Economic Development

Economic Development

Arkansas Economic Development Commission
Monthly Update – April 2021

The March 2021 unemployment rate of 4.4% maintained its status of being less than the national average of 6%. There are 59,200 more people employed now than when Governor Hutchinson took office in January 2015. 

Since January 2015, the Arkansas Economic Development Commission has signed incentive agreements with 524* new and expanding companies.

  • These 524 projects have resulted in approximately 23,791* new jobs for Arkansans.
  • These companies have invested $10,502,737,109.46 in capital in the state.
  • The average hourly wage for the new jobs created is $20.78

2020 Summary: From January 2020-December 2020, there were 49 new incentive agreements signed, accounting for 2,302 new jobs with an average wage of $20.71. These agreements equaled $832,627,774 total in investment.

In 2021 alone, AEDC has signed new incentive agreements with 10 new or expanding companies, which worked with AEDC to create 830* new jobs (with an average wage of $18.08) and invest $152,164,540

*The numbers above do not include announced jobs. They are strictly incentive agreements signed.

 

Job creation is broken down into three categories:

  1. Competitive Projects
  2. Facilitated Growth
  3. Market Driven Growth

Competitive Projects: These are projects that the Arkansas Economic Development Commission (AEDC) is responsible for creating — whether it’s new business, expansion of an existing business or the retention of a business currently in the state. An example of a Competitive Project is the recent expansion of HanesBrands in Clarksville. Learn more about AEDC

Facilitated Growth: Jobs created in an area (or industry) where the state has made a conscientious decision to invest funds to help stimulate or foster growth. For example, the state invests X dollars in tourism which resulted in Y total number of tourists to the state and Z total jobs.

Market-Driven Growth: Jobs created by market-driven growth come from our overall business climate in Arkansas, as well as all start-up businesses. Since assuming office in January 2015, Governor Hutchinson and the legislature have lowered taxes, reduced regulations, and increased the speed to market by cutting permitting time — all of which improve market-driven growth.

For more information on economic development in Arkansas, visit arkansasedc.com.

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11.01.2019

Governor Hutchinson’s Weekly Address | 10 Days. 1,500 Jobs.

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10.22.2019

Governor Announces DXC Technology To Expand in Conway, Create 1,200 Jobs 

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10.04.2019

Governor Hutchinson’s Weekly Address | Taking Arkansas to the Other Side of the World

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Newest Announced or Expanded Company

SFI of Arkansas LLC

Location:
Conway

Date:
Dec 12, 2019

Company's Investment:
N/A

New Jobs:
75

New/Expanded:
expanded

Product/Services:
Steel Fabrication

Read Full Article →

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