Arkansas
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.
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.
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.
Link here for the full The Compass Report for the second quarter.
Related
LITTLE ROCK (KATV) — A bee swarm attack in Texas sent three people, including a firefighter, to the hospital this week, while Arkansas medical experts said most bee stings are not dangerous but can become life-threatening in certain cases.
Authorities in San Antonio said the three victims were hospitalized after being swarmed and stung by aggressive bees. Officials have not released details on what triggered the attack or the species involved.
Doctors in Arkansas said the biggest risk from a bee sting is not the sting itself, but a severe allergic reaction known as anaphylaxis.
“The concern when you have a bee sting is if you develop a severe allergic reaction called anaphylaxis,” said Dr. Garrett Lewis, chief medical officer at St. Vincent Infirmary.
Lewis said warning signs include throat swelling, difficulty breathing and feeling faint, which require immediate medical attention.
“If you’re experiencing any throat swelling or severe shortness of breath, you need to seek medical care immediately,” Lewis said.
He added that people who are stung multiple times may also be at risk even without a known allergy, because each sting introduces additional venom into the body.
In the event of a swarm, Lewis said the priority should be escaping the area as quickly as possible and removing any stingers once safe.
“Seek water, seek indoor,” Lewis said. “Once you’re away from the swarm, you want to make sure that you are removing any stingers that might still be in your skin.”
Lewis also said symptoms such as dizziness, nausea and widespread hives can indicate a serious reaction.
While the Texas incident resulted in hospitalizations, a recent swarm outside a Little Rock business ended without injuries after bees briefly gathered on a tree limb before being safely removed by a beekeeper.
Lewis said the best prevention is awareness of surroundings and understanding when medical care is needed after a sting.
CORNING, Ark. (KATV) — Regulatory Enforcement Agents with the Department of Finance and Administration, along with local police, seized a significant amount of illegal THC products from Pacific Green in Corning on Tuesday.
According to the DFA, more than a dozen agents joined the City of Corning Police in the day-long operation that resulted in two arrests.
DFA agents seized more than 25 pounds of illegal products consisting of flower, vapes, and edibles.
Owner Ben Bennett and employee Sharia Shipman were arrested and both charged with the following:
- Delivery of a Schedule VI controlled substance (Class D Felony)
- Possession of a Schedule VI controlled substance with the purpose to deliver (Class B Felony)
- Controlled substances – Offenses relating to records, maintaining premises (Class C Felony)
- Possession of drug paraphernalia (Class D Felony)
- Unauthorized use of another person’s property to facilitate certain crimes (Class C Felony)
Bennett’s bond was set at $150,000, while Shipman’s bond was set at $100,000.
“In addition to selling illegal products, investigators confirmed violations involving underage access at this location,” said David Potter, Director of the Regulatory Enforcement Division. “This retailer, which was located within 1,000 feet of a school, presented significant public health and safety concerns. We are proud to partner with the Corning Police Department in addressing these violations. We seized a substantial quantity of illegal products, including flower, vapes, edibles, and other items, during the operation. We appreciate the cooperation of local law enforcement and information received from the community that led to yesterday’s operation and stopped this blatant disregard of the law.”
Note: All suspects accused of a crime are presumed innocent unless proven guilty by a court of law.
The Department of Finance and Administration said Arkansans can use Apple Wallet to present their license or ID in person, online and in apps at select organizations, including at more than 250 Transportation Security
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