Editor’s note: This article is part of a special magazine celebrating 40 years of Arkansas Business. The full magazine is available here.
Clint O’Neal, executive director of the Arkansas Economic Development Commission, said the diverse Arkansas economy is important to the world.
“Our core industries have a tremendous impact on our nation and the world every day, and this impact will continue as we grow in industries like steel, timber and forest products, food and beverage, firearms and ammunition, aerospace and defense and many others,” O’Neal said. “Emerging industries like the lithium industry promise to create new opportunities and position Arkansas for long-term success.”
He noted that entrepreneurs will play an important role in the state’s economic growth in the future.
“We have the No. 1 opportunity share for entrepreneurs, according to the Kauffman Foundation, and Forbes Advisor named Arkansas as the No. 3 best state to start a business,” O’Neal said. “Our low costs and supportive business environment will help Arkansas’ entrepreneurs — both homegrown and those attracted by our state’s advantages — to create successful companies.
“As we continue to reduce taxes and implement sound public policy, industry-driven workforce development strategies and smart investments in infrastructure, we’ll be successful in economic development, and we’ll see an increase in GDP, per capita income and workforce participation rate.”
Bryan Day, executive director of the Port of Little Rock, believes economic development in central Arkansas will continue to exceed all expectations.
“We have experienced record job growth over the past three years, and this trend is showing no signs of slowing down,” Day said.
Some big-picture variables are in play to maintain the momentum, he said.
“Companies are finding it more difficult to build in the larger cities,” Day said. “The cost of real estate, competing labor forces, traffic congestion, unions and the cost of living are forcing industry to look to middle America.
“A company can build a widget anywhere in the world, but they must find an economic model that works. Little Rock will reap the benefits as these companies look to expand or relocate.”
Adding to the industrial movement is a pandemic realization that the nation’s supply chain was broken because America was producing too few everyday goods.
“Business executives realized that and are now investing in bringing manufacturing jobs back to America,” Day said. “Little Rock and central Arkansas will continue to attract investment and create opportunities for our residents. The next decade will see continued growth, and industry will take notice of our state and our community.”
Nelson Peacock, president and CEO of the Northwest Arkansas Council, said the future is shining bright for northwest Arkansas.
“The population and economy are growing at a rapid pace, and all forecasts project this will continue,” Peacock said. “In many ways, the region is at an inflection point. One of the major challenges the region faces with its booming economic growth is the desire to preserve its great quality of life and low cost of living while absorbing over 30 new residents every day. This will require leaders to be forward-thinking when balancing the impacts of growth.”
Investments in roads, bridges and water infrastructure must be a key priority and include developing new and coordinated transit systems.
“Northwest Arkansas has an opportunity to build on its strengths in retail, supply chain and logistics to build a center of innovation in those key areas and to foster the development of a strong entrepreneurial ecosystem,” he said. “Investments in research and commercialization need to be strengthened and nurtured by University of Arkansas leaders so that they pay off for the entire state. The region’s success is defined by trailblazing entrepreneurs like Sam Walton, Don Tyson and J.B. Hunt. America’s next great founder should have all the tools and support necessary to build the next great company right here in Arkansas.”
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