In a recent interview with Site Selection, Maria Haley, executive director of the Arkansas Economic Development Commission, outlined her team’s economic development strategy and addressed other key trends in Arkansas.
SITE SELECTION: What are the biggest trends impacting economic development in Arkansas right now?
MARIA HALEY: Technology has become a greater focus over the past few years, not only in recruiting companies, but in growing our own. The Arkansas Research and Technology Park located at the University of Arkansas at Fayetteville is home to approximately 30 companies that are employing cutting-edge technology that was primarily developed through research at the university.
The University of Arkansas for Medical Science (UAMS) BioVentures program and Technology Licensing Office were established to help transfer UAMS research into products that benefit human health. This includes the creation of startup companies that are based on UAMS technology and invention. BioVentures now has 25 startup companies providing 532 jobs with more than $26.5 million in annual payroll.
The Arkansas Biosciences Institute (ABI) at Arkansas State University is an agricultural and medical research consortium with activities ranging from cancer research to breakthroughs in biofuels. In 2010, ABI scientists received US$49 million in research funding from agencies and foundations such as the National Institutes of Health.
Due to the growth of the solar sector, and energy sector in general, and the success Arkansas has had in wind-related manufacturing, solar component manufacturing is now one of our targets. Other additions to the list include sectors such as sustainable agriculture, energy storage devices and power electronics.
SS: How does Arkansas state government’s fiscal situation impact your ability to recruit and retain companies?
HALEY: While the majority of states are facing huge budget deficits, Arkansas is one of four states that maintain a balanced budget, and this year we had a surplus. While other states are cutting services, Arkansas is cutting taxes.
SS:What are some emerging industry clusters in your state?
HALEY: Four companies — LM Wind Power, Nordex, Mitsubishi and Beckmann Volmer — making a variety of wind blade and turbine components have announced more than 2,300 new jobs for Arkansans and approximately $360 million in investment since 2007. The growth is attributed in part to the state’s central location relative to the top markets for wind power generation, extensive transportation infrastructure and strong manufacturing work force.
We are also very strong in data centers, information technology and telecommunications. Consider that Walmart headquarters is located in Northwest Arkansas and operates what is one of the largest private databases in the world. We are also home to Acxiom, Dillard’s and other major companies that maintain large data operations here.
Arkansas is also home to the national headquarters of Windstream Corp., an S&P 500 company with operations in 23 states and about $4 billion in annual revenues. In addition, Verizon Wireless has a regional headquarters in Little Rock that employs approximately 2,000. Recently, Allied Wireless Communications Corporation (AWCC) located in Arkansas.
SS: What are some other recently announced expansion projects in Arkansas?
HALEY: In March, Firestone Building Products Co. celebrated the expansion of its Prescott manufacturing facility, which will result in 100 new jobs, along with 418 jobs retained. The company will invest $20 million. In January, Aviation Repair Technologies, an aircraft and component repair company, announced an expansion of its facility at the Arkansas Aeroplex in Blytheville. The company will invest more than $10 million in the project and create 300 jobs, taking total employment at the facility to about 600.
In December, Little Rock–based Dillard’s announced a new Internet fulfillment center in Maumelle to support the continuing growth of its online store. The new facility will employ about 300.