Arkansas Economy

Arkansas finance officials say a rise in individual income and sales tax collections helped push the state's revenue in December above expectations and the same month in 2016.

The Department of Finance and Administration said Wednesday the state's net available revenue in December totaled $521.1 million, which is $53.7 million above December 2016 and $23.7 million above forecast. The state's revenue so far for the fiscal year that began July 1 totals nearly $2.7 billion, which is $23.7 million above forecast.

Governor Asa Hutchinson is announcing the completion of a year-long, $1.2 million digital mapping project.

He says the system will allow emergency responders to have more up-to-date information and that it will allow the state to be competitive in economic development.

In a news release, the governor said the state now has a detailed map of expanding infrastructure.

The digital maps were produced by Arkansas Geographic Information Systems and are available to the public at gis.arkansas.gov.

A robot scanning a Walmart store shelf.
Walmart

Despite a slight drop in Arkansas sales tax revenue between the second and third quarters of fiscal year 2017, the holiday shopping season is expected to give the state’s economy a temporary boost.

Chief Economist Michael Pakko with the Arkansas Economic Development Institute at the University of Arkansas at Little Rock said a decrease in taxable sales between the two quarters still represents a picture of overall growth.

Recently released FBI data shows Black Friday gun sales set a single-day record for background checks at just over 203,000. And a number of Arkansas stores are claiming strong sales through the holiday weekend and Cyber Monday as well.

Rusty Fisher with Sunrise Outfitters in Searcy says his shop was no exception.

thanksgiving governor asa hutchinson turkey agriculture
David Monteith / KUAR News

The traditional trappings of Thanksgiving have a significant economic impact on the state of Arkansas, officials said in a ceremony on the steps of the state Capitol Monday.

Gov. Asa Hutchinson declared this Turkey Week in Arkansas. According to The Poultry Federation President Marvin Childers, the state ranks third in the nation in turkey production.

Assistant Pro Tempore 1st District Senator Eddie Joe Williams (R-Cabot).
Jacob Kauffman / KUAR

President Donald Trump has appointed an Arkansas state Senator as the federal representative on the Southern States Energy Board. Eddie Joe Williams says he’ll be sworn into the new post in 30 to 45 days, and in the meantime he’ll resign as state Senator.

He’s held an elected office of kind or another in the Cabot area since the early 2000’s. He was elected to the Senate in 2010. A special election will have to be called to fill out the remainder of his term.

Arkansas’s two U.S. Senators - Republicans Tom Cotton and John Boozman – joined the slimmest of majorities this week to strike down a new rule that would have allowed consumers to band together in class-action lawsuits against credit card companies and banks. It’s a blow to the Consumer Financial Protection Bureau, created after the 2009 financial crisis.

Democratic Party of Arkansas Chair Michael John Gray discusses the vote with KUAR’s Jacob Kauffman in the interview posted above.

Arkansas was the among several states that saw higher unemployment rates in August, but U.S. Labor Department officials said Hurricane Harvey had “no discernible effect” on the nation’s employment picture last month.

Mortgage backers Freddie Mac and Fannie Mae have recently changed lending rules to give more leeway to borrowers like Kristen Griffin with high student loans.

Griffin is a librarian at Nemo Vista High School in Center Ridge. She and her husband Mark are window-shopping on Zillow while their 2-year-old son Fletcher sleeps nearby.

Delta Regional Authority
dra.gov

The White House has nominated a member of U.S. Sen. John Boozman's staff to serve as co-chairman of the Delta Regional Authority.

Officials announced the nomination Wednesday of Chris Caldwell, who now serves as director of special projects for Boozman. The Delta Regional Authority is a federal-state partnership that works to improve regional economic opportunity in the Mississippi River Delta region.

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