Arkansas Economy

Personal Income Percent Change 2015: Quarter IV-2015 Quarter I.
bea.gov

Personal income growth in Arkansas - at 1.2 percent in the first quarter of 2016 - bested the national average of 1 percent growth, in a report released on Wednesday by the U.S. Bureau of Economic Analysis. Earnings, which make up the largest contribution to personal income, were up 1.1 percent overall with a 1.7 percent uptick in Arkansas.

Chris Hickey / KUAR News

Traffic at Arkansas’ three largest commercial airports improved in May, and shipping on the Arkansas River has recovered from the rain-induced slowdown in 2015, according to information in the June edition of the Arkansas Transportation Report.

jobs unemployment employment
www.purdue.edu

State officials say Arkansas' unemployment rate remains at a record low, coming in at 3.8 percent in May. 

p>The jobless rate is down one-tenth of a percentage point from April's numbers. The Arkansas Department of Workforce Services says there were 51,773 unemployed people in Arkansas in May. That continues a steady decrease from February 2011, when a record 114,892 people were unemployed in the state.

Arkansas GDP growth 2007-2015.
arkansaseconomist.com

Arkansas’s gross domestic product grew a little more slowly than the national average in 2015, according to a report released on Tuesday by the U.S. Bureau of Economic Analysis

The state’s gross domestic product grew 1.5 percent last year while U.S. GDP rose 2.4 percent. In 2014 Arkansas’s GDP growth rate was 2.1 percent.

UAMS campus in Little Rock.
uams.edu / UAMS

Talk Business and Politics reports

The University of Arkansas for Medical Sciences (UAMS) is about to embark on a critical time for revenue, Dr. Dan Rahn, the school’s chancellor, told members of a newly formed “Friends of UAMS” chapter in Fort Smith.

File photo. Construction of Big River Steel plant in Mississippi County.
bigriversteel.com

A federal appeals court panel has upheld a judge's decision to dismiss a steel company's lawsuit challenging a rival's $1.3 billion steel mill in northeast Arkansas.

The 8th U.S. Circuit Court of Appeals on Wednesday upheld U.S. District Judge Leon Holmes' dismissal of the lawsuit by Nucor Steel that sought to stop Big River Steel from building a steel mill in Osceola, about 20 miles from a Nucor plant.

Nucor had appealed Holmes' ruling that the court didn't have jurisdiction over the case.

The U.S. Department of Agriculture has announced a $94,000 grant to the Arkansas Hunger Relief Alliance to help low-income Arkansans buy fruits and vegetables.

The grant is for the program Double Up Food Bucks that's part of the Supplemental Nutrition Assistance Program - formerly known as Food Stamps.

The program allows families to double the amount of SNAP money spent for fruits and vegetables at participating farmers markets. As an example, a family spending $10 on fruits and vegetables at a participating market would be able to spend $20.

Confidence among Arkansas consumers about the economy and their personal finances continues to increase, according to the latest Arvest Consumer Sentiment Survey completed this spring.

The report compiled by the University of Arkansas Center for Business and Economic Research twice a year. According to the survey conducted in March, 38% of Arkansas consumers expect their personal financial situation to improve over the next 12 months, up from 28% in September.

Arkansas finance officials say a mild winter and a court settlement led revenue numbers to dip below forecast for the month of May but be above levels compared to the same month last year.

In May gross general revenue fell 1.7 percent below forecast at $432.9 million and sales tax collections dropped $21.2 million or 11 percent below expectations.

Talk Business and Politics reports

Arkansas Gov. Asa Hutchinson commemorated the 100th anniversary of the Rotary Club of Fort Smith on Wednesday (June 1) by laying out a strategy for the future of Arkansas economic development.

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