By Kimberly Alvarez
Grandma used to say, “Work hard, stay focused and surround yourself with the dreamers, the believers, the planners, and the doers.” And she was right. Everyone knows that success is contagious and in Arkansas, businesses are spreading it around like wildfire!
Executives appreciate the ease of doing business in Arkansas. Corporate giants like Walmart, Frito-Lay, Dillard’s, Stephens, J.B. Hunt, Amazon, and Hytrol are experiencing tremendous success and growth due to the pro-business climate and the highly-skilled and hard-working people who make up its workforce.
Streamlining the Process of Doing Business
John D. Rockefeller, Jr. said, “The secret of success is to do the common thing uncommonly well.” It doesn’t have to be complicated and Arkansas has taken a commonsense approach to making it easier to do business in the Natural State. Under the leadership of Governor Asa Hutchinson and the Arkansas Economic Development Commission, Arkansas has created a “single point of contact” system to help companies facilitate and expedite the procedures of starting and doing business. The Business Development team acts as a liaison between companies, communities, and stakeholders to ensure a successful outcome for site selection. This eases the bureaucratic burdens that can hinder startup, relocation, and expansion processes.
As a business-friendly state, Arkansas offers a wide-range of competitive incentives for businesses looking to open, expand or relocate. From cash rebates to community grants, Arkansas’ business incentives encourage job creation and investment.
More Bang for Your Buck
“Financial fitness is not a pipe dream or a state of mind. It’s a reality if you are willing to pursue it and embrace it.” – Will Robinson (author). Arkansas has taken this advice to heart and as a result is one of the most financially sound states in the Union. Under Governor Hutchinson’s leadership, the State operates under a balanced budget and has the fourth lowest debt in the United States. It also has the third lowest cost of doing business. Your dollar, simply put, goes much further in the Natural State. According to the Tax Foundation, Arkansas has the highest relative value to $100 at $117.23. This means the same amount of money can buy more in Arkansas as compared to other states. Profitability increases exponentially thanks to being able to stretch your dollar, low operating costs, a favorable tax structure, reliable, low-cost utilities (ranked as one of the lowest in the nation), convenient access and a world-class workforce, which is educated, trained, and ready and willing to work.
Location, Access, and Room to Grow
“If you can transport it effectively and efficiently, they will come.” Ok, while this is not a direct quote from Field of Dreams, you get the picture. Business is flocking to Arkansas and being able to move goods easily and cost effectively is one of the big determining factors. Arkansas has access to a market of 40 percent of the total U.S population, with 100 million people within 550-mile radius. Easy access through its vast transportation network offers businesses plenty of options to reach U.S. and global markets.
Arkansas’ robust transportation network can meet the needs of any business. There are 1,000 miles of navigable waterways, 1,683 miles of Class I railroads, 16,416 miles of state and U.S. highways, and airports for commercial and passenger service with dozens of daily departures and nonstop service to destinations around the country. The Arkansas Aeroplex at Blytheville is the state’s second largest industrial complex and one of the largest commercial airstrips in the central United States. The facility is situated in campus-like setting, offers fiber optic technology, and has 1.5 million sq. ft. of available facilities and available space for new construction.
It Takes a Village
Vince Lombardi once said, “The achievements of an organization are the results of the combined effort of each individual.” Economic development doesn’t just happen at the state level. It happens in combination with community leaders that invest in their areas and work hard to increase their competitive edge by adopting strategies and policies that place a priority on economic development. As a result of their preparation, cooperation and partnerships, attention to detail and excellent customer service, Arkansas communities across the state have been enjoying a large number of economic development wins in their communities, attracting more businesses through their efforts while creating jobs and a stable environment for businesses to grow and prosper. There are far too many business expansions, relocations, and startups to mention them all, but we would like to highlight a couple that are bringing in business and creating opportunity.
Mississippi County. First, let’s talk about the largest investment in the history of Arkansas which landed in Mississippi County. Earlier this year, U.S. Steel Corporation broke ground in Osceola, AR on the most technologically advanced steel mill in North America. The $3 billion steelmaking facility will be the largest private project in the history of Arkansas. The new plant is expected to bring in 900 jobs along with thousands of construction jobs.
Although Mississippi County’s Economic Development Department’s tagline is “Cotton to Steel”, steel isn’t their only focus. Diversity is key and while they may be steel making giants in Mississippi County, they are also busy bringing in other key businesses to the area. Chime Solutions, based in Georgia, provides customer contact solutions for a number of major companies. It will be expanding to Blytheville, AR creating 150 jobs initially with plans to ramp up to 400 jobs over time. Chime contracted with area community colleges to train with local companies to use their services. This is a great example of leveraging partnerships and cooperating across organizations to find the right solution for business success.
West Memphis. West Memphis puts your business in position for success. The site is certified through Entergy Arkansas’ certified sites program and is declared shovel ready. It boasts the lowest utility costs in the region. The site is in an Opportunity Zone, with easy access to rail, interstate, deep water cargo transportation and the world’s busiest cargo airport. The West Memphis Mega Site is home to many major corporations and the advantages of this location can take your business to the next level.
Success stories are abundant in Arkansas. The state continues to diversify its local economies by attracting high wage jobs while increasing investment and generating positive growth for companies that are located there. Arkansas is focused on business, but offers a high quality of life, low cost of living, and plenty of amenities for professionals, families, and outdoor enthusiasts. It truly is a great place to live, work and enjoy all that that state has to offer. If you are a business owner considering an expansion or relocation, you next question should be, “What can the Natural State do for my business?”
