investment.

In January 2021, AEDC signed new incentive agreements with one new or expanding company, which worked with AEDC to create 32* new jobs (with an average wage of $12.50) and has invested $310,000

*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

SFI of Arkansas LLC

Location:
Conway

Date:
Dec 12, 2019

Company's Investment:
N/A

New Jobs:
75

New/Expanded:
expanded

Product/Services:
Steel Fabrication

Read Full Article →

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