Fayetteville–Springdale–Rogers Metropolitan Area (Photo credit: Wikipedia)
News regarding Northwest Arkansas has been strong and positive in recent months and we believe this paves the way for a stronger business environment for businesses of all sizes.
Economic growth
In a press release issued last week, it was announced that new figures from the U.S. Census make employment figures originally discussed in January look even brighter. New figures estimate that Northwest Arkansas added more than 10,000 jobs.
Northwest Arkansas’ 4.56 percent job growth ranked 26th in the nation last year among MSAs, according to the press release. The region’s employers created more jobs (10,000) than employers in far larger MSAs, including Charleston (9,900), Pittsburgh (8,100), Baltimore (7,300), Memphis (5,900) Birmingham (4,600) and Milwaukee (3,700).
Growing population numbers
In another recent press release from the NWA Council, we learned that the U.S. Census Bureau named NWA as the 23rd fastest growing metropolitan area from 2010 to 2014 (i.e. during the economic recession).
The estimates, made public March 26, show the Northwest Arkansas population on July 1, 2014, was 501,653. This means the region, on a typical day, added about 24.8 people to its population between April 1, 2010, and July last year. Nearby metropolitan areas still showed strong growth but not quite as much as NWA. For example, officials estimate that Tulsa added 20.5 people per day and Little Rock added 18.9 people per day during that same 2010-2014 timeframe.
Positive direction for local businesses
We at On Time Logistics see that these two trends will work hand-in-hand to promote growth in NWA. As more jobs come available, it seems there will be people to fill them as more people move to this area. More people moving and working here means stronger sales tax and further growth of entrepreneurial efforts. NWA may be the home of some of the nation’s largest businesses, but it’s also a hotbed for entrepreneurialism.
We know from our own experience when we announced our expansion last month, that when companies are successful it helps breed success in other areas. Partnerships form. The economy grows. More people are able to thrive and have their needs met.
These are all good things.