Arkansas Economy

Members of the Arkansas Rice Federation have traveled to Cuba to discuss the future of trade between the U.S. and Cuba.
 
The delegation, which included Arkansas Agriculture Secretary Wes Ward, was briefed on developments in Cuban farming and also met with representatives of the Ministry of Education, Ministry of Foreign Trade, Havana University and Alimport, the state-owned operation responsible for agricultural imports and exports.
 

Governor Asa Hutchinson AEDC Mike Preston
Michael Hibblen / KUAR News

Gov. Asa Hutchinson touted new revenue numbers for the state Tuesday while making the case for further tax cuts. It comes as the Republican and an entourage are preparing for a trip abroad primarily focused on nurturing the state’s aerospace industry.

For fiscal year 2016, which ended at the end of June, the Arkansas Department of Finance and Administration reported Tuesday net available revenue of $5.3 billion. That's $117 million higher than the previous year, though gross general revenue was down about three percent.

Arkansas has ended its fiscal year with a $177.4 million surplus. The state Department of Finance and Administration announced Tuesday the state's net available revenue for the fiscal year that ended June 30 totaled $5.3 billion. That's $117.3 million higher than the previous fiscal year.

Business growth across the state took a step back in June, but a highly-watched economic indicator for the Mid-America region that includes Arkansas predicts Great Britain’s exit from the European Union will have minimal effect on the state economy. Talk Business & Politics reports:

A lawsuit intended to introduce a second taxi cab company into Little Rock has passed an early hurdle. A motion by the City of Little Rock to dismiss the suit about a monopoly operator was denied in Pulaski County Circuit Court. Judge Alice gray issued the ruling on Thursday.

A city ordinance requires new cab companies that want to compete with the city’s one existing company obtain a permit granted based on “public convenience and necessity.” Ken Leininger, who wants to operate Ken’s Cab, had a permit denied in 2015.

Arkansas Economic Development Commission Director Mike Preston.
TalkBusiness.net

Arkansas officials say a lumber mill that shut down six years ago is reopening, creating 136 new jobs.
 
The state Economic Development Commission on Wednesday announced that Caddo River Forest Products is spending up to $50 million to re-open the Glenwood sawmill. Officials said they expect another 200 to 300 indirect jobs to be created through the project.
 

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.

Pages