2021 State of the Region Report Released for Northwest Arkansas

The Northwest Arkansas Council and the Center for Economics and Business Research at the University of Arkansas have partnered to release the 10th annual report on the state of the Northwest Arkansas region on October 27. Arkansas. According to the report, on the one hand, the economy of Northwest Arkansas is improving and the population boom is leading to more economic opportunities. “Very strong positives here, we’ve grown the number of businesses even in the midst of the pandemic by about nearly 400 businesses in northwest Arkansas and we’ve grown about 1,800 businesses over the last few years. five years since about 2015,” said Mervin Jebaraj, director of the Center for Business and Economic Research at the University of Arkansas. Jebaraj also said the level of unemployment in the region has returned to pre-pandemic levels. However, the report also notes that population growth has also created a problem — housing. “We are not producing enough housing. We have a significant population growth and therefore prices are increasing and it is difficult to obtain a house. We believe we need to address this issue if we are to continue to grow economically,” said Nelson Peacock, CEO of the NWA Council. The report also showed an increase in rent and housing prices for existing apartments and houses. In March, the NWA Council announced its workforce housing center, with Peacock telling 40/29 News that leadership roles should be filled for the center by the end of the year. , and they expect to start working on creating more available and affordable housing.”It’s going to be difficult to identify enough large-scale solutions to solve this problem, but we’re starting early compared to other cities. and we’re just going to continue to get as many people around the table to start focusing on that and working on it,” Peacock said. The 2021 report can be read in full here.

The Northwest Arkansas Council and the University of Arkansas Center for Business and Economic Research have partnered to release the 10th annual report on the state of the Northwest Arkansas region on October 27.

According to the report, on the one hand, the economy of Northwest Arkansas is improving and the population boom is leading to more economic opportunities.

“Very strong positives here, we’ve grown the number of businesses even in the midst of the pandemic by about nearly 400 businesses in northwest Arkansas and we’ve grown about 1,800 businesses over the past five years since around 2015,” said Mervin Jebaraj. , director of the Center for Business and Economic Research at the University of Arkansas.

Jebaraj also said the level of unemployment in the region had returned to pre-pandemic levels.

However, the report also notes that population growth has also created a problem – housing.

“We’re not producing enough housing. We have a lot of population growth and so prices are going up and it’s hard to get a house. We think we have to fix that if we’re going to continue to grow economically,” Nelson said. Peacock, the CEO of the NWA Council.

The report also showed an increase in rent and housing prices for existing apartments and houses. In March, the NWA Council announced its Workforce Housing Center. Peacock told 40/29 News that leadership roles should be filled for the center by the end of the year, and they expect to start working on creating more available and affordable housing.

“It’s going to be difficult to identify enough large-scale solutions to solve this problem, but we’re starting early compared to other cities and we’re just going to continue to get as many people around the table to start focusing on that and working on that,” Peacock said.

The 2021 report can be read in full here.

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