In his final meeting before the Joint Budget Committee on Nov. 10, Hutchinson noted that the states financial position is the best its ever been. And we rode with a gentleman there that had been in economic development for the past 30 years. And it's not only a personal win, you get to see so many other people in your community that will benefit from that for years and years, whether it's job opportunities or other businesses that, because there are 50 new jobs in the industrial park, there are more people going to the dry cleaners, more people eating at the restaurants, more people shopping in your local stores. So I might be working with Jean in the grants department, or I might be working with Olivia in the business development department, or it just depends on what the process is. Asa Hutchinson (left) and Sen. Jonathan Dismang (R-Beebe) talk before Hutchinson presents his fiscal year 2024 state budget at the Nov. 10, 2022, meeting of the Legislatures Joint Budget Committee. And then of course, we do have the Oaklawns of the world and our two major hospitals, CHI St. Vincent just got recognized as one of the top 50 hospitals in America. There's a lot of new faces now, so I'm learning a new good group of folks and have enjoyed my time getting to know each one of them as well. Okay. Jun 13 Consumer Price Index, South Region May 2023 The Consumer Price Index for All Urban Consumers (CPI-U) for the South rose 0.2 percent in May, the U.S. Bureau of Labor Statistics reported today. And so that's really something that's kept me here. So hot off the press here, just announced late last week "At AEDC, we know economic advancement doesn't happen by accident. That's all made right here in Newport, Arkansas. So we see it from restaurants, its strong collection, their vehicle sales, its strong there, and thats where you see across the state people are spending money and that hasnt stopped since the pandemic started, he said. Hardin said weve seen Arkansas surplus increase steadily over the past few years. Arkansas has two different reserve funds. You've got to be able, I think, to have the relationships in your community to bring people together around the table. So it's been wonderful thing. The mayor was involved, the county judge was involved. The state's history is rife with disasters and setbacks both natural and self-inflicted, Nelson said, from the New Madrid earthquakes of 1811 through 1812 before Arkansas was a state to the self-inflicted anti-integration crisis of 1957. It was an honor to join you at the ribbon cutting ceremony of Origami Sake. The governor also appoints the leaders . Our Business Confidence Index fell to its lowest level since March 2020, the first month of the pandemic, said Goss. Inflation has come down from its 2022 heights, but economists are worried about its stubbornness. Those are fun moments. That's quite a run. Economic conditions in Arkansas continue to improve, though increased consumer demand is making it more difficult for companies to find workers, according to a report released Wednesday. And everybody is interested in this. I had to put that in my office, so I didn't pick anyone. Despite stubborn inflation, rising interest rates and higher energy prices, Pakko said consumer spending has not waned in 2022 as pandemic relief and funding increased personal income and purchasing power. The Bureau of Labor Statistics reports that grocery inflation has slowed in recent months . The updated finance department surplus included $500 million in tax cuts from the special session of 2022 and other updates such as higher inflation estimates and faster growth. Completion of Phase 1 is scheduled for the second quarter of 2023. More beds isnt just a capital cost. And so when I moved in, they asked me, they said, "How long are you going to be here in Newport?" The economy in Arkansas is holding up well, said Scott Hardin with the Arkansas Department of Finance. We have lowered taxes; weve created a more efficient state government with a 14% reduction in the number of state employees. Michael Pakko, chief economist and director of UA Little Rocks Economic Development Institute (AEDI), said the states economic picture could dim somewhat if Arkansas consumers ease their spending after Christmas. Michael Pakko, chief economist and director of UA Little Rocks Economic Development Institute (AEDI), said the states economic picture could dim somewhat if Arkansas consumers ease their spending after Christmas. Copyright 2023, Arkansas Democrat-Gazette, Inc. Well, we believe that the economy's got to be built on several different pillars. The burn hot ones are fun because you can kind of set aside a lot of stuff and focus your attention on that. In contrast, Northwest Arkansas continues to boom economically and culturally, Nelson said. 6 predictions for Arkansas' economy in 2022. Before those required filing months, we still have potentially high growth (above forecast levels) coming this January from the final estimated payment for fiscal 2022 and the same potential contribution in December from corporate estimated payments from a large group of those accounts having calendar year tax years, Shelnutt explained. Thank you. And so to me, my previous career before my 30 years in economic development was that I was a minister and I was a minister because I wanted to help people. Talk some about the base of businesses and industries in your community and how they play such an important role in helping you to go out and attract more jobs, whether that be from entrepreneurs or recruiting new companies. Just to give a whole another perspective, I'm going to go with JD Lowry. Here's how this worked.". I serve as executive director of the Arkansas Economic Development Commission. Tom King of Fayetteville said Nelson gave a very good talk. DEIJ Policy | Ethics Policy | Privacy Policy. Going into fiscal 2023, which began July 1, 2022, Hutchinsons $6.04 billion budget proposal left the state with a $175 million surplus and a 3.3%, or $195 million, increase over the prior fiscal year. I'm not sure what else we'll get that'll be outside the pale. We understand what each team member brings to the project. We take all the different pieces from around our community, around our state, even around the country and the world, and we put them all together to make things work for our community and for the people in our community. Well, first off paraphrasing what Jon said earlier. Jon, I think you've been in economic development the longest of everyone at the table here. And I think that that's a lot of the work of economic development. Fast forward to fiscal year 2022, that number increased to $1.6 billion, setting another record.. Jack Thomas has been fantastic. It has been extremely rewarding for me. All right. And consequently, it's resulted in a lot of wins. Arkansas includes the following metropolitan areas for which an Economy At A Glance table is available: Fayetteville-Springdale-Rogers, AR-MO Fort Smith, AR-OK Hot Springs, AR Jonesboro, AR Little Rock-North Little Rock-Conway, AR Memphis, TN-MS-AR Pine Bluff, AR Texarkana, TX-Texarkana, AR Geographically based survey data available from BLS: state revenue forecasts tend to lag U.S. and state economic conditions and predictions because of the annual delay in tax year filings. It was just something to do at that point in my life. The UCA economic and tax policy expert also said that if Arkansas enters a recession in the first quarter of 2023, the Legislature and Gov.-elect Sarah Huckabee Sanders also have time to alter any spending bills before the Joint Budget panel at the end of the session. June 19, 2023 09:03 AM. And so really appreciate your perspective. Oh, let's see. And how do we remove those barriers, bring those individuals, give them the skills where they can earn a wage that allows them to have all of these things and healthcare and other things that they've not had access to. that while revenue overflows for many states will continue in 2023, budget forecasters should not expect collections to be as robust as the previous year. Yep. Misty Orpin is the Executive Director of the nonpartisan, nonprofit Common Ground Arkansas, which watches elected leaders and the actions they take during the legislative session in order to help people better engage with our government. Contact Editor Sonny Albarado for questions: info@arkansasadvocate.com. Off the top of my head, I'll go Robert Birch in North Little Rock. So we're going to dive in. Kick us off with a project that you've been involved in, Newport, kind of how it came together, and who from the community leadership team was involved in making it happen? Going into fiscal 2023, which began July 1, 2022, Hutchinsons $6.04 billion budget proposal left the state with a $175 million surplus and a 3.3%, or $195 million, increase over the prior fiscal year. Let's stay with you. I havent even heard a lot of people talking about what the governors budget is going to be, so thats actually something thats kind of unusual as well.. So many people recognize Hot Springs is the tourism industry of Arkansas, and we are, but the thing that Megan and Jon and I do, that's not our part of the job or not my primary part of the job because tourism is handled. Another $224 million of the rainy day provisions goes into the states restricted reserve fund. Megan, your next instate vacation destination, where would you go around Arkansas? Today I'm joined by three of those local leaders. And we didn't drive by a building or a major development that he didn't talk about that he had a hand in that. The second is the General Revenue Allotment Reserve Fund. And once you get everybody going in the same direction and a bunch of leaders, I think going in the same direction, you are going to see some success. So, moving forward, we'll be sharing with the readers of AMP a monthly dose of the elements of the necessary building blocks for the competitive future of Arkansas as it relates to innovation, university research and creating value by solving complex business challenges story by story. But with consumer spending slowing down after the holiday season, what we will see represents a mild recession.. Sarah Sanders, to chair the Natural State Advisory Council, whose purpose is to establish Arkansas as an outdoor recreation . And altogether we just came up with a package and went to them and said, "Hey, we want you to consider us. For example, school board races draw candidates "who want to ban books rather than add them," he said. So broadcast. Fort Smith has a major international training program for air force pilots coming in. Yeah. In his fiscal 2024 budget proposal before the joint committee two days after the Nov. 8 election, Hutchinson laid out a $6.33 billion budget request that increased spending by 5.21%, or $314 million. Our stories may be republished online or in print under Creative Commons licence CC BY-NC-ND 4.0. Despite state governments rosy fiscal forecast going into the 2023 session, several recent economic reports point to a mild recession or contraction in early 2023 that could undermine consumer confidence and business growth. HB1505 - AN ACT FOR THE DEPARTMENT OF COMMERCE - ARKANSAS ECONOMIC DEVELOPMENT COMMISSION - RURAL ARKANSAS ECONOMIC DEVELOPMENT INITIATIVE APPROPRIATION FOR THE 2023-2024 FISCAL YEAR. We were competing with a spot in North Carolina. 1998 - 2023 Nexstar Media Inc. | All Rights Reserved. The Arkansas Advocate is a nonprofit, nonpartisan news organization dedicated to tough, fair daily reporting and investigative journalism that holds public officials accountable and focuses on the relationship between the lives of Arkansans and public policy. Robert has been challenged. I know that we both have young children and there are Capri Suns in the refrigerators above-. Okay. People who, they're not on employment, they're not looking for a job, they're out there because they don't have the skill level to earn a wage that allows them to afford daycare, transportation and other things. Creighton University publishes the Mid-America Business Conditions Index, a leading economic indicator for the nine-state region stretching from Minnesota to Arkansas. Horpedahl said he plans to closely monitor how the Republican supermajority at the state Capitol will handle the record surplus, especially if inflation pressures cause any hiccups in consumer spending, job growth, home sales, or other key economic indicators. Goss points to weakness across the regional economy due to declining manufacturing activity, which is one of Arkansas strongest business sectors. Dr. Megan Selman serves as president and CEO of the Russellville Area Chamber of Commerce and the Russellville Regional Economic Development Alliance. A hit to individual incomes and corporate profits in a shallow recession during the first half of 2023 would play out over a lagged period of tax filings that stretch into fiscal 24.. Under his mentorship, business "is booming like it never has before," Matthew writes, noting that Canada is experiencing "unprecedented population growth, record-low unemployment" and "a . Concerning that $2.5 billion reserve, over $1.2 billion has been set aside for the so-called catastrophic reserve fund. The governor and General Assembly created that fund in the 2021 session to plug any holes in the state budget if gross revenue collections fall below 3%. So keep your eye on our region. The legislature could, in this session, say, Hey, we want to take $300 million of that surplus and dedicated to this issue or that issue,' said Hardin. Yeah. GET THE MORNING HEADLINES DELIVERED TO YOUR INBOX Yeah. We're going to actually have the very first electric vehicle battery foil plant in the United States right here in Newport, which is pretty exciting for us too, to be on the cutting edge of technology. If you drink Capri Sun, which most of us probably don't, but I imagine there's some children out there who do the aluminum packaging on Capri Sun. Associated Press text, photo, graphic, audio and/or video material shall not be published, broadcast, rewritten for broadcast or publication or redistributed directly or indirectly in any medium. Walmart's chief economist, John List, said the current U.S. economy does not look like the last 10 recessions: The unemployment rate has dropped from 4% to 3.5% since early 2022, the Northwest Arkansas Democrat-Gazette reports. But with consumer spending slowing down after the holiday season, what we will see represents a mild recession.. Granges bought the assets of that plant, but they weren't going to open every facility back up that had been opened under the previous owners.
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