Tyson Foods Inc.’s announcement last week that it will move all its executive teams to its Springdale headquarters, a move affecting about 1,000 corporate workers, had many of us wondering: Where will all those executives live?
Growth propelled by northwest Arkansas’ status as headquarters to some of the nation’s biggest companies has already placed housing in short supply, and area home prices have surged. A report last month on home sales in Benton, Washington and Madison counties said the average sale price for homes sold during the first half of 2022 increased nearly 27% to $385,821 from $306,236 in the second half of 2021. The latest Arvest Skyline Report said area home prices have risen more than 128% from a decade ago.
This is an Opinion
Don’t get us wrong: Growth is a good problem to have. But it’s still a problem. In addition to creating housing issues, it adds demand to infrastructure like roads and expands the need for health care services.
Not to mention that some fear the high cost of housing will drive those of more modest means like teachers, firefighters and police officers — the workers who provide invaluable services to the community — out of those very communities.
“Housing will be a challenge … it’s a challenge today,” Bill Rogers, president of the Springdale Chamber of Commerce, said. “Our region, fortunately, knows we have an issue and we have a lot of people working on that.”
Tyson’s plan is good news for homebuilders and real estate agents, but it will force regional leaders like Rogers to work even harder to address the challenges of the area’s growth.