Little Rock Chamber Releases Economic Development Plan

The Little Rock Regional Chamber’s MetRock Now economic development campaign on Monday released its “MetRock 2020” economic development strategic plan, the result of a nine-month study by Boyette Strategic Advisors. 

The plan will inform the chamber on what state and local policies it should propose, support or oppose, and what economic development efforts are worth pursuing over the next three years.

It was a collaborative effort among the firm, the chamber, Little Rock Mayor Mark Stodola, North Little Rock Mayor Joe Smith, Pulaski County Judge Barry Hyde, the North Little Rock Chamber and its Economic Development Corp. 

The chamber also announced that the Arvest Foundation invested $25,000 to research the development of new sites for economic development projects. The firm found that the Little Rock metro is lacking in available sites and buildings for businesses that are relocating or seeking to open a new location. 

More than 500 stakeholders were involved in developing the plan, which lists six strategic focuses: business vitality/policy; infrastructure/product; marketing and communications; entrepreneurship/innovation; workforce/talent; and community vitality. 

Under business vitality/policy, MetRock 2020 stresses that the chamber should market the Little Rock metro to the following sectors: advanced manufacturing; corporate operations; distribution/logistics; energy technologies; financial services and technologies; health care/medical; and startups/innovation. 

Identifying and developing additional property for potential advanced manufacturing projects, developing a distribution/logistics park and supporting future expansion of the Little Rock Technology Park are also listed as actions to take under the infrastructure/product focus.

The plan also suggests that the metro, among other things, do the following:

• Develop a responsive digital strategy.
• Create a comprehensive marketing and communications playbook and guidelines.
• Launch a retention strategy for startups.
• Expand accelerator programs to include the energy and health care sectors.
• Increase funding for entrepreneurs and startups.
• Support advancement of public schools.
• Monitor and increase its talent pipeline.
• Increase labor force participation.
• Continue to support arts, entertainment and cultural offerings.

Jay Chesshir, president and CEO of the Little Rock Regional Chamber, told Arkansas Business after the announcement that work to implement the plan would begin immediately and it will take more than the three years to address every focus.