Applications & Forms. I like it. Despite state governments rosy fiscal forecast going into the 2023 session, several recent economic reports point to a mild recession or contraction in early 2023 that could undermine consumer confidence and business growth. The second best one is today. Canada's Economy Is Winning and Nobody Realizes It Good choice. Okay. And so what I see as part of our responsibility in that mix is that we don't bother you unnecessarily. We've got tons of fun projects, about 90% of them under an NDA, but coming down the pipe, lots of exciting things coming into Russellville. And I think that that's a lot of the work of economic development. I believe that's happened in Little Rock and Arkadelphia both in just the past several months. It's just a really exciting time in the community, and so I'm happy to get to be a part of that. And so when I moved in, they asked me, they said, "How long are you going to be here in Newport?" He said, "You don't have to raise any money because they have a sales tax and they have all the money they need." We take all the different pieces from around our community, around our state, even around the country and the world, and we put them all together to make things work for our community and for the people in our community. One is the Catastrophic Reserve Fund. Olivia Womack has some good naturally curly hair. Over a dozen counties will be. Well, I would just tell them it's fun. And again, Clint, we mentioned the Origami Sake. We have a fantastic quality of place, and we had land packaged and ready to go. What are some of those existing companies that are so important to seeing that their success and growth in Hot Springs? You've got to be able, I think, to have the relationships in your community to bring people together around the table. The Bureau of Labor Statistics reports that grocery inflation has slowed in recent months . But by and large, with some of these large projects, it's going to come down to also what the state can offer. You can subscribe to the Arkansas Inc podcast on Apple Podcast, Spotify, Stitcher, and other podcast apps. Our own economic development organization, the Metro Partnership, has demanded business leaders and community leaders to demand more out of our leadership. The clock is ticking in the legislative session for Sanders to present a budget and for the legislature to pass one. We've done some incredible things, but the biggest thing here that is so uncommon is the spirit of teamwork among everybody here, the elected officials, the educational community, everybody is on the same page, playing on the same team, wants the same things. And as I come in, came into economic development, I found out that economic development's much the same way. Rural Services Block Grant. Well, the economic development community in Arkansas is small. Today I'm joined by three of those local leaders. And it is an exciting experience. With high-quality eleva-tion data, Arkansas can improve services offered Yeah. And we rode with a gentleman there that had been in economic development for the past 30 years. We have medical marijuana cultivation in Newport, and we have cryptocurrency in Newport. Looking ahead to 2023, Deloitte projections based on Oxford Economics' Global Economic Model anticipate 2.5% growth in GDP in manufacturing." The report also noted: "Despite a record level of new hires, job openings in the industry are still hovering near all-time highs at 800,000. So if you like trying to figure out how to make things work, trying to figure out how to solve problems, it's the ultimate problem solving profession. We've got to work to create these opportunities." Walmart's chief economist, John List, said the current U.S. economy does not look like the last 10 recessions: The unemployment rate has dropped from 4% to 3.5% since early 2022, the Northwest Arkansas Democrat-Gazette reports. Wesbro Communications LLC, a media relations and publishing firm Brown started in 2008, owns and operates Arkansas Black Vitality magazine and online news platforms, BlackConsumerNews.com and ArkansasDeltaInformer.com. You don't want to be a college football coach. They have too many. And we didn't drive by a building or a major development that he didn't talk about that he had a hand in that. For right now, we are not in a situation where a recession is going to be really bad, he said. We ask that you edit only for style or to shorten, provide proper attribution and link to our web site. The Arkansas Division of Workforce . And Granges just announced a new expansion. Well, actually locating Granges here about four years ago, we had an abandoned aluminum plant. And it just really makes for a good team. One thing that we all want for this industry is to grow a bigger pipeline of people who say, "I may want to spend my career working as an economic developer." "We have a largely incompetent state Legislature paired with a dysfunctional governor's office," Nelson told the crowd of at least 150 attending the lunch meeting in Fayetteville. I grew up, my parents had a home there and we love the lake and just turn our kids loose and relax for maybe two or three minutes while we're there. We can offer cooperation with infrastructure, we can offer easy building permit access and things of that nature. "They aren't stepping up. Jon, how about you lay the foundation for us about the economy in Newport? Jeremy Horpedahl, associate professor of economics and director of the University of Central Arkansass Center for Research in Economics (ACRE), said the Hutchinson-gifted long-term fund would provide some leeway for lawmakers during the legislative session if the economy turns south. Once a budget is passed, it will be up to the Department of Finance to oversee the budget and work closely with each department in executing it. In Camden, I had to raise 100% of the funds that I used in economic development. I think you asked earlier about how do we make sure the next generation is excited to be economic developers? Today, I can say with confidence that the state has never been in better financial condition.. Jeremy Horpedahl, associate professor of economics and director of the University of Central Arkansass Center for Research in Economics (ACRE), said the Hutchinson-gifted long-term fund would provide some leeway for lawmakers during the legislative session if the economy turns south. Yeah. This document may not be reprinted without the express written permission of Arkansas Democrat-Gazette, Inc. Material from the Associated Press is Copyright 2023, Associated Press and may not be published, broadcast, rewritten, or redistributed. And everybody is interested in this. And a young man from Sheridan that had come to school here. The first few might be somewhat serious asking about the job, and then it's going to kind of go downhill from there because in terms of seriousness, so Gary, let's start with you. Sanders and legislature, Former Gov. I would've said, "I can't wait to get started." Well, that just means I'm the oldest one here, Clint. The strong third quarter growth came as welcome news in a period of rising pessimism as a December 2022 Bloomberg . Unfortunately, it took 53 years to get to make it to that position. Economic conditions in Arkansas continue to improve, though increased consumer demand is making it more difficult for companies to find workers, according to a report released Wednesday. Matt Bell came in whom a lot of folks know, well regarded business person from Little Rock, took over the project Midstream, had the funding and the acumen to see it through. I don't-. [1] Six Fortune 500 companies are based in Arkansas, including the world's #1 corporation by revenue, Walmart. We've already looked at it. 2021 Arkansas Labor Market and Economic Report | 5 State of Arkansas The state of Arkansas' population shrunk to 3,011,542 in 2020, declining 4,262 from 2019 to 2020 but increasing 21,132 from 2016 to 2020. So I know these other folks on the call with me are going to use every angle they can for recruitment and certainly having a great hospital, great schools, and we have a two year school here in National Park College. We have such a strong, I would say the strongest starting five we've ever had and a really deep bench in our community. Arkansas Economic Contribution and Impact Research In our job, you have got to be thinking 20 years down the road, the best saying that I had or in my career has been the best time to plant a tree was 20 years ago. So big question for you, Megan. How Fast Arkansas' Economy is Growing - thecentersquare.com All right. So it's been wonderful thing. Off the top of my head, I'll go Robert Birch in North Little Rock. It's been the case for all these years that I've worked in Newport, that AEDC's been a fantastic partner and that y'all bring so much to the table. That's great. The other one was that Sake is going to do to wine, what pickleball has done to tennis. The UCA economic and tax policy expert also said that if Arkansas enters a recession in the first quarter of 2023, the Legislature and Gov.-elect Sarah Huckabee Sanders also have time to alter any spending bills before the Joint Budget panel at the end of the session. Cycling boosted Northwest Arkansas by $159M in 2022. So I love to be part of that. The Legislature and the governor's office are filled with careerists, he said. I started my career in economic development 15 years ago, and I've loved it ever since. Goss points to weakness across the regional economy due to declining manufacturing activity, which is one of Arkansas strongest business sectors. At the annual Arkansas Economic Forecast Conference on Nov. 10. , economists from the St. Louis Federal Reserve and the University of Arkansas at Little Rock predicted a mild recession for the U.S. and Arkansas heading into next year. All right. And we've had a new county judge, new city manager, new mayor since that time. I'm not going to tell you who won the poll the last couple years, just in case there's a repeat champion, but anybody have a name they want to throw out there? Arkansas has two different reserve funds. At the annual Arkansas Economic Forecast Conference on Nov. 10, economists from the St. Louis Federal Reserve and the University of Arkansas at Little Rock predicted a mild recession for the U.S. and Arkansas heading into next year. Confidence indices for each month in 2022 are the worst string of readings since the 2008-09 recession.. Thanks, Gary. They had decided they were only going to open a few. We had a city and county that were quite frankly at war and changing leaders. If I could weigh in, Clint, I just say you guys have always done a phenomenal job of putting people in front of us. I mean, you were here just a few weeks ago, Origami Sake. But, we think we know what to expect, he said. The Official Revenue Forecast for the 2023-2025 Biennium is included. Arkansas tax forms are sourced from the Arkansas income tax forms page, and are updated on a yearly basis. New U.S. House Natural Resources chair opposes limits on, The Ghost of an Idea: A reflection on Charles Dickens and, Across the country, a big backlash to new renewables is. I want to stay as long as they'll let me stay. Jon Chadwell is the executive director of the Newport Economic Development Commission. It happened just a few weeks ago. That's all it means. PDF The 3D Elevation ProgramSupporting Arkansas's Economy Arkansas' economy ranks 35th in size among states and Washington, DC. And so I hope they don't run me out. I spent a few years before I came to the Russellville Chamber at the Boys and Girls Club of Russellville, Dardanelle and London. Whats next for Arkansans with student loans? Economic developer in Arkansas with the best hair. Megan, what about you? June 15, 2023 In this episode of the Arkansas Inc. Podcast, three economic developers from around Arkansas discuss economic development in The Natural State, their backgrounds, their communities, and the advantages of living and doing business in Arkansas. With a lot still to come in the next few months to tell us more about the future of Arkansas economy, Hardin said we are in a good place thanks to the people of the state. And to me, that's the ultimate give back in this career. We did that in 2003 to make them come here. Data Updated June 20, 2023 back to the economy of the United States Home / / Arkansas Explore the economy What is the current state of Arkansas' economy? U.S. Census Bureau QuickFacts: Arkansas Arkansas includes the following metropolitan areas for which an Economy At A Glance table is available: Fayetteville-Springdale-Rogers, AR-MO Fort Smith, AR-OK Hot Springs, AR Jonesboro, AR Little Rock-North Little Rock-Conway, AR Memphis, TN-MS-AR Pine Bluff, AR Texarkana, TX-Texarkana, AR Geographically based survey data available from BLS: Okay. Follow Arkansas Advocate on Facebook and Twitter. The DFA (Department of Finance & Administration) will also keep an eye on those numbers as they come in and watch how much people are spending because that drives the economy and state tax revenue, Horpedahl said. So, moving forward, we'll be sharing with the readers of AMP a monthly dose of the elements of the necessary building blocks for the competitive future of Arkansas as it relates to innovation, university research and creating value by solving complex business challenges story by story. We've already said, "Hey, this is something our community wants." If you had asked me, I don't know, 30 years ago when I started in economic development, "Hey, will you ever work on marijuana?" Despite state governments rosy fiscal forecast going into the 2023 session, several recent economic reports point to a mild recession or contraction in early 2023 that could undermine consumer confidence and business growth. I could see you being good at that. Asa Hutchinson presented his version of the budget in November, What can you do with a cordless drill? We all know that economic development happens at the local level, and our state is only as good as our local communities. Yeah. The White House on Monday divvied up $42 billion among the nation's 50 states and U.S. territories to make access to high-speed broadband universal by 2030, as it launched a new publicity campaign . Gary, if you had to select a restaurant to go to dinner and it could not be in your community somewhere around Arkansas, where would it be? So we've done this for a couple years now. We've got a impeccable, amazing outdoor recreation in Russellville, rivers and lakes and fishing, and mountain biking and Mount Nebo. This is Clint ONeal. Our stories may be republished online or in print under Creative Commons licence CC BY-NC-ND 4.0. It's going to take some market share, because all the great products coming out of Hot Springs. DEIJ Policy | Ethics Policy | Privacy Policy. But when I say Alliance Rubber, we have the largest producer of rubber bands in the entire world, and we have Mountain Valley water. Now Arkansas is poised to overcome all those, Nelson said, unless the state's governing bodies derail progress. In conjunction with the committee led by Dr. Smith, Walton said the industry-focused task force is working to make its first recommendations to Gov. Government data offers valuable insights into a state's economy. For fiscal year 2023, the department now projects gross general revenue totaling $8.325 billion and net general revenue of $6.938 billion, including a $914 million surplus. June 19, 2023 09:03 AM. 601 They should be thankful they have that long-term reserve fund in place, said Horpedahl. You take us seriously, we take you seriously. Arkansas increases revenue forecasts, projects $1.47B surplus for Answer 5 questions about our new website. Governors present a budget to the legislature of what they want to see happen, but its up to legislators to put their own budget together and get it passed. Okay. So we have a lot of great companies. According to Shelnutt, Hutchinsons earlier projected $555 million surplus was recently revised upward 7.7% to $598 million. Northeast Arkansas has grown into the major steel-producing region in the United States. Weve invested in education, funded highways and set aside over $2.5 billion in reserve accounts, Hutchinson told lawmakers on the joint budget panel. Well, I'll start with the Granges project, the expansion. So I fell in love with the community. Thanks, Jon. The Walton Family Foundation published its first study on the topic in 2018. The Arkansas Advocate is a nonprofit, nonpartisan news organization dedicated to tough, fair daily reporting and investigative journalism that holds public officials accountable and focuses on the relationship between the lives of Arkansans and public policy. I know I don't have the history Jon does. Cooperstein said Arkansas has a history of fiscal conservatism and surpluses. Well, starting with the economy of my community, I can honestly say I think Russellville is as strong as it's ever been right now. Yeah, one year in, I hope they let me stay. We understand what each team member brings to the project. The revised forecast . Despite healthy growth in monthly economic activity for almost two years, regional manufacturers have added jobs at a modest pace. Arkansas First Gentleman Bryan Sanders hopes to double the state's outdoor recreation economy from its current $3.5 billion to $7 billion in the next 10 years. Its estimated to cost around $300 million in year one, and $350 million in year two, but thats with really heavy caps on the number of people that can participate in that program, she said. I think my first year I went to Community Development Institute, went to Economic Development Institute to get education from people who know. FEBRUARY'S COLLECTIONS According to the finance department, February's general revenue collections included: A $29.9 million, or 13.1%, increase in. Gov. Hutchinson establishes plans to reopen Arkansas economy in phases So at 42, five years is my longest stay anywhere. What advice would you have for students who are considering career options and how would you pitch economic development as worthy to put in the potential mix for a career option? Those are a few that we build around. HB1505 Bill Information - Arkansas State Legislature Yeah, so I'm one year into my role in Russellville. A mild recession and a holiday spending hangover. Well said, as an economic developer. We're low regulation and the business economy and the vision of growth is just, I think, rampant in our community right now. I like to see people go to work. "Thinking people have stepped to the political sidelines," Nelson said. More beds isnt just a capital cost. Fayetteville Flyer: New study shows bicycling sector injected $159 million into Northwest Arkansas economy in 2022; Arkansas Busienss: NWA Economy Got $159M Boost From Cycling Last Year, Report Says; 5NewsOnline: NWA economy reportedly got $159 million boost from cycling in 2022 Sanders' office had no comment when contacted. So potential for growth is amazing right now. Clint, I don't have to go far to think of ours. Contact Editor Sonny Albarado for questions: info@arkansasadvocate.com. And just happy that my community trusts me for this position. So we're going to dive in. We know that Blytheville gets a lot of credit as the steel capital of Arkansas. We've got Shearer's Foods who creates probably most of the Great Value corn based snack chips that anybody in Arkansas eats. So it's just exciting to be a part of that. We had our local utility folks involved. They make the inner tubes for tires, and I think are one of the last man standing in that industry too. One is get education. Let me tell you about Origami Sake. Conference Info. I think that's a big piece of it, getting the right people in the room so that you can have the right conversations. We do have five aerospace companies here in Hot Springs, so that's our greatest concentration of any one in industry. Brown started his career in the late 1980s as one of the first Black journalists at the Tulsa World, where he was part of the award-winning staff that covered the Oklahoma City bombing. And with our location on I-40 and we've got a strong industrial park, we've got Rockline, and the biggest ConAgra in the world is in Russellville, Arkansas, Bridgestone, Firestone. And so we've got to be good partners with you, you've got to be good partners with us. So with your now four children, talk about your vision for your community and how economic development plays a part in that. So with our Tysons and our tabor industry out there as well in that industrial park, we're just really strong on industry and the industry is really involved. Jon, Megan, Gary, welcome to the Arkansas Inc podcast. So the four of us could be at dinner in New York or LA tonight, and there's a good chance there'd be a bottle of Mountain Valley water on our table. And you're doing your part to grow the population of Russellville and Arkansas. What is driving the Arkansas economic outlook is the overhang of consumer spending, said Pakko. For whatever reason, maybe just didn't have the wherewithal, the entrepreneurship, whatever, doesn't matter. Horpedahl said he plans to closely monitor how the Republican supermajority at the state Capitol will handle the record surplus, especially if inflation pressures cause any hiccups in consumer spending, job growth, home sales, or other key economic indicators. Okay. But to do successfully what Jon and Megan and you and I do, you've really got to have that vision. In a recent forecast for the upcoming legislative session in January, Erika MacKellar with the National Conference of State Legislatures (NCSL)said many states have seen their fiscal situations continue to rebound in the wake of the pandemic and the resulting recession in early 2020. Asa Hutchinson winds down his administration, he recently reported to lawmakers that Arkansas budget coffers are overflowing with $2.78 billion of reserve funding. So hot off the press here, just announced late last week "At AEDC, we know economic advancement doesn't happen by accident. Arkansas - State Economic Profile - Rich States, Poor States And honestly, I think it was about 50-50. For example, school board races draw candidates "who want to ban books rather than add them," he said. Northwest Arkansas' economy is resilient, but housing is needed A surplus just means that your revenue is greater than your expenses, so anybody can have a surplus, said economist Jeff Cooperstein, who is also a researcher and professor at the University of Arkansas Walton College of Business. The mayor was involved, the county judge was involved. Sarah Huckabee Sanders is also calling for prison reform next. We were certified as a competitive community, so we had done a lot of due diligence on the backend and we were ready for Owens Corning when they came knocking. Fast forward to fiscal year 2022, that number increased to $1.6 billion, setting another record.. He later joined Stephens Arkansas News Bureau in Little Rock as senior business and financial reporter while also covering politics at the State Capitol. state revenue forecasts tend to lag U.S. and state economic conditions and predictions because of the annual delay in tax year filings. So Energy Arkansas, all of our local utilities, our mayor, county judge, the schools, Arkansas Tech, everybody was excited and had the same passion to bring this opportunity to Russellville, to this industry, to our area. Asa Hutchinson presented his version of the budget in November as one of his final acts while in office. So work is a good thing. So I hope you like it. If youre a drill enthusiast, a brush, paint stirrer and garden auger attachment can enhance your drills capabilities. "How about vodka?" So that's how we're going to spend the summer in Hot Springs. I love the bold statements that were made one day. Well, I just want to say I feel very blessed to be in this career field as somebody who didn't plan to be in it, didn't really even know what economic development was when I started. It's just been extremely rewarding. I like it. Most recently, Brown oversaw the editorial and advertising operations of the Daily Record as publisher of Arkansas oldest weekly business publication. Let's stay with you. Federal Reserve says Arkansas' economy improving, but job openings Well, Clint, if I may, that's just a job hazard for us as well. John Shelnutt, the administrator of economic and tax research at the DFA, said the state entered fiscal years 2021 and 2022, respectively, with budget surpluses of $945.7 million and $1.628 billion. The updated finance department surplus included $500 million in tax cuts from the special session of 2022 and other updates such as higher inflation estimates and faster growth. But I actually stumbled into economic development. The next year, 100% of the kids can use it if they want to, and they dont know what that cost is going to be and its going to be significant, she said. You've been listening to the Arkansas Inc Podcast. Weve invested in education, funded highways and set aside over $2.5 billion in reserve accounts, Hutchinson told lawmakers on the joint budget panel. The AP will not be held liable for any delays, inaccuracies, errors or omissions therefrom or in the transmission or delivery of all or any part thereof or for any damages arising from any of the foregoing. Thanks, Gary. A lot of people get run out of town as an economic developer after a few years, but that's a good long streak. If you can do something for 30 years and still wake up and get excited about coming to work, then that's a really good life. Fort Smith has a major international training program for air force pilots coming in. However, a sense exists among many states that robust revenue growth may not continue in future years, and states are making large deposits to rainy day funds to mitigate the effects of a potential economic downturn.. MacKellar, who guides NCSLs fiscal affairs program, covers state budget conditions and procedures. Kick us off with a project that you've been involved in, Newport, kind of how it came together, and who from the community leadership team was involved in making it happen? Creighton University publishes the Mid-America Business Conditions Index, a leading economic indicator for the nine-state region stretching from Minnesota to Arkansas. And we do that locally too. Like I said, I'm only six years in, but Drew Williams is great. A positive mood is the secret weapon that gives you the confidence and energy to excel. Get the Android Weather app from Google Play, Ben. Arkansas First Gentleman: Double outdoor recreation economy in a decade The Arkansas Inc. Podcast is available on the following platforms: Welcome to the Arkansas Inc Podcast. This question's for all three of you. Thank you for sharing that. I really appreciate the passion I'm hearing around the table. Yeah. But I tell you, if someone would've told me, and again, I'm a native guy from Hot Springs, somebody told me growing up in high school or college that someday I was going to get to be the head cheerleader for the community that I love the most. And I'm really excited. The budget projects a surplus despite forecasts of a mild recession in 2023. Jon, back to you. We get along well except for when people poach our best talent at AEDC. Economy of Arkansas - Wikipedia That's a good analogy. The burn hot ones are fun because you can kind of set aside a lot of stuff and focus your attention on that. Arkansas | The Economic Contributions and Impacts of U.S. Food, Fiber, and Forest Industries Arkansas State Quick Facts Population 3,011,524 Total State GDP $148,676,100,000 State Land Area (Acres) 33,302,400 Land in Forest (Acres) 18,866,902 Land in Forest 57% Land in Farms (Acres) 14,000,000 Land in Farms 42% Number of Farms 42,000