< Previous28 A R K A N S A S : T H E S T A T E T H A T R U N S L I K E A B U S I N E S SReal GDP GrowthUnemploymentPercent Change, 2016-2017 Arkansas U.S.Real GDP 1.1% 2.1% Agriculture, forestry, fishing, and hunting -0.16 -0.09 Mining -0.2 0.13 Utilities 0.04 0.03 Construction -0.02 0.03 Durable goods manufacturing 0.22 0.22 Nondurable goods manufacturing 0.22 0 Wholesale trade 0.22 0.17 Retail trade 0.12 0.2 Transportation & warehousing -0.01 0.1 Information -0.01 0.19 Finance & insurance -0.06 0.08 Real estate, rental and leasing 0.12 0.24 Professional, scientific, and technical services 0.1 0.18 Management of companies & enterprises 0.18 0.09 Administrative & waste management services 0.11 0.15 Educational services 0 0 Health care & social assistance 0.29 0.22 Arts, entertainment & recreation 0.02 0.04 Accommodation & food services 0.03 0.06 Other services, except goverment 0.01 0.04 Government -0.1 0Major foreign manufacturers in Arkansas include:OK Foods(Mexico)Nucor-Yamato Steel (Japan/U.S.)Dassault Falcon Jet (France)ABB (Switzerland)Husqvarna Forestry Products(Sweden)Pilgrims Pride(Brazil)Unemployment rate in Arkansas from 1992 to 20171992 1996 2000 2004 2008 2012 20169%8%7%6%5%4%3%Unemployment RateSource: US Bureau of Labor StatisticsSource: Bureau of Economic Analysis, May 20187.1%6.1%7.8%7.6%7.2%6%8.3%8.2%5.4%5.3%5.5%5.2%5.2%5%5%4%3.9%5.5%5.9%5.7%5.2%5.3%4.3%4.8%4.6%A R K A N S A S : T H E S T A T E T H A T R U N S L I K E A B U S I N E S S29EmploymentManufacturingAerospaceArkansas has a sizeable, well-trained aerospace workforce of over 4,230Manufacturing contributes of the state’s GDP and employs 15% 157,100 EngineersTechniciansCraftsmenSkilled MachinistsSource: Bureau of Labor Statistics 2017Source: Bureau of Labor Statistics 2017Source: Bureau of Labor Statistics 20171.2M JobsRetail Trade11.7%Manufacturing13.1%Healthcare & Social Assistance16.7%Government16.4%Other Sectors28.1%Information1.2%Professional, Scientific & Technical Services3.6%Transportation & Warehousing4.9%Construction4.3%30 A R K A N S A S : T H E S T A T E T H A T R U N S L I K E A B U S I N E S SArkansas & The WorldIn 2018, foreign-owned companies employedof Total employment (Q1 average 2018)orNumber of employees by Country of UBO34,1042.6%Top 5 Export MarketsUS Millions of DollarsTop 5 ExportsUS Millions of DollarsTop 10 Foreign Owned Operations by EmploymentArkansas 2017 Export Value by Country1,4001,2001,0008006004002000Canada MexicoFranceChinaUKJapanSwitzerlandSouth KoreaNetherlandsSingaporeBermudaOmanHaitiBrazilHong KongBelgiumGermanyAustraliaSaudi ArabiaDenmarkGuatemalaTaiwanUAEColombiaEl Salvador1,255728850368250CanadaMexicoFranceChinaUK$6.3B in Arkansas Goods Exports in 2017Source: Arkansas Economic Development Commission(Foreign Investment List) and Bureau of Labor StatisticsSource: Arkansas Economic Development CommissionSource: Global Trade AtlasSource: U.S. Census Bureau USA Trade OnlineSource: U.S. Census BureauAircraft & Parts 1,503MMachinery 523MElectrical Machinery 386MCereals 360MPlastics 335MJapan 5,949Switzerland 4,304France 3,306Canada 2,645Mexico 2,182Sweden 2,019Brazil 1,907Germany 1,679Ireland 1,561New Zealand 1,461Top 20 Projects in 2017CompanyDOMTAR A.W. LLCMcKee Foods CorporationGeorge’s ProcessingGeorgia-Pacific Crossett, ArkansasDOMTAR A.W. LLCButterball, LLCWELSPUN PIPES, Inc.BAD BOY, Inc.Tyson Poultry, Inc.George’s ProcessingUTC Railcar Repair Services, LLCAnthony Forest Products, Inc.Arvest Bank Group, Inc.Jay Packaging GroupWaco Title CompanyGemini-Cfo, LLCCrown Concrete, LLCLaser Link Inc.Excel Boat CompanySemahtronix, LLCSectorPaper, Printing & Packaging Food & BeverageFood & BeveragePaper, Printing & Packaging Paper, Printing & Packaging Food & BeverageMachinery, Equipment & Const.Machinery, Equipment & Const.Food & BeverageFood & BeverageTransport, InfrastructureWood ProductsBusiness & Financial ServicesPaper, Printing & Packaging Business & Financial ServicesBusiness & Financial ServicesMachinery, Equipment & Const.ElectronicsTransport, InfrastructureElectronicsCategoryExpansionExpansionExpansionExpansionExpansionExpansionExpansionExpansionExpansionExpansionExpansionExpansionExpansionExpansionNewNewNewNewExpansionNewSource: Conway Analytics32 A R K A N S A S : T H E S T A T E T H A T R U N S L I K E A B U S I N E S Sorthwest Arkansas’ economic might is centered around corporate services. In fact, three Fortune companies have their corporate headquarters in the region: Walmart in Bentonville, J.B. Hunt in Lowell and Tyson Foods in Springdale. Other large corporations that have chosen the region for their home bases include Simmons Foods in Siloam Springs, PAM Transport in Tontitown and America’s Car Mart in Bentonville. Couple that with the more nearly , subsidiaries of corporate offi ces and it comes as no surprise the region employs nearly seven times the national average of people in corporate services. e region has a highly educated population of , with a growing workforce that includes more than , people. More than , college students annually attend classes at the region’s universities and colleges including the University of Arkansas, John Brown University and NorthWest Arkansas Community College. e University of Arkansas, in Fayetteville, is the state’s fl agship university and draws students from around Arkansas, and more than countries. e area continues to grow, too. According to the U.S. Census Bureau, the region has grown by new residents every day since . Outside of the region’s business opportunities, its quality of life is extremely attractive for newcomers. Cost of living is low in the region at . percent below the national average. And there’s ample opportunity for outdoor recreation in the Ozark Mountains, internationally recognized mountain biking trails throughout the region as well as multiple museums and cultural sites including Crystal Bridges Museum of American Art, the AMP (Walmart Arkansas Music Pavillion) and the Amazeum. US News and World Report ranked Fayetteville No. on its Best Places to Live ranking.NR E G I O N P RO F I LE S : N O R T H W E S T A R K A N SA Sby S AVA N N A H K I N G Northwest ArkansasC-Suite PowerhouseFayettevilleCorporate HQBentonvilleWhitaker PointPhoto courtesy Arkansas Department of Parks and TourismA R K A N S A S : T H E S T A T E T H A T R U N S L I K E A B U S I N E S S33by S AVA N N A H K I N G North Central ArkansasA Natural ExperienceR E G I O N P R O F I L E S : N O RTH C E NTR A L A R K A N S A SITourismHarrisonMountain HomeBluff Dwellers CabinsPhoto courtesy Arkansas Department of Parks and Tourismf there’s one region in Arkansas that truly lives up to its nickname of the Natural State, it’s North Central Arkansas. is region’s diverse topography in the highlands of the Ozark Mountains off ers some of the best outdoor recreation anywhere. Whether it’s motorcycling from Harrison to Eureka Springs, fi shing in Bull Shoals Lake, peddling along miles of mountain bike trails or checking out the museums in Hardy, Arkansas, there’s something for everyone to see and do. e Ozark Mountain Region saw more than . million visitors in . Some of the region’s most popular tourist destinations include: Blanchard Springs Cavern in the town of Fifty-Six, several rivers including the White River, the Spring River which is fed by Mammoth Spring, and America’s fi rst National River—the Buff alo National River. Several idyllic communities are located in the region including Mountain Home, which is a nationally recognized vacation destination and one of the country’s top retirement destinations, according to a number of publications including the Wall Street Journal, Where to Retire and Outdoor Life. e city is home to Arkansas State University-Mountain Home and serves as an economic hub for an eight-county region of , people. Nearby, the city of Harrison has been named on of the Best Small Towns in America and off ers a low cost of living and laid-back mountain lifestyle. e city is a popular retreat for motorcycle enthusiasts who enjoy exploring the area’s winding mountain roads.34 A R K A N S A S : T H E S T A T E T H A T R U N S L I K E A B U S I N E S SR E G I O N PR O F I L E S : W E S T E R N A R K A N S A SWFort SmithAdvancedManufacturing Western ArkansasArkansas Madeby S AVA N N A H K I N GJanet Huckabee Nature Center in Fort Smith, ArkansasPhoto courtesy Arkansas Department of Parks and Tourismestern Arkansas’ deep pool of skilled workers and logistical strengths that include river ports, Class I rail, and interstates make it a top choice for the advanced manufacturing industry. Approximately , people live within a -mile radius of Fort Smith, the area’s largest city. Cost of living in Fort Smith is . percent below the national average, and housing costs are percent less than the national average. In , Glatfelter, a global supplier of specialist papers and engineered products, chose to locate its new $-million facility in Fort Smith. “Locating here benefi ts our business in a number of ways,” said Chris Astley, president of Glatfelter’s Advanced Airlaid Materials Business Unit and a senior vice president of Glatfelter. “It will enable us to expand our capacity to meet our customers’ growing demand for our advanced airlaid products, provide us with closer proximity to key suppliers and customers, and link us to highly effi cient transportation routes across the South. Equally important, it will allow us to tap into the area’s high-quality workforce.”Elite Comfort Solutions, too, chose Fort Smith for its manufacturing facility in . e company manufactures fl exible polyurethane and viscoelastic foams for various home furnishing end-markets. e company noted Fort Smith as being a “critical piece” to its overall manufacturing and distribution model. Other recent investments include Pernod Ricard’s facility expansion and PRADCO’s creation of new jobs in Fort Smith in . Arkansas College of Health Sciences broke ground on a $-million, ,-square-foot facility in . e area continues to grow as new companies see the benefi ts to locating in Western Arkansas. Between and , more than new economic development projects in the area created , jobs and brought in $ billion in capital investment, according to the Fort Smith Regional Chamber of Commerce.A R K A N S A S : T H E S T A T E T H A T R U N S L I K E A B U S I N E S S 35RE G I O N P R O F I L E S : N O R T H E AS T A RK A N S ASSteelBlythevilleNortheast ArkansasSteel Mill Heavenby S AVA N N A H K I N Gortheast Arkansas has been called “steel mill heaven” for good reason. It’s in the fastest-growing steel-consuming region in the country, and its proximity to the Mississippi River makes shipping and logistics a breeze.Big River Steel announced June 29 that it is expanding its LEED-certified, Arkansas-based scrap recycling and steel production facility in Osceola. The expansion will double Big River Steel’s hot-rolled steel production capacity to 3.3 million tons annually. In addition, the expansion will facilitate the company’s ability to produce even higher grades of electrical steel, demand for which is expected to increase with continued focus on energy efficiency and the increase in hybrid and electric vehicle sales. Major construction activity will begin later this year and continue for approximately 24 months.Nucor Steel invested $230 million to expand its Nucor Steel Arkansas division in Blytheville in 2016. The expansion will be operational this year and will increase the facility’s ability to produce products for the automotive sector and provide transportation and logistical advantages for supplying local markets.The area’s logistical advantages help fuel growth for other industries as well. In Jonesboro, Nestlé operates a frozen-foods manufacturing facility and Unilever operates a hair care production plant. In Batesville, Bad Boy Mowers has undergone several expansions since it first began production in 2002. The company employs more than 600 people at its Batesville facilities where it makes several different types of mowers, accessories, cutters and culvert cleaners.In 2018, China-based Hefei Risever Machinery Co. Ltd. announced it would locate its first U.S. plant in Jonesboro and Calstrip Industries Inc. announced it would invest $15 million in its new facility in Blytheville.N36 A R K A N S A S : T H E S T A T E T H A T R U N S L I K E A B U S I N E S SRE G I O N P R O F I L E S : C E N T R A L A RK A N S ASHot SpringsConwayMultiple IndustriesLittle RockJacksonvilleSearcy Central ArkansasStrategic Advantageby S AVA N N A H K I N GILittle RockPhoto: Getty Imagesn the heart of North America, halfway between Canada and Mexico, lies a force of nature for the business world. Home to more than million people, Central Arkansas is in the ideal location for a variety of industries including aerospace, automotive, biotechnology, fi nancial services, food processing, health care, logistics, information technology and more. e -county Metro Little Rock region is home to several Fortune companies including Dillard’s, Caterpillar, Stephen’s Inc., Windstream and Verizon. Other companies in the region include Dassault Falcon Jet, where the company operates its main completion center for all Falcon Jets worldwide, Welspun Tubular LLC, and Acxiom. e Little Rock Port Authority is one of the state’s largest manufacturing bases with more than businesses located on site. Hormel Foods operates a ,-square-foot plant on the site where it produces Skippy brand peanut butter. More than , pounds of peanuts are brought in by rail each day, allowing the facility to produce more than . million pounds of peanut butter each week. Metro Little Rock has a highly educated workforce of nearly , pulling from higher education institutions in the area including e University of Central Arkansas in Conway, as well as the University of Arkansas at Little Rock, Pulaski Technical College, Hendrix College and Harding University. Approximately , students are enrolled in the region’s universities, colleges and vocational schools each year. e central part of the state off ers a lifestyle suitable for all people. e Clinton Presidential Library is located on the banks of the Arkansas River in Little Rock along with other museums. e cost of living in Central Arkansas is low, too. Conway was ranked among Kiplinger’s Cheapest US Cities to Live In, and Little Rock was recognized by Kiplinger’s as one of the Great Places to Live.A R K A N S A S : T H E S T A T E T H A T R U N S L I K E A B U S I N E S S 37R E G I ON P R OF I L E S : C EN T R A L DEL T ACentral DeltaAlong the Mighty MississippiAgriculture/DistributionCenterWest Memphisby S AVA N N A H K I N GBeing located along the Mighty Mississippi certainly has its advantages. Not only is the region famous for having some of the richest soil and farmland in the world, the area’s logistical benefits are hard to beat.West Memphis is a global logistics hub that pulls its workforce from two states. The Memphis TN-MS-AR MSA has a population of more than 1.2 million educated people, and a labor shed of 200,000 in the seven-Arkansas-county district. The International Port of Memphis covers both sides of the Mississippi River along a 15-mile stretch. In 2017, French-company Sediver opened its manufacturing plant in West Memphis. The $15-million facility makes toughened glass insulators for high-voltage transmission lines across the U.S. Another key port city in the region is Helena-West Helena and is home to one of the newest ports and industrial parks along the banks of the Mississippi. The Helena Harbor Industrial Complex is located just off the Mississippi River and has 4,000 acres of flood-protected industrial sites. Enviro Tech Chemical Services opened its new manufacturing facility at the harbor where it produces acids used in sanitizing meat and poultry products. Helena is a must-see for history buffs. The city’s unique Civil War history makes it one of the most compelling sites in the country as it was a safe haven for runaway slaves and a training ground for several confederate regiments. The city is also home to the longest running blues radio show, “King Biscuit Time,” which is credited with starting the careers of several blues artists. The King Biscuit Blues Festival is a world-famous celebration of the city’s musical heritage held annually in October.Next >