Arkansas Economic Development Commission
Monthly Update – May 2022
The April 2022 unemployment rate of 3.2% maintained its status of being less than the national average of 3.6%. There are 108,800 more people employed now than when Governor Hutchinson took office in January 2015. (1,311,200 in April 2022 vs. 1,202,400 in January 2015).
Since January 2015, the Arkansas Economic Development Commission has signed incentive agreements with 560* new and expanding companies.
2021 Summary: From January 2021-December 2021, there were 35 incentive agreements signed with new or expanding companies, which worked with AEDC to create 2,652* new jobs (with an average wage of $20.14) and invest $683,578,683*.
This year alone (2022), AEDC has signed 5 new incentive agreements, which is expected to result in 1,358 new jobs created.
*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.