Arkansas Economic Development Commission
Monthly Update – March 2021
The February 2021 unemployment rate of 4.5% maintained its status of being less than the national average of 6.2%. There are 53,100 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 521* new and expanding companies.
2020 Summary: From January 2020-December 2020, there were 47 new incentive agreements signed, accounting for 2,241 new jobs with an average wage of $20.87. These agreements equaled $830,988,511.00 total in investment.
In 2021 alone, AEDC has signed new incentive agreements with six new or expanding companies, which worked with AEDC to create 451* new jobs (with an average wage of $15.77) and invest $16,610,000.
*The numbers above do not include announced jobs. They are strictly incentive agreements signed.
Job creation is broken down into three categories:
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.