Written by Arkansas Real Estate
A new report, 2017 State of the Northwest Arkansas Region Report, researched by the University of Arkansas Center for Business and Economic Research and published by the Northwest Arkansas Council shows positive signs for the Northwest Arkansas Metropolitan area. In every major category that should be growing, such as employment and education, NWA is trending up. One of the most positive signs of the area’s strength is total employment which rose 4% over last year. Even more impressive is that total employment outpaced the region's population growth by 1.7%. The employment growth was, “a pace that was faster than all peer regions, Arkansas, and the United States.” GDP Growth (3.9%) also rose more than doubling the national average of 1.5% from 2015 to 2016. The Northwest Arkansas MSA was not only up in positive categories, it was down in the negative ones. Both the poverty rate and the unemployment rate were down -1.1% and -0.8% respectively. The only reported figure that had no change was the price of airfare which remains 45% higher than the national average. Living in Northwest Arkansas we are getting quite accustomed to reading strong economic reports and paying higher air fare.
The chart below shows all measured indicators or read the full report at: http://cber.uark.edu/2017stateoftheregionreport.pdf
Data Obtained from:
2017 State of the Northwest Arkansas Region Report. Rep. Center for Business and Economic Research, University of Arkansas. Northwest Arkansas Council, Oct. 2017. Web.