Arkansas Economy

Mainstream Technologies will open a second location in downtown Conway, the 20-year old IT services firm announced on Thursday.

The Conway facility will begin operations in September with 15 new employees. Little Rock-based Mainstream provides managed services, custom software, and hosting to clients throughout the mid-South.

Fiscal second quarter net income for Wal-Mart Stores rose more than 8%, with adjusted per share earnings of $1.07 topping the consensus estimate of $1.02. Quarterly revenue of $120.854 billion also beat expectations.

Talk Business & Politics reports Walmart U.S. same-store sales rose 1.6%, marking the eighth consecutive quarter of positive comps with the closely watched financial metric.

Governor Asa Hutchinson Elyxor
Alden Walters / KUAR News

A software engineering company with an office in North Little Rock is expanding from four to 45 employees over the next five years, its leadership and Gov. Asa Hutchinson announced Tuesday. Boston-based Elyxor supports clients around the world in finance, health care, eCommerce, industrial products and supply chains.

Diamond Pipeline LLC

Talk Business and Politics reports

Little Rock-based Welspun Tubular has received a $47 million contract to manufacture two-thirds of the pipe needed to construct the 440-mile Diamond Pipeline, a controversial multistate project that will ship light, sweet premium grade crude oil from Cushing, Okla., to Valero Corp.’s sprawling refinery facility in Memphis, Tenn.

Gov. Asa Hutchinson (R) speaking at the FinTech Accelerator Gloval Investor Demo Day at the Clinton Presidential Library in Little Rock.
Jacob Kauffman / KUAR

The state of Arkansas is investing $1 million in discretionary funds over the next two years in a 50-50 partnership with the financial tech company FIS, to continue a program meant to bolster start-ups in the industry.

Governor Asa Hutchinson said he’ll also ask the legislature for $2 million to expand the accelerator concept to industries beyond the financial sector. He made the announcement Wednseday at FinTech’s Accelerator Global Investor Demo Day at the Clinton Presidential Library.

The jobless rate for all metro areas in or connected to Arkansas rose in June compared to May, but year-over-year job growth continued in the state’s largest metro areas, with Northwest Arkansas seeing a 5.16% gain and central Arkansas up almost 4%.

Jobless rates ranged from a low of 3.1% in Northwest Arkansas to a high of 5.7% in the Pine Bluff and Memphis-West Memphis metros, according to U.S. Bureau of Labor Statistics data posted Wednesday.

After ending fiscal 2016 with a $177 million surplus, state tax collections in the first month of the new budget year came in well below forecast as a number of economic indicators point to slowing business activity in the second half of 2016.

According to the Arkansas Department of Finance and Administration’s monthly financial report, net available general revenues for the first month of fiscal 2017 totaled $400.6 million, $1.4 million or 0.4% above last year and $7 million or 1.7% below forecast.

Conway has landed another Fortune 500 company.

Already home to top-tier companies such as Acxiom, HP, International Paper and Kimberly-Clark, Insight – a global provider of information technology solutions – announced it will add a sales center in the Meadows Office and Technology Park in Conway. Talk Business & Politics reports Insight expects to hire 50 more workers in Conway to its new, existing workforce of around 170.

education schools
arkansas.gov

A New York securities and class action law firm has proposed a $300 million settlement with Wall Street financial service giant State Street Corp. on behalf of the Arkansas Teacher Retirement System, the lead plaintiff in a federal case going back more than five years.

A breakdown of GDP growth rates by state and region.
U.S. Bureau of Economic Analysis

Arkansas’s gross domestic product, or GDP, grew at a higher rate than any other state in the nation through the first quarter of 2016. Data from the U.S. Bureau of Economic Analysis on Wednesday shows the state's 3.9 percent GDP growth outpacing the national rate of 1.2 percent.

The Director of the Center for Business and Economic Research at the University of Arkansas, Kathy Deck says other positive economic indicators preceded this measurement of the state’s economic output.

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