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.
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Arkansas
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The National Cold War Center in Blytheville has acquired 36 original segments of the Berlin Wall.
A press release states that the arrival marks a major milestone in the development of the center and its mission to preserve and interpret one of the most consequential periods in modern history. The center, located at the former Eaker Air Force Base, was designated in 2023 by Congress as the nation’s official museum dedicated to the Cold War.
Together, the segments will form the largest publicly viewable collection of Berlin Wall segments outside Berlin. The segments arrived in Arkansas from Germany on May 13.
“This is a defining moment for the National Cold War Center,” said Christian Ostermann, executive director. “These are not replicas — these are original pieces of history that once divided the world. Preserving and interpreting the Berlin Wall at this scale positions the center as an important institution for understanding the Cold War and its lasting impact on the world today.”
The Berlin Wall stood for nearly three decades as a physical symbol of global political and ideological division during the Cold War. By preserving and presenting these original artifacts, the National Cold War Center will offer visitors a rare opportunity to experience the physical presence of the Wall while exploring the global events, tensions and decisions that shaped the modern world, according to the release.
Eaker Air Force Base was a Strategic Air Command Ready Alert installation during the Cold War era, and the National Cold War Center is being developed to educate and engage the public through immersive experiences, research and access to original historic assets.
The full collection will be publicly unveiled at the National Cold War Center Gala in November with information on exhibition plans, educational initiatives and more to be revealed in the coming months, the release stated.
Feature image: Berlin Wall segments after their arrival in Blytheville. (Photo courtesy of NCWC)
READ ALSO: Gowan Milling to Expand Manufacturing Plant in Blytheville
No rain in Thursday’s forecast.
The chance of rain will return on Friday, but the chance is going to be very low Friday through Sunday.
Then the chance really picks up early next week as a front approaches. Stronger to severe storms are going to be possible Monday evening and Tuesday morning.
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