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The Compass Report shows that Arkansas’ economy ‘remains in an expansion’ – Talk Business & Politics

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The Compass Report shows that Arkansas’ economy ‘remains in an expansion’ – Talk Business & Politics


Arkansas’ economy in the second quarter of 2024 continued to see substantial gains in non-farm employment and the construction sector, while manufacturing and hospitality faced employment declines.

According to The Compass Report for the second quarter of 2024 (April-June), Arkansas’ nonfarm employment showed robust growth, with the state gaining 10,000 jobs between April and June, bringing the total to 1,374,000 nonfarm jobs in June 2024, compared to 1,364,000 in June 2023.

Employment remained steady throughout the quarter, with 1,370,000 jobs in April and 1,369,000 in May. This consistent job market growth earned Arkansas an A+ rating for nonfarm employment expansion, with the state continuing to set employment records each quarter.

“Arkansas’ economy continues to add jobs, with growth in nonfarm payroll employment statewide and in all four regions. The economy remains in an expansion, not a recession but rising unemployment rates suggest labor force growth is outpacing jobs creation. Still, no region recorded an unemployment rate greater than 3.9 percent,” said economist Greg Kaza, executive director of the Arkansas Policy Foundation.

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However, the unemployment rate in Arkansas rose once again during the second quarter of 2024, following the upward trend from the first quarter. In June 2024, the unemployment rate stood at 3.3%, compared to 2.6% in June 2023.

“The rise in unemployment persisted throughout the quarter, with the rate increasing to 3.4% in April and May 2024. Despite the state’s job growth, the higher unemployment rate indicated continued challenges in the labor market, earning a D grade for the change in the unemployment rate,” according to analysis from The Compass Report.

The Compass Report is a partnership between the University of Arkansas at Fort Smith (UAFS) and Talk Business & Politics. First National Bank of Fort Smith is a sponsor of the statewide report. Kendall Ross, UAFS associate vice chancellor of Economic and Workforce Development, and Troy Rodriguez, a data analyst in the UAFS Center for Economic Development who helps compile, manage and review the data, are responsible for data collection and written analysis for the report.

Kaza also noted that the construction sector continues to be bright spot.

“Strong growth in the construction sector noted earlier this year continued in the quarter, with significant gains in the Fort Smith region, Northwest Arkansas and the central part of the state. Arkansas construction sector jobs have expanded 31 percent since the last recession ended in April 2020, the highest growth rate in the 12-state southeast region,” Kaza wrote in his analysis.

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Following are other Arkansas economy analysis from The Compass Report.
• June 2024 gross sales and use tax collections reached $358.615 million, up from $347.776 million in June 2023. Similarly, May 2024 collections rose to $357.365 million compared to $314.722 million in May 2023. April also increased to $360.013 million, up from $353.149 million in April 2023.

• Building permit valuations for housing in Arkansas presented a mixed picture during the second quarter. In April 2024, permit valuations jumped to $264.37 million from $191.07 million in April 2023, signaling robust construction activity. May 2024 showed a slight decline, with valuations falling to $246.073 million, compared to $248.99 million in May 2023. The downward trend continued into June, with valuations reaching $267.57 million, down from $306.216 million in June 2023.

• Manufacturing employment continued its downward trend throughout Q2 2024. In June 2024, Arkansas had 162,000 manufacturing jobs, down from 165,300 in June 2023.

• Employment in construction increased to 67,100 jobs in June 2024, up from 63,500 in June 2023. The sector consistently grew across the quarter, with 67,900 jobs in April and 67,600 in May 2024.

• Hospitality employment declined to 128,000 jobs in June 2024, down from 131,500 in June 2023. The industry also saw job losses in April and May 2024 compared to the same period in 2023.

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Link here for the full The Compass Report for the second quarter.



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Arkansas

Texas Tech Red Raiders vs Arkansas Razorbacks Prediction, Odds and Picks

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Texas Tech Red Raiders vs Arkansas Razorbacks Prediction, Odds and Picks


The Texas Tech Red Raiders take on the Arkansas Razorbacks in the Liberty Bowl, and both squads could have an entirely different look compared to the regular season. For Tech, the Red Raiders lost their offensive coordinator but should be a tad more stable in terms of roster outlook compared to the Razorbacks. Arkansas is down to six scholarship offensive linemen and will be missing two key starters in this bowl game. Furthermore, both squads have had players leave for the transfer portal, but the Razorbacks losses were significantly more impactful such as WR Andrew Armstrong heading to the NFL. Furthermore, Arkansas will be without two of its better defensive players: safety TJ Metcalf and EDGE rusher Landon Jackson.

Texas Tech’s biggest loss could be star RB Tahj Brooks, but he has participated in every bowl game practice leading up to the game despite not making an official decision with less than 24 hours to go before kickoff. Stability is key in modern-day bowl game matchups, and while neither side has much, the Red Raiders have a clear edge in that department. With all things considered, I’ll take Texas Tech on the moneyline.

Texas Tech ML (-120) available at time of publishing. Playable at that number up to -140.



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Raynor and Wallace lead Arkansas State past Bowling Green 38-31 in the 68 Ventures Bowl

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Raynor and Wallace lead Arkansas State past Bowling Green 38-31 in the 68 Ventures Bowl


Associated Press

MOBILE, Ala. (AP) — Jaylen Raynor passed for 221 yards and two touchdowns to go with a rushing score, and Zak Wallace had 99 yards rushing and a TD to help Arkansas State beat Bowling Green 38-31 on Thursday night in the 68 Ventures Bowl.

Wallace scored on a 14-yard run with 3:10 left in the fourth quarter for a 38-24 lead. He carried the ball on the last six plays of the drive, gaining 59 yards on the eight-play, 68-yard march. It was his 11th rushing touchdown of the season, nine coming in the last six games.

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Rahkeem Smith returned the ensuing kickoff 58 yards to give Bowling Green a short field. Five plays later, Smith made a 23-yard catch in the end zone to get within 38-31.

Hunter Summers easily recovered the onside kick and Wallace powered through the middle of the defense for a 19-yard gain to seal it.

Corey Rucker added 107 yards receiving and two touchdowns for Arkansas State (8-5), which won a bowl game for the first time since 2019 — the same year it last won eight games in a season.

Rucker caught a long pass from Raynor and raced for a 79-yard touchdown for a 24-14 lead with 4:13 left in the first half. Following a fumble recovery by Noah Collins, Raynor found Rucker for a 6-yard TD to make it 31-21 early in the third.

Connor Bazelak threw for 390 yards and three touchdowns for Bowling Green (7-6). Harold Fannin Jr. had 17 catches for a career-high 213 yards and a touchdown.

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Fannin reached 125-plus yards with a touchdown for the sixth time this season, which leads the FBS.

Bowling Green’s special teams struggled. Zach Long missed his third field goal attempt of the game (one was blocked) with 10:19 left. The Falcons allowed Courtney Jackson to return a punt for a 60-yard touchdown in the first quarter, and BGSU also had a fake punt come up short of a first down in the second half.

Record Holder

Fannin made a catch midway through the first quarter to become the single-season record holder for receiving yards by a tight end in the FBS. He entered needing just 11 yards to surpass Jace Amaro’s record of 1,352 in 2013 at Texas Tech. Fannin finished the season with 1,555 yards.

___

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Liberty Bowl by the numbers: Arkansas vs. Texas Tech

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Liberty Bowl by the numbers: Arkansas vs. Texas Tech


AutoZone Liberty Bowl

Texas Tech (8-4) vs. Arkansas (6-6)

6 p.m. CST Friday (ESPN)

Simmons Bank Liberty Stadium in Memphis, Tennessee

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0 Starts for Texas Tech QB Will Hammond, who will open under center for the Red Raiders against Arkansas after No. 1 QB Behren Morton had shoulder surgery. Morton threw for 3,335 yards and 27 TDs in 2024. Hammond has completed 15-of-23 passes for 191 yards with one TD and no interceptions this season. Hammond won’t have 1,000-yard receiver Josh Kelly to throw to on Friday. The wide receiver has opted out of the game.

1 Previous appearance in the Liberty Bowl for Texas Tech, which defeated Mississippi State 34-7 on Dec. 28, 2021. That kicked off the Red Raiders’ current three-game bowl winning streak that has boosted Texas Tech’s bowl record for 17-23-1.

2 Players in the nation had at least 2,800 passing yards and 500 rushing yards entering the bowl season – Arkansas QB Taylen Green and Washington State QB John Mateer. Green has completed 219-of-360 passes for 2,813 yards with 13 TDs and nine interceptions and run 141 times for 521 yards and seven TDs.

5 2-point conversions have been given up by Arkansas in 2024, tied for the most in the nation entering the bowl season. Texas Tech has scored four 2-point conversions this season.

7 Appearances in the Liberty Bowl for Arkansas when the Razorbacks take the field on Friday, the most in the game’s history (two ahead of Mississippi State). The Razorbacks have a 3-3 record in the Liberty Bowl after winning their past three appearances. Arkansas defeated East Carolina 20-17 in overtime on Jan. 2, 2010, Kansas State 45-23 on Jan. 2, 2016, and Kansas 55-53 in three overtimes on Dec. 28, 2022, and lost to Tennessee 14-13 on Dec. 20, 1971, Auburn 21-15 on Dec. 27, 1984, and Georgia 20-17 on Dec. 29, 1987. Overall, Arkansas has a 17-24-3 bowl record.

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8 Victories and three losses for Arkansas against opponents from the Big 12 and its predecessor conferences in bowls. In bowls against other conferences, the Razorbacks have a 9-21-3 record. Overall, Arkansas has a 34-14 record against Big 12 opponents since 1928, when the Big Six formed, including a 39-31 loss in two overtimes to Oklahoma State on Sept. 7.

10 Victories, 19 losses and two ties for Texas Tech against SEC opponents. The Red Raiders played their first game against an SEC opponent on Jan. 1, 1954, when Texas Tech scored a 35-13 victory over Auburn in the Gator Bowl. The Red Raiders have a 4-6-1 record in bowl against SEC opponents.

21 Victories and 11 losses for SEC teams in the Liberty Bowl. The 1965 Liberty Bowl was all-SEC, with Ole Miss beating Auburn 13-7. Big 12 teams have a 4-7 record in the Liberty Bowl. The SEC has a 4-4 record against the Big 12 and its predecessor conferences in the Liberty Bowl.

29 Victories for Arkansas and eight victories for Texas Tech in the Razorbacks-Red Raiders series, although Texas Tech won the most recent meeting 35-29 on Sept. 19, 2015, and has victories in three of the past four meetings. Thirty-two of the 37 meetings came when the teams were members of the Southwest Conference together from 1960 through 1991.

34.5 Points per game have been scored against the Texas Tech this season, the highest average yielded by any bowl participant this season. The Red Raiders led the Big 12 in scoring during the regular season with an average of 38.6 points per game.

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97 Third-down snaps were converted into first downs by Texas Texas in 2024, the most in the nation entering the bowl season. The Red Raiders have had 196 third-down snaps, tied for the second-most in the nation and have converted 49.5 percent into first downs, the sixth-best rate in the nation.

103 Yards and two TDs on 20 rushing attempts in 2024 for Rodney Hill, who is listed as the No. 1 running back on Arkansas’ depth chart for Friday’s game. Ja’Quinden Jackson led the Razorbacks with 790 yards and 15 TDs on 149 rushing attempts this season, but he has opted out of the game.

231 Plays from scrimmage gained at least 10 yards for Arkansas in 2024, the second-most in the nation entering the bowl season.

1,140 Receiving yards for Arkansas WR Andrew Armstrong, the most in the SEC this season. But Armstrong has opted out of the bowl, as has No. 2 receiver Isaiah Sategna, leaving WR Isaac TeSlaa as the Razorbacks’ leading receiver entering Friday’s game. TeSlaa has 438 yards and three TDs on 25 receptions in 2024.

1,505 Rushing yards for Texas Tech RB Tahj Brooks this season as he replaced Byron Hanspard as the Red Raiders’ career rushing leader in 2024. By running for at least 109 yards in each of his 11 games this season, Brooks lifted his career total to 4,557 rushing yards, the fourth-most in Big 12 history. Brooks is in Memphis with Texas Tech, but his participation in Friday’s game has not been confirmed by the team.

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FOR MORE OF AL.COM’S COVERAGE OF THE SEC, GO TO OUR SEC PAGE

Mark Inabinett is a sports reporter for Alabama Media Group. Follow him on Twitter at @AMarkG1.





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