Recently on social media, we’ve delved into the states with the highest migration rates to Arkansas, focusing on the individual homeowner’s perspective. Today, let’s shift to examples of companies making this region their home and explore what this means for our community and the economy alike.
The Corporate Landscape:
Northwest Arkansas stands as a unique enclave, boasting several corporate giants like Walmart, Tyson, JB Hunt, and Simmons Foods. With over 14,150 corporate subsidiary offices and consumer brands, the area employs nearly seven times the national average. Recent years have seen a surge in corporate growth, with numerous companies choosing Northwest Arkansas as their home base.
Diverse Industries, Strong Economy:
The diversity of industries making their mark in Northwest Arkansas is impressive. From manufacturing to software, transportation and logistics to tourism, companies from all corners of the United States and beyond have found a home here. This diversity not only contributes to a robust local economy but also provides job growth in varying sectors. What is even more fascinating, is seeing how each industry move can affect a string of moves; i.e. A bike educational program may spur a bike company to move here with due to higher candidate options.
Companies on the Move:
While Bentonville often takes the spotlight, other cities in the region are witnessing corporate influxes. From Cave Springs to Springdale and Siloam Springs, opportunities are sprouting across Northwest Arkansas. Here are just a few companies that have recently expanded into NWA over the last few years:
- Watco: Transportation services company
- YT Industries: Mountain bike manufacturer
- Metova: Mobile software & user experience agency
- Eddyline: Kayak manufacturer
- Pavecon: Paving & Concrete services
What makes Northwest Arkansas so attractive to businesses? Let’s explore a few key factors:
Outdoor Recreation Economy:
The region’s expanding outdoor recreation sector, ranging from biking to kayaking, pickleball to soccer, is drawing companies seeking to cater to the growing demand for equipment and accessories.
Bike Industry Focus:
With the Walton family’s passion for biking, Bentonville has earned the title of the “Mountain Biking Capital of the World.” The substantial economic impact generated from biking opportunities/trails/events attracts vendors, manufacturers, retailers, and repair shops.
Distribution and Transportation Leadership:
Home to industry leaders like Walmart and JB Hunt, Northwest Arkansas has become a global hub for distribution and transportation. Emerging companies want to be in proximity to this expertise.
Access to Quality Talent:
Northwest Arkansas is home to renowned educational institutions like the University of Arkansas, John Brown University, and Northwest Arkansas Community College. These institutions provide a skilled workforce, making the region attractive to companies.
What It Means for Homeowners:
With 36 people moving to Northwest Arkansas daily along with company moves, the region presents an unrelenting optimism for homeowners. With the sheer amount of migrating buyers expected through 2040, NWA sellers continue to experience a strong seller’s market coupled with the steady rise of home values experienced since 2018.