Arkansas Economy

Local & Regional News
1:49 pm
Wed July 24, 2013

Pryor: Arkansas Banks Increase Earnings As National Economy Improves

Senator Mark Pryor
Credit pryor.senate.gov

Senator Mark Pryor says he's encouraged by economic growth in the U.S. and Arkansas.

He says Arkansas’ auto registrations are up 14 percent. He says some local banks are also showing increases in earnings.

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Local & Regional News
4:57 pm
Mon July 22, 2013

What Report Says About Growth, Employment, And Housing in Central Arkansas

The regional planning agency Metroplan is releasing its 2013 report on demographics and employment in Central Arkansas.

Research planner Jonathan Lupton notes population estimates show the region is still growing on trend - a little faster than the state and national average.

The report shows the region’s fastest growth is in Faulkner and Saline Counties, fed mainly by in-migration rather than natural increase. 

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Economic Development Incentives
6:55 pm
Wed July 10, 2013

Economic Development Director Says HP Will Return Some Of Incentives Package

Grant Tennille
Credit Mike Pirnique/ Arkansas Business

State Economic Development officials say Hewlett Packard no longer fulfills a benchmark that allows them to receive the same incentives established when its Conway facility opened in 2010.

Grant Tennille, director of the Arkansas Department of Economic Development, told KUAR News that after laying off 500 employees, HP no longer has the 1,000 workers at its service center which was a requirement for the computer company to receive its full-incentive package from the state.

He said the state will work with HP to determine how much money needs to be returned.

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Local & Regional News
3:27 pm
Wed July 10, 2013

Report: Immigration Reform Could Boost Arkansas Revenues

Supporters of immigration reform efforts in the U.S. hold a rally in Washington, D.C. and urge Congress to pass legislation.
Credit Nicholas Neufeld / iStock

A recent analysis by a liberal-leaning think tank estimates that undocumented immigrants pay $72.4 million a year in state and local taxes in Arkansas.

The report from the Institute on Taxation and Economic Policy also suggests that immigration reform would positively impact Arkansas’s economy.

The study suggests that the state could gain $16.4 million in increased revenue if undocumented immigrants currently in Arkansas are allowed to work in the country legally.

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Local & Regional News
11:28 am
Tue July 9, 2013

Arkansas House Speaker Carter Named Centennial Bank President

Credit Nathan Vandiver / KUAR

Arkansas House Speaker Davy Carter has been named Regional President of Centennial Bank.

Tuesday’s announcement comes as the company is merging with Liberty Bank of Jonesboro.

Eric King, Marketing Manager with Centennial Bank, says Carter has previously served as Division President at the company, and his familiarity with the bank and northeast Arkansas helped in the decision to hire Carter.

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Local & Regional News
10:19 am
Tue July 2, 2013

Arkansas Ends Fiscal Year With $299.5M Surplus

Arkansas has ended its fiscal year with a nearly $300 million surplus.

The Arkansas Department of Finance and Administration reported Tuesday that the state's net available revenue for the fiscal year that ended Sunday was $5.02 billion.

The amount was $275.4 million higher than last year. Officials said revenues were above last year's and above their predictions, primarily because of an increase in individual income tax collections.

The department attributed the growth to residents shifting income into tax year 2012 to avoid higher federal income tax rates.

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Local & Regional News
8:02 am
Mon July 1, 2013

Survey: Midwest, Plains Economy Remains Strong

Mid-America Business Conditions Index

A new monthly survey suggests the economy remains strong in Arkansas and eight other Midwest and Plains states and business will continue to improve in the months ahead. 

The overall index for the region declined to 55.6 in June from 56.2 in May, but any score above 50 suggests growth. Creighton University economist Ernie Goss says business leaders expect slower growth in the next few months. 

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Local & Regional News
5:52 am
Mon July 1, 2013

New Highway Tax To Take Effect In Arkansas

Arkansas's sales tax jumps by half a cent Monday with the proceeds funding state highway improvements.

Voters OK'd the temporary tax last year to help address a shortfall in highway funds. The $1.8 billion raised will be added to other revenue to provide $6 billion in road funding during the next decade.

State highway officials say Arkansas needs about $23 billion to tackle all the necessary projects. With the increase, Arkansas' new sales tax rate will be 6.5 percent.

Local & Regional News
7:57 am
Mon June 17, 2013

$4M Expansion Underway At Van Buren Plant

A food service company that has been in western Arkansas for 70 years is embarking on a $4 million expansion at a Van Buren facility.

Tankersley Foodservice Inc. is adding cold storage and dock space to the site at the Van Buren Industrial Park.

The company says the project also includes expansion and improvement to customer service offices.

The Southwest Times Record reports the growth is expected to add up to 30 jobs.

Local & Regional News
7:54 am
Wed June 12, 2013

Sex Trafficking More Widespread in Arkansas Than Most Realize

Credit Polaris Project

Last week, the U.S. Attorney for the Eastern District of Arkansas, Christopher Thyer, announced that a Little Rock man, alleged to have been a pimp and trafficker, was convicted in federal court on one count of sex trafficking. 

It was a first for his district, saying "It had been there for quite some time, and the biggest reason some of these cases are coming forward is awareness." 

Thyer says awareness is on the rise, but many people don’t know that sex trafficking could be occurring in their area.

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