Northwest Arkansas remains the state leader -- and one of the nation's top metro areas -- for creating an overall business climate that promotes growth and resilience.
A report released last week by Heartland Forward, a Bentonville-based think tank, examines metro areas nationwide for their ability to create a strong network of tech hubs, research activity and recreational infrastructure that supports and promotes economic growth for companies and residents. The findings are for 2021 and are based on a host of factors to develop a rankings index.
The Fayetteville-Springdale-Rogers corridor was the only metro area in Arkansas to crack the top 100 and the region held steady, ranking 21st in the nation, just as it did in 2020. The metro area was ranked 17th in 2019, the first year the report was issued.
"The covid-19 pandemic disrupted life and contracted our local economy in unprecedented ways," the executive summary of the report states. "That is why the underlying structural composition of metropolitan economies played a larger role than ever."
Northwest Arkansas was boosted by having strong economic anchors and a major research university -- the University of Arkansas at Fayetteville -- in the region.
Heartland noted the area is "home to Walmart in Bentonville, combines the advantages of the University of Arkansas, outdoor amenities such as mountain biking, arts and recreation, along with corporate headquarters of logistics giant, J.B. Hunt, and the world's second-largest protein producer -- Tyson Foods."
In Arkansas, Jonesboro was the next-highest ranked, coming in at 132. Hot Springs was ranked 220th; Texarkana came in at 331; Fort Smith was ranked 342nd; and Pine Bluff was at 355.
Central Arkansas -- including Little Rock and key suburban areas such as Benton, Bryant, Conway and Sherwood -- improved last year's ranking, finishing at 220. The year before, in 2020, the region was ranked 240th and the initial report listed Central Arkansas at 251.
Heartland's report evaluated the resilience of metros areas and examines their ability to continue to improve economic conditions for businesses and area residents. The top areas most often have key assets such as tech hubs, outdoor and lifestyle recreation, and higher education institutions. Moreover, the best metro areas are not dependent on energy, international tourism or business travel, all of which have suffered in the pandemic economy.
Evaluations included key metrics such as recent employment growth, average income and wage growth, entrepreneurship, gross domestic product growth and the density of well-educated workers within the workforce employed by those businesses.
The nation's top five metros were San Jose-Sunnyvale-Santa Clara, Calif.; The Villages, Fla.; San Francisco-Oakland-Berkeley, Calif.; St. George, Utah; and Provo-Orem, Utah.
In surrounding states, Columbia, Mo., leaped to 51st after ranking 75th in 2020, while Memphis improved to 219 – just ahead of Little Rock. The Memphis area was ranked 270th in 2020.
SMALL BUSINESS WINNER
Jaim Krutz of Big Cuppa in Morrilton has been named Arkansas' small businessperson of the year by the U.S. Small Business Administration. Krutz will be formally recognized May 5 at a national ceremony celebrating Small Business Week.
Big Cuppa, founded in 2017, offers wholesale and retail bagged coffee as well as dine-in options at its downtown Morrilton location. The company also has a drive-thru location at 1634 E. Harding St. in Morrilton.
"I am delighted to recognize our National Small Business Week winners from across the country who have stepped up to build their businesses, create jobs, and power historic recovery over the past year," SBA Administrator Isabella Guzman said in announcing the winners last week. "Entrepreneurs are innovators and creators at their core, delivering the products and services we depend on and making our neighborhoods, towns, and cities more vibrant places to live and work."
National Small Business Week will be observed May 1-7 to recognize SBA partners for their support in providing startups and small business owners with counseling and advice, skills development, disaster preparedness and recovery.
FARM RECOGNITION
The Arkansas Department of Agriculture is accepting applications for the 2022 Arkansas Century Farm program, which recognizes Arkansas families that have owned and farmed the same land for at least 100 years.
"Arkansas Century Farm families have persevered for at least 10 decades and have contributed greatly in making Arkansas agriculture the success story that it is today," said Arkansas Secretary of Agriculture Wes Ward. "As Arkansas's largest industry, agriculture contributes $19.4 billion to the state's economy annually and provides one in six jobs."
Online and printable applications are available at agriculture.arkansas.gov. Applications must be received by email or postmarked by May 31. There is no cost to apply for the program. Qualifying Arkansas farms will receive a personalized Arkansas Century Farm certificate and metal sign listing the farm name and year established.
Arkansas is home to more than 42,200 farms -- and 96% of those are family owned and operated.
ASSEMBLY LINE READY
Electric vehicles are now being assembled in Arkansas for the first time.
Envirotech Vehicles Inc. last week began final assembly of 58 vehicles, providing finishing for electric vehicles that began production in California, at its 580,000-square-foot factory and corporate headquarters in Osceola. The vehicles are being shipped to customers across the nation.
In February, the company announced it would invest $80.7 million and create 800 jobs by moving its manufacturing operations and corporate headquarters from California to Osceola. The company said full production in Arkansas will begin in about two years.
"Envirotech Vehicles is an incredible addition to our city's workforce," said Sally Wilson, mayor of Osceola. "Companies that are willing to go the extra mile to be leaders in their respective industries are exactly what Osceola needs as our city continues to grow and look for ways to bolster its employment offerings and livability."
Envirotech produces three types of electric vehicles: trucks, logistics vans and cutaway vans that are used by customers ranging from plumbers to delivery and construction operations. The Osceola facility also will manufacture lithium batteries for electric vehicles.